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In: Accounting
Journal Entries. Record the following entries for November transactions that occurred between the Syracuse Co., as...
Journal Entries. Record the following entries for November transactions that occurred between the Syracuse Co., as the seller making the sales, and the Beecher Co., the buyer, making the purchases. Use the perpetual method. Make a journal entry for all date.
Nov. 2 Syracuse Co., sold merchandise on account to Beecher Co., $16,000, terms FOB shipping point, 2/10, n/30. Freight charges of $375 were paid by the Syracuse Co., and added to the invoice. The cost of the merchandise sold was $10,000.
Nov. 8 Syracuse Co., sold merchandise on account to Beecher Co., for $24,750, terms FOB destination, with credit terms of 1/15, n/eom. The cost of the merchandise sold was $14,850.
Nov. 8 Syracuse Co., paid freight of $640 for delivery of merchandise sold to Beecher So., on November 8.
Nov. 12 Beecher Co., returned $5,750 of merchandise purchased on account on November 8 from Syracuse Co. The cost of merchandise returned was $3,000.
Nov. 12 Beecher Co., paid Syracuse Co., for purchased of November 2, less discount.
Nov. 23 Beecher Co., paid Syracuse Co, for purchase of November 8, less discount and less return of November 12.
Nov. 24 Syracuse Co., sold Beecher Co., merchandise on account, $13,200 terms FOB shipping point n/eom. The cost of merchandise sold was $8,000.
Nov. 26 Beecher Co., paid freight of $290 on November 24 purchase from Syracuse Co.
Nov. 30 Beecher Co., paid Syracuse Co., on account for purchase of November 24
Solutions
Expert Solution
Journal Entries
In the books of Syracuse Co
| Date | Particulars | Debit | Credit |
| 2-Nov | Accounts receivable | 16,000 | |
| Sales | 16,000 | ||
| (To record sale of merchandise) | |||
| 2-Nov | Cost of goods sold | 10,000 | |
| Inventory | 10,000 | ||
| (To record reduction in inventory) | |||
| 2-Nov | Accounts receivable | 375 | |
| Cash | 375 | ||
| (To record payment of freight added to invoice) | |||
| 8-Nov | Accounts receivable | 24,750 | |
| Sales | 24,750 | ||
| (To record sale of merchandise) | |||
| 8-Nov | Cost of goods sold | 14,850 | |
| Inventory | 14,850 | ||
| (To record reduction in inventory) | |||
| 8-Nov | Freight | 640 | |
| Cash | 640 | ||
| (To record payment of freight) not added to invoice | |||
| 12-Nov | Sales return | 5,750 | |
| Accounts receivable | 5,750 | ||
| (To record return of goods sold) | |||
| 12-Nov | Inventory | 3,000 | |
| Cost of goods sold | 3,000 | ||
| (To record addition to inventory on return) | |||
| 12-Nov | Cash | 16,048 | |
| Discount allowed | 328 | ||
| Accounts receivable | 16,375 | ||
| (To record receipt of cash less discount of 2%) | |||
| 23-Nov | Cash | 18,810 | |
| Discount allowed | 190 | ||
| Accounts receivable | 19,000 | ||
| (To record receipt of cash less discount of 1%) | |||
| 24-Nov | Accounts receivable | 13,200 | |
| Sales | 13,200 | ||
| (To record sale of merchandise) | |||
| 24-Nov | Cost of goods sold | 8,000 | |
| Inventory | 8,000 | ||
| (To record reduction in inventory) | |||
| 30-Nov | Cash | 13,200 | |
| Accounts receivable | 13,200 | ||
| (To record receipt of cash) |
In the books of Beecher Co
| Date | Particulars | Debit | Credit |
| 2-Nov | Purchase / Inventory | 16,375 | |
| Accounts payable | 16,375 | ||
| (To record purchase of merchandise) | |||
| 8-Nov | Purchase / Inventory | 24,750 | |
| Accounts payable | 24,750 | ||
| (To record purchase of merchandise) | |||
| 12-Nov | Accounts payable | 5,750 | |
| Purchase return / Inventory | 5,750 | ||
| (To record return of goods purchased) | |||
| 12-Nov | Accounts payable | 16,375 | |
| Cash | 16,048 | ||
| Discount received | 328 | ||
| (To record payment of debt less discount of 2%) | |||
| 23-Nov | Accounts payable | 19,000 | |
| Cash | 18,810 | ||
| Discount received | 190 | ||
| (To record payment of debt less discount of 2%) | |||
| 24-Nov | Purchase / Inventory | 13,200 | |
| Accounts payable | 13,200 | ||
| (To record purchase of merchandise) | |||
| 26-Nov | Freight | 290 | |
| Cash | 290 | ||
| (To record payment of freight) not added to invoice | |||
| 30-Nov | Accounts payable | 13,200 |
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