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Sales-related transactions using perpetual inventory system The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July l. Sold merchandise on account to landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000. 2. Sold merchandise for $86,000 plus 8% .sales lax to retail cash customers. The cost of merchandise sold was $51,600. 5. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $10,000. 8. Sold merchandise for 5112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $67,200. 13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600. 14. Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of' merchandise sold was $9,000. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800. 18. Sold merchandise on account to Jennings Company. $11,350, terms FOB shipping point, 2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $8,550 for delivery of merchandise in July to customers under shipping terms of FOB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during July. 10. Paid $41,260 to state sales tax division for taxes owed on sales. Instructions Journalize the entries to record the transactions of Green Lawn Supplies Co.

BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 6, Problem 6.2BPR
Textbook Problem

Sales-related transactions using perpetual inventory system

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:

July l. Sold merchandise on account to landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000.
2. Sold merchandise for $86,000 plus 8% .sales lax to retail cash customers. The cost of merchandise sold was $51,600.
5. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $10,000.
8. Sold merchandise for 5112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $67,200.
13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600.
14. Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of' merchandise sold was $9,000.
15. Received check for amount due from Peacock Company for sale on July 5.
16. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800.
18. Sold merchandise on account to Jennings Company. $11,350, terms FOB shipping point, 2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800.
24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
28. Received check for amount due from Jennings Company for sale of July 18.
31. Paid Black Lab Delivery Service $8,550 for delivery of merchandise in July to customers under shipping terms of FOB destination.
31. Received check for amount due from Landscapes Co. for sale of July 1.
Aug. 3. Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during July.
10. Paid $41,260 to state sales tax division for taxes owed on sales.

Instructions

Journalize the entries to record the transactions of Green Lawn Supplies Co.

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Chapter 6 Solutions

Accounting (Text Only)
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Ch. 6 - A Gross profit During the current year,...Ch. 6 - Gross profit During the current year, merchandise...Ch. 6 - Purchases transactions Halibut Company purchased...Ch. 6 - Purchases transactions Hoffman Company purchased...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Transactions for buyer and seller Sather Co. sold...Ch. 6 - Transactions for buyer and seller Shore Co. sold...Ch. 6 - Inventory shrinkage Castle Furnishings Companys...Ch. 6 - Inventory shrinkage Hahn Flooring Companys...Ch. 6 - Ratio of sales to assets Financial statement data...Ch. 6 - Ratio of sales to assets Financial statement data...Ch. 6 - Determining gross profit During the current year,...Ch. 6 - Determining cost of merchandise sold For a recent...Ch. 6 - Chart of accounts Monet Paints Co. is a newly...Ch. 6 - Purchase-related transactions The Stationery...Ch. 6 - Purchase-related transactions A retailer is...Ch. 6 - Purchase-related transactions The debits and...Ch. 6 - Purchase-related transactions Warwicks Co.. a...Ch. 6 - Purchase-related transactions Journalize entries...Ch. 6 - Sales-related transactions, including the use of...Ch. 6 - Customer returns and allowances Zell Company had...Ch. 6 - Sales-related transactions After the amount due on...Ch. 6 - Sales-related transactions The debits and credits...Ch. 6 - Sales-related transactions Merchandise is sold on...Ch. 6 - Determining amounts to be paid on invoices...Ch. 6 - Sales-related transactions Showcase Co., a...Ch. 6 - Purchase-related transactions Based on the data...Ch. 6 - Sales tax A sale of merchandise on account for...Ch. 6 - Sales tax transactions Journalize the entries to...Ch. 6 - Normal balances of merchandise accounts What is...Ch. 6 - Income statement and accounts for merchandiser For...Ch. 6 - Income statement for merchandiser The following...Ch. 6 - Determining amounts for items omitted from income...Ch. 6 - Multiple-step income statement On October 31,...Ch. 6 - Multiple-step income statement Identify the errors...Ch. 6 - Single-step income statement Summary operating...Ch. 6 - Adjusting entry for merchandise inventory...Ch. 6 - Closing the accounts of a merchandiser From the...Ch. 6 - Closing entries; net income Based on the data...Ch. 6 - Closing entries On July 31, 2016, the balances of...Ch. 6 - Ratio of sales to assets The Home Depot reported...Ch. 6 - Ratio of sales to assets Kroger, a national...Ch. 6 - Rules of debit and credit for periodic inventory...Ch. 6 - Journal entries using the periodic inventory...Ch. 6 - Appendix Identify items missing in determining...Ch. 6 - Appendix Cost of merchandise sold and related...Ch. 6 - Appendix Cost of merchandise sold Based on the...Ch. 6 - Appendix Cost of merchandise sold Based on the...Ch. 6 - Appendix Cost of merchandise sold Identify the...Ch. 6 - Appendix Closing entries using periodic inventory...Ch. 6 - Purchase-related transactions using perpetual...Ch. 6 - Sales-related transactions using perpetual...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Multiple-step income statement and report form of...Ch. 6 - Single-step income statement and account form of...Ch. 6 - Purchase-related transactions using periodic...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Appendix Sales-related and purchase-related...Ch. 6 - Appendix Periodic inventory accounts,...Ch. 6 - Purchase-related transactions using perpetual...Ch. 6 - Sales-related transactions using perpetual...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Multiple-step income statement and report form of...Ch. 6 - Single-step income statement and account form of...Ch. 6 - Purchase-related transactions using periodic...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Appendix Sales -related and purchase-related...Ch. 6 - Appendix Periodic inventory accounts,...Ch. 6 - Palisade Creek Co. is a merchandising business...Ch. 6 - Ethics and professional conduct in business On...Ch. 6 - Purchases discounts and accounts payable Rustic...Ch. 6 - Determining cost of purchase The following is an...

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