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PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per www w w transaction. Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.

PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per www w w transaction. Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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POST. 6 DATE DESCRIPTION REF. DEBIT CREDIT 1 20-- 2||Jul. 7 8 1 2 9. 3 13 10 4 14 11 5 12 16 13 1 17 14 8 18 15 9 19 16 10 10 17 11 11 18 12 3 12 19 13 13 20 14 14 21 15 15 22 16 16 23 17 17 24 18 18 25 19 19 26 20 20 27 21 21 28 22 5 22 29 23 23 30 24 24 31 25 25 32 26 26 33 27 5 27 34 28 28 35 29 29 36 30 30 37 31 31 38 32 8 32 39 33 33 40 34 34 41 35 35 42 36 36 43 37 13 37 44 38 38 45 39 39 46 40 40 47 41 41
Transcribed Image Text:POST. 6 DATE DESCRIPTION REF. DEBIT CREDIT 1 20-- 2||Jul. 7 8 1 2 9. 3 13 10 4 14 11 5 12 16 13 1 17 14 8 18 15 9 19 16 10 10 17 11 11 18 12 3 12 19 13 13 20 14 14 21 15 15 22 16 16 23 17 17 24 18 18 25 19 19 26 20 20 27 21 21 28 22 5 22 29 23 23 30 24 24 31 25 25 32 26 26 33 27 5 27 34 28 28 35 29 29 36 30 30 37 31 31 38 32 8 32 39 33 33 40 34 34 41 35 35 42 36 36 43 37 13 37 44 38 38 45 39 39 46 40 40 47 41 41
PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.
Transcribed Image Text:PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.
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