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., $10,600, terms FOB shipping point, n/eom. The cost of merchandise sold was $6,400.
2.	Sold merchandise for $23,000 plus 7% sales tax to retail cash customers. The cost of merchandise sold was $15,000.
5.	Sold merchandise on account to Peacock Company, $31,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $20,200.
8.	Sold merchandise for $9,800 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,900.
13.	Sold merchandise to customers who used MasterCard cards, $8,500. The cost of merchandise sold was $5,400.
14.	Sold merchandise on account to Loeb Co., $10,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $5,900.
15.	Received check for amount due from Peacock Company for sale on July 5.
16.	Issued credit memo for $1,500 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $800.
18.	Sold merchandise on account to Jennings Company, $6,000, terms FOB shipping point, 2/10, n/30. Paid $180 for freight and added it to the invoice. The cost of merchandise sold was $3,600.
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 $2,200 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 $860 for service fees for handling MasterCard and VISA sales during July
10.	Paid $2,750 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

Date	Account	Debit	Credit
July 1-cost

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

ANSWER
JOURNAL ENTRIES
Date	Account	Debit	Credit
July 1-sale	Landscapes Co. (Debtor)	10,600
	Sales		10,600
Date	Account	Debit	Credit
July 1-cost	Cost of merchandise sold	6,400
	Merchandise Inventory		6,400
Date	Account	Debit	Credit
July 2-sale	Cash	24,610
	Sales		23,000
	Sales Tax Payable		1,610
Date	Account	Debit	Credit
July 2-cost	Cost of merchandise sold	15,000
	Merchandise Inventory		15,000
Date	Account	Debit	Credit
July 5-sale	Peacock Co. (Debtor)	31,000
	Sales		31,000
Date	Account	Debit	Credit
July 5-cost	Cost of merchandise sold	20,200
	Merchandise Inventory		20,200
Date	Account	Debit	Credit
July 8-sale	Bank	10,584
	Sales		9,800
	Sales Tax Payable		784
Date	Account	Debit	Credit
July 8-cost	Cost of merchandise sold	5,900
	Merchandise Inventory		5,900
Date	Account	Debit	Credit
July 13-sale	Bank	8,500
	Sales		8,500
Date	Account	Debit	Credit
July 13-cost	Cost of merchandise sold	5,400
	Merchandise Inventory		5,400
Date	Account	Debit	Credit
July 14-sale	Leob (Debtor)	10,000
	Sales		10,000
Date	Account	Debit	Credit
July 14-cost	Cost of merchandise sold	5,900
	Merchandise Inventory		5,900
Date	Account	Debit	Credit
Jul-15	Cash	30,690
	Sales Discount	310
	Peacock Co. (Debtor)		31,000
Date	Account	Debit	Credit
July 16-return	Sales Returns & Allowances	1,500
	Leob (Debtor)		1,500
Date	Account	Debit	Credit
July 16-cost	Merchandise Inventory	800
	Cost of merchandise sold		800
Date	Account	Debit	Credit
July 18-sale	Jennings Co. (Debtor)	6,000
	Sales		6,000
Date	Account	Debit	Credit
July 18-freight	Jennings Co. (Debtor)	180
	Cash		180
Date	Account	Debit	Credit
July 18-cost	Cost of merchandise sold	3,600
	Merchandise Inventory		3,600
Date	Account	Debit	Credit
Jul-24	Cash	8,415
	Sales Discount	85
	Leob (Debtor)		8,500
Date	Account	Debit	Credit
Jul-28	Cash	6,060
	Sales Discount	120
	Jennings Co. (Debtor)		6,180
Date	Account	Debit	Credit
July 31-freight	Delivery Expenses	2,200
	Cash		2,200
Date	Account	Debit	Credit
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