Question

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 1.	Sold merchandise on account to Landscapes Co., $15,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,200.
2.	Sold merchandise for $20,800 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $13,500.
5.	Sold merchandise on account to Peacock Company, $30,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $19,500.
8.	Sold merchandise for $7,600 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $4,600.
13.	Sold merchandise to customers who used MasterCard cards, $6,500. The cost of merchandise sold was $4,100.
14.	Sold merchandise on account to Loeb Co., $13,200, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,800.
15.	Received check for amount due from Peacock Company for sale on July 5.
16.	Issued credit memo for $2,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100.
18.	Sold merchandise on account to Jennings Company, $5,600, terms FOB shipping point, 2/10, n/30. Paid $220 for freight and added it to the invoice. The cost of merchandise sold was $3,400.
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 $1,980 for merchandise delivered during 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 $1,040 for service fees for handling MasterCard and VISA sales during July
10.	Paid $1,870 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.

Date	Account	Debit	Credit
July 1-sale	Accounts Receivable-Landscapes Co.
	Sales

Date	Account	Debit	Credit
July 1-cost	Cash

Date	Account	Debit	Credit
July 2-sale

Date	Account	Debit	Credit
July 2-cost

Date	Account	Debit	Credit
July 5-sale

Date	Account	Debit	Credit
July 5-cost

Date	Account	Debit	Credit
July 8-sale

Date	Account	Debit	Credit
July 8-cost

Date	Account	Debit	Credit
July 13-sale

Date	Account	Debit	Credit
July 13-cost

Date	Account	Debit	Credit
July 14-sale

Date	Account	Debit	Credit
July 14-cost

Date	Account	Debit	Credit
July 15

Date	Account	Debit	Credit
July 16-return

Date	Account	Debit	Credit
July 16-cost

Date	Account	Debit	Credit
July 18-sale

Date	Account	Debit	Credit
July 18-freight

Date	Account	Debit	Credit
July 18-cost

Date	Account	Debit	Credit
July 24

Date	Account	Debit	Credit
July 28

Date	Account	Debit	Credit
July 31-freight

Date	Account	Debit	Credit
July 31-collection

Date	Account	Debit	Credit
Aug. 3

Date	Account	Debit	Credit
Aug. 10

Answer 1

Date	General Journal	Debit	Credit
Jul-01	Accounts Receivable Landscapes co.	15,300
	Sales		15,300
Jul-01	Cost of Goods Sold	9,200
	Inventory		9,200
Jul-02	Cash	22,048
	Sales		20,800
	Sales Tax Payable		1,248
Jul-02	Cost of Goods Sold	13,500
	Inventory		13,500
Jul-05	Account Receivable-peacock co.	29,700
	Sales		29,700
Jul-05	Cost of Goods Sold	19,500
	Inventory		19,500
Jul-08	Cash	7,980
	Sales		7,600
	Sales Tax Payable		380
Jul-08	Cost of Goods Sold	4,600
	Inventory		4,600
Jul-13	Cash	6,500
	Sales		6,500
Jul-13	Cost of Goods Sold	4,100
	Inventory		4,100
Jul-14	Accounts Receivable- Loeb Co	13,068
	Sales		13,068
Jul-14	Cost of Goods Sold	7,800
	Inventory		7,800
Jul-15	Cash	29,700
	Accounts Receivable - Peacock Company		29,700
Jul-16	Customer Refunds Payable	1,980
	Accounts Receivable- Loeb Co		1,980
Jul-16	Inventory	1,100
	Estimated Returns Inventory		1,100
Jul-18	Accounts Receivable- Jennings Company	5,488
	Sales		5,488
Jul-18	Accounts Receivable- Jennings Company	220
	Cash		220
Jul-18	Cost of Goods Sold	3,400
	Inventory		3,400
Jul-24	Cash	11,088
	Accounts Receivable- Loeb Co		11,088
Jul-28	Cash	5,708
	Accounts Receivable- Jennings Company		5,708
Jul-31	Delivery Expense	1,980
	Cash		1,980
Jul-31	Cash	15,300
	Accounts Receivable-Landscapes co.		15,300
Aug-03	Credit Card Expense	1,040
	Cash		1,040
Aug-10	Sales tax Payable	1,870
	Cash		1,870

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