Required:• JOURNAL ENTRIES INSTRUCTIONSProblems:A. The following selected transactions pertaining topurchases were completed during MarchMarch 2 - Bought merchandising from LeviCompany with a list price P18,000Terms COD with a 10% trade discount exclusive offreight of P1,2-which was alsopaid.3- Returned defective merchandise to LeviCompany P 1,500 and was given a cash refund6- Purchase merchandise from Cortan Traders,P10,000 terms 2/10.n/30 and paid freightof P500.7-A credit memo was received from CortanTraders for defective merchandise returned,P2,0009- Made a partial payment to Cortan Traders, P5,00016 - Paid the account of Cortan Traders in full.Required: Journalize the above transactions( without explanation )B. The following selected transactions pertainingto Sales were recorded for the month of AugustAugust 3- Cash Sales. List Price, P50,000 withtrade discount of8% and 5% freight paid P4,0006- Gave a cash refund for defective merchandisereturned, P2,0007- Sold merchandise to Leony valued at P 35,000terms: 2/10,1/15,nh/458- Defective merchandise returned by Leony,P5,000 for which a credit memo wasgiven.11- Leony made a partial payment of P 20,00022 - Collected the account of Leony in fullRequired" Give your Journal entry (withoutexplanation ) to record the above transactions.ATTACHMENTSB. The following selected transactions pertainingto Sales were recorded for the month of AugustAugust 3 - Cash Sales. List Price, P50,000 withtrade discount of8% and 5% freight paid P4,0006- Gave a cash refund for defective merchandisereturned, P2,0007- Sold merchandise to Leony valued at P 35,000terms: 2/10,1/15,nh/458 - Defective merchandise returned by Leony,P5,000 for which a credit memo wasgiven.11- Leony made a partial payment of P 20,00022 - Collected the account of Leony in fullRequired" Give your Journal entry ( withoutexplanation ) to record the above transactions.

Journal: It is the primary book of accounts where all the business transactions are recorded at…

purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan

purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.