Question
In: Accounting
The following are selected transactions of Watsonia Stores: 12 July Sold goods on account to Viewbank...
The following are selected transactions of Watsonia Stores:
12 July Sold goods on account to Viewbank Market for $1200, terms 2/10, n/30. The cost of the goods sold was $800.
19 July Forwarded a credit note for $90 to Viewbank Market covering part of the goods sold on 12 July, which cost $60, that were returned by Viewbank Market as inappropriate. The goods returned were not defective.
21 July Received from Viewbank Market a cheque in full settlement of the above transactions.
Both Watsonia Stores and Viewbank Market use perpetual inventory system. Assuming that neither business is registered for GST.
Required
Record the above transactions in the general journal of
(1) Watsonia Stores (5.5 marks), and
(2) Viewbank Market (3.5 marks)
(Both account names and figures should be correct in order)
Solutions
Expert Solution
1. Watsonia Stores
12 July
Dr Viewbank Market account $1200
Cr Sales account $800
Cr Profit/loss account $400
19 July
Dr Viewbank Market account $60
Cr Sales returns account $60
21 July
Dr Bank $1200
Cr Viewbank Market account $1200
2. Viewbank Market
12 July
Dr Purchases purchases $1200
Cr Watsonia stores account $1200
19 July
Dr Purchases return Account $60
Cr Watsonia Stores account $60
21 July
Dr Watsonia Stores account $1200
Cr Bank $1200
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Date
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Selected account balances of Knight Manufacturing Company appear
below for 2017:
Beginning of Year End of Year
Finished Goods Inventory $32,000 $ 25,000
Work In Process Inventory 35,000 30,000
Raw Materials Inventory 26,000 46,000
Sales Revenue 360,000
Direct Labor 40,000
Factory Supervisory Salaries 18,000
Income Tax Expense 25,000
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Administrative Expenses 17,000
Sales Returns and Allowances 15,000
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Borrowed $172,800 from Acme Bank, issuing a 60-day, 7%
note.
July 21.
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