Sales-related transactions using perpetual inventory systemThe following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalers andoccasionally to retail customers: Mar. 2 Sold inerchandi.se on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold merchandise for 511.350 plus 6% sales tax to retail cashcustomers. The cost of merchandise sold was $7,000.Sold merchandise on account to Empire Co., $55,400, terms FOB 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point. n/com. The cost of merchandise sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retailcustomers who used MasterCard. The cost of merchandise sold was $19,400. 12. Received check for amount due from Equinox Co. for sale onMarch 2. 14. Sold merchandise to customers who used American Expresscards, $ 13,700. The cost of merchandise sold was $8,350. 16. Sold merchandise on account to Targhee Co., $27,500. terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000. 18. Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandisereturned was $2,900. 19. Sold merchandise on account to Vista Co., $8,250. terms FOBshipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise sold was $5,000. 26. Received check for amount due from Targhee Co. for sale onMarch 16 less credit memo of March 18. 28. Received check for amount due from Vista Co. for sale of March19. 31. Received check for amount due from Empire Co. for sale ofMarch 4. 31. Paid Fleetwood Delivery Service $5,600 tor delivery of merchandise in March to customers under shipping terms ofFOB destination. Apr 3. Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March. 15. Paid $6,544 to state sales tax division for taxes owed on sales. InstructionsJournalize the entries to record the transactions of Amsterdam SupplyCo.

Sales-related transactions using perpetual inventory systemThe following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalers andoccasionally to retail customers: Mar. 2 Sold inerchandi.se on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold merchandise for 511.350 plus 6% sales tax to retail cashcustomers. The cost of merchandise sold was $7,000.Sold merchandise on account to Empire Co., $55,400, terms FOB 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point. n/com. The cost of merchandise sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retailcustomers who used MasterCard. The cost of merchandise sold was $19,400. 12. Received check for amount due from Equinox Co. for sale onMarch 2. 14. Sold merchandise to customers who used American Expresscards, $ 13,700. The cost of merchandise sold was $8,350. 16. Sold merchandise on account to Targhee Co., $27,500. terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000. 18. Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandisereturned was $2,900. 19. Sold merchandise on account to Vista Co., $8,250. terms FOBshipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise sold was $5,000. 26. Received check for amount due from Targhee Co. for sale onMarch 16 less credit memo of March 18. 28. Received check for amount due from Vista Co. for sale of March19. 31. Received check for amount due from Empire Co. for sale ofMarch 4. 31. Paid Fleetwood Delivery Service $5,600 tor delivery of merchandise in March to customers under shipping terms ofFOB destination. Apr 3. Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March. 15. Paid $6,544 to state sales tax division for taxes owed on sales. InstructionsJournalize the entries to record the transactions of Amsterdam SupplyCo.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.14E

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Mar. 2	Sold inerchandi.se on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300.
3.	Sold merchandise for 511.350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. Sold merchandise on account to Empire Co., $55,400, terms FOB
4.	Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point. n/com. The cost of merchandise sold was $33,200.
5.	Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400.
12.	Received check for amount due from Equinox Co. for sale on March 2.
14.	Sold merchandise to customers who used American Express cards, $ 13,700. The cost of merchandise sold was $8,350.
16.	Sold merchandise on account to Targhee Co., $27,500. terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000.
18.	Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900.
19.	Sold merchandise on account to Vista Co., $8,250. terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise sold was $5,000.
26.	Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28.	Received check for amount due from Vista Co. for sale of March 19.
31.	Received check for amount due from Empire Co. for sale of March 4.
31.	Paid Fleetwood Delivery Service $5,600 tor delivery of merchandise in March to customers under shipping terms of FOB destination.
Apr 3.	Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.
15.	Paid $6,544 to state sales tax division for taxes owed on sales.

Instructions
Journalize the entries to record the transactions of Amsterdam Supply
Co.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.