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Inventory 168 Cash 8,232 v Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable 11,000 Sales Revenue 11,000 To record revenue from sale of merchandise. 13 Cost of Goods Sold 8,000 Inventory 8,000 To record cost of merchandise sold and to reduce inventory. 16 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 To record sales return by customer. 750 16 Inventory Cost of Goods Sold 750 To record cost of goods returned by customers. 22 Cash Sales Discounts Accounts Receivable To record receipt of cash from customer within the discount period. Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. June 3 Paid $450 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $9,000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30. 16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Description Debit Credit Date June 1 Inventory 9,000 v $ Accounts Payable 9,000 v Purchased merchandise with 2/10, n/30 terms. 3 Inventory 450 Cash 450 v Paid freight on June 1 purchase. 7 Accounts Payable 600 v Inventory 600 v Returned merchandise from June 1 purchase. 10 Accounts Payable 8,400 v 168 V Inventory

Inventory 168 Cash 8,232 v Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable 11,000 Sales Revenue 11,000 To record revenue from sale of merchandise. 13 Cost of Goods Sold 8,000 Inventory 8,000 To record cost of merchandise sold and to reduce inventory. 16 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 To record sales return by customer. 750 16 Inventory Cost of Goods Sold 750 To record cost of goods returned by customers. 22 Cash Sales Discounts Accounts Receivable To record receipt of cash from customer within the discount period. Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. June 3 Paid $450 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $9,000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30. 16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Description Debit Credit Date June 1 Inventory 9,000 v $ Accounts Payable 9,000 v Purchased merchandise with 2/10, n/30 terms. 3 Inventory 450 Cash 450 v Paid freight on June 1 purchase. 7 Accounts Payable 600 v Inventory 600 v Returned merchandise from June 1 purchase. 10 Accounts Payable 8,400 v 168 V Inventory

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 5RE: Longmire Sons nude sales un credit to Alderman Sports totaling 500,000 on April 18. The cost of the...
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Inventory 168 Cash 8,232 v Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable 11,000 Sales Revenue 11,000 To record revenue from sale of merchandise. 13 Cost of Goods Sold 8,000 Inventory 8,000 To record cost of merchandise sold and to reduce inventory. 16 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 To record sales return by customer. 750 16 Inventory Cost of Goods Sold 750 To record cost of goods returned by customers. 22 Cash Sales Discounts Accounts Receivable To record receipt of cash from customer within the discount period.
Transcribed Image Text:Inventory 168 Cash 8,232 v Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable 11,000 Sales Revenue 11,000 To record revenue from sale of merchandise. 13 Cost of Goods Sold 8,000 Inventory 8,000 To record cost of merchandise sold and to reduce inventory. 16 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 To record sales return by customer. 750 16 Inventory Cost of Goods Sold 750 To record cost of goods returned by customers. 22 Cash Sales Discounts Accounts Receivable To record receipt of cash from customer within the discount period.
Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. June 3 Paid $450 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $9,000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30. 16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Description Debit Credit Date June 1 Inventory 9,000 v $ Accounts Payable 9,000 v Purchased merchandise with 2/10, n/30 terms. 3 Inventory 450 Cash 450 v Paid freight on June 1 purchase. 7 Accounts Payable 600 v Inventory 600 v Returned merchandise from June 1 purchase. 10 Accounts Payable 8,400 v 168 V Inventory
Transcribed Image Text:Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. June 3 Paid $450 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $9,000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30. 16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Description Debit Credit Date June 1 Inventory 9,000 v $ Accounts Payable 9,000 v Purchased merchandise with 2/10, n/30 terms. 3 Inventory 450 Cash 450 v Paid freight on June 1 purchase. 7 Accounts Payable 600 v Inventory 600 v Returned merchandise from June 1 purchase. 10 Accounts Payable 8,400 v 168 V Inventory
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