Question

DATE			TRANSACTIONS
20X1
Jan.	1		Bill Evans started Evans Distributors with an investment of $56,050. He also invested personal business equipment worth $7,920.
	2		Purchased merchandise for cash, $11,850, Check 100.
	3		Sold merchandise on account to Rivera Corporation, $1,010, terms 2/10, n/30, Invoice 1001.
	4		Purchased merchandise on account from Tsang Company, $2,420, terms 1/10, n/30, Invoice 1125.
	5		Received and paid freight charges related to January 4 purchase of merchandise from Tsang Company, $220, Check 101.
	10		Rivera Corporation returned merchandise purchased on January 3; issued credit memo #101 for $220.
	11		Received payment in full from Rivera Corporation, after the return of January 10 and after the discount.
	13		Paid amount due to Tsang Company for purchase of January 4, Check 102.
	15		Recorded cash sales for the two-week period ended January 15 of $7,620.
	15		Recorded sales on credit cards for the two-week period ended January 15, $1,315; the bank charges a 3 percent fee on all credit card sales.
	15		Paid wages, $2,025, Check 103.
	16		Purchased equipment (not for resale), $1,915, Check 104.
	17		Paid freight for delivery of equipment purchased on January 16, $230, Check 105.
	18		Purchased merchandise on account from Terri Manufacturing with a list price of $6,300, subject to a trade discount of 40 percent, terms 1/10, n/30, Invoice 2078.
	20		Sold merchandise on account to Moloney Corp., $3,380, terms 1/10, n/30, Invoice 1002.
	21		Purchased merchandise on account from Johnson Company, $2,480, terms 1/10, n/30, Invoice 3204; freight prepaid by Johnson Company and added to invoice, $150. (Total invoice amount, $2,630.00.)
	27		Paid amount owed to Terri Manufacturing for purchase of January 18, Check 106.
	28		Purchased merchandise from Fronke Sports Fabricators with a list price of $3,280, subject to trade discounts of 25 percent and 10 percent, terms n/30, Invoice 1888.
	29		Received amount due from Moloney Corp. for the sale of January 20.
	30		Paid amount due to Johnson Company for purchase of January 21, Check 107.
	31		Recorded cash sales for the period from January 16–31, $8,225.
	31		Recorded sales on the credit cards for the period from January 16–31, $2,520; the bank charges a 3 percent fee on all credit card sales.

Required:
Record the transactions in a general journal. (Round your answers to 2 decimal places.)

Answer 1

Journal Entries:

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 20X1	Cash	$56,050
	Supplies	$7,920
	Common Stock		$63,970
	(To record the amount invested into the business along with supplies)
Jan. 2, 20X1	Purchases	$11,850
	Cash		$11,850
	(To record the purchase of merchandise inventory by cash)
Jan. 3, 20X1	Accounts Receivable - Rivera Corporation	$1,010
	Sales Revenue		$1,010
	(To record the sale of merchandise on account)
Jan. 4, 20X1	Purchases	$2,420
	Accounts Payable - Tsang Company		$2,420
	(To record the purchase of merchandise inventory on account)
Jan. 5, 20X1	Freight Expenses	$220
	Cash		$220
	(To record the payment of freight charges)
Jan. 10, 20X1	Sales Returns and Allowances	$220
	Accounts Receivable - Rivera Corporation		$220
	(To record the return of merchandise that was sold to Rivera Corporation)
Jan. 11, 20X1	Cash	$790
	Accounts Receivable - Rivera corporation ($1,010 - $220)		$790
	(To record the collection of amount from credit sales)
Jan. 13, 20X1	Accounts Payable - Tsang company	$2,420
	Cash		$2,420
	(To record the payment made to credit purchases)
Jan. 15, 20X1	Cash	$7,620
	Sales Revenue		$7,620
	(To record the cash sales)
Jan. 15, 20X1	Accounts Receivable	$1,315
	Bank Charges ($1,315*3/100)	$39.45
	Sales Revenue		$1,354.45
	(To record the sales made on credit card)
Jan. 16, 20X1	Equipment	$1,915
	Cash		$1,915
	(To record the purchase of equipment on account)
Jan. 17, 20X1	Equipment	$230
	Cash		$230
	(To record the payment of freight charges)
Jan. 18, 20X1	Purchases	$6,300
	Accounts Payable - Terri Manufacturing		$6,300
	(To record the purchase of merchanise inventory on account)
Jan. 20, 20X1	Accounts Receivable - Moloney Corp.	$3,380
	Sales Revenue		$3,380
	(To record the sales made on account)
Jan. 21, 20X1	Purchases	$2,480
	Freight Expenses	$150
	Accounts Payable - johnson Company		2,630
	(To record the purchase of inventory on account)
Jan. 27, 20X1	Accounts Payable - Terri Manufacturing	$6,300
	Cash		$6,300
	(To record the payment made to credit purchases)
Jan. 29, 20X1	Cash	$3,380
	Accounts Receivable - Moloney		$3,380
	(To record the amount received from credit sales)
Jan. 30, 20X1	Accounts Payable - johnson Company	$2,630
	Cash		$2,630
	(To record the payment made to credit purchases)
Jan. 31, 20X1	Cash	$8,225
	Sales Revenue		$8,225
	(To record the cash sales)
Jan. 31, 20X1	Accounts Receivable	$2,520
	Bank Charges ($2,520*3/100)	$75.6
	Sales Revenue		$2,595.6
	(To record the sales made on credit card)

Entries of january 15 and january 28 ( forgot to record in the journal)

Jan. 15, 20X1	Wages	$2,025
	Cash		$2,025
	(To record wages paid)
Jan. 28,20X1	Purchases	$3,280
	Accounts Payable-Fronke sports		$3,280
	(To record the purchase of merchandary on account)