May 1 Made cash sales of $7,100; the cost of the inventory was $3,600. 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $9,000; made a down payment of $2,300 and agreed to pay the balance in 60 days. 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200. Required: Record the preceding transactions in a general journal.
May 1 Made cash sales of $7,100; the cost of the inventory was $3,600. 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $9,000; made a down payment of $2,300 and agreed to pay the balance in 60 days. 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200. Required: Record the preceding transactions in a general journal.
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...
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| May 1 | Made cash sales of $7,100; the cost of the inventory was $3,600. |
| 5 | Purchased $2,400 of inventory on credit. |
| 9 | Made credit sales of $3,300; the cost of the inventory sold was $2,100. |
| 13 | Paid sales salaries of $1,100 and office salaries of $400. |
| 14 | Paid for the May 5 purchases. |
| 18 | Purchased sales equipment costing $9,000; made a down payment of $2,300 and agreed to pay the balance in 60 days. |
| 21 | Purchased $800 of inventory for cash. |
| 27 | Sold land that had originally cost $1,900 for $3,200. |
Required:
| Record the preceding transactions in a general journal. |
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