Question

In: Accounting

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

Mar. 2. Sold merchandise on account to Equinox Co., $18,600, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,030.
3. Sold merchandise for $11,050 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,420.
4. Sold merchandise on account to Empire Co., $56,940, terms FOB shipping point, n/eom. TThe cost of the goods sold was $31,370.
5. Sold merchandise for $28,550 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,210.
12. Received check for amount due from Equinox Co. for sale on March 2.
14. Sold merchandise to customers who used American Express cards, $13,690. The cost of the goods sold was $7,600.
16. Sold merchandise on account to Targhee Co., $30,100, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $17,140.
18. Issued credit memo for $5,000 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $3,180.
19. Sold merchandise on account to Vista Co., $8,000, terms FOB shipping point, 2/10, n/30. Paid $65 for freight and added it to the invoice. The cost of the goods sold was $5,460.
26. Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28. Received check for amount due from Vista Co. for sale of March 19.
31. Received check for amount due from Empire Co. for sale of March 4.
31. Paid Fleetwood Delivery Service $5,810 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3. Paid City Bank $990 for service fees for handling MasterCard and American Express sales during March.
15. Paid $6,075 to state sales tax division for taxes owed on sales.

Required:

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

Date Account Debit Credit
Mar. 2-sale
Date Account Debit Credit
Mar. 2-cost
Date Account Debit Credit
Mar. 3-sale
Date Account Debit Credit
Mar. 3-cost
Date Account Debit Credit
Mar. 4-sale
Date Account Debit Credit
Mar. 4-cost
Date Account Debit Credit
Mar. 5-sale
Date Account Debit Credit
Mar. 5-cost
Date Account Debit Credit
Mar. 12
Date Account Debit Credit
Mar. 14-sale
Date Account Debit Credit
Mar. 14-cost
Date Account Debit Credit
Mar. 16-sale
Date Account Debit Credit
Mar. 16-cost
Date Account Debit Credit
Mar. 18-return
Date Account Debit Credit
Mar. 18-cost
Date Account Debit Credit
Mar. 19-sale
Date Account Debit Credit
Mar. 19-freight
Date Account Debit Credit
Mar. 19-cost
Date Account Debit Credit
Mar. 26
Date Account Debit Credit
Mar. 28
Date Account Debit Credit
Mar. 31-collection
Date Account Debit Credit
Mar. 31-freight
Date Account Debit Credit
Apr. 3
Date Account Debit Credit
Apr. 15

Solutions

Expert Solution

Date account titles and explanation debit credit
Mar. 2 sale accounts receivable - Equinox Co. 18600
Sales 18600
Mar. 2 cost cost of goods sold 13030
Inventory 13030
Mar. 3 sale accounts receivable 11050
Sales tax payable (11050*6%) 663
Sales revenue (11050-663) 10387
Mar. 3 cost cost of goods sold 7420
Inventory 7420
Mar. 4 sales accounts receivable - empire Co. 56940
Sales 56940
Mar. 4 cost Cost of goods sold 31370
Inventory 31370
Mar. 5 sales accounts receivable 28550
Sales tax payable (28550*6%) 1713
sales revenue (28550-26837) 26837
Mar. 5 cost cost of goods sold 19210
Inventory 19210
Mar. 12 cash 18600
Accounts receivable - equinox Co. 18600
Mar. 14 sales Accounts receivable - American express 13690
Sales 13690
Mar. 14 cost Cost of goods sold 7600
Inventory 7600
Mar. 16 sales accounts receivable - Targhee Co. 30100
Sales 30100
Mar. 16 cost Cost of goods sold 17140
Inventory 17140
Mar. 18 return sales return and allowances 5000
Accounts receivable - Targhee Co. 5000
Mar. 18 cost

cost of goods sold

Inventory

3180

3180

Mar. 19 sales accounts receivable - Vista Co. 8000
Sales 8000
Mar. 19 Freight accounts receivable - Vista Co. 65
Sales 65
Mar. 19 cost cost of goods sold 5460
Inventory 5460
Mar. 26 cash (25100-251) 24849
Sales discount (25100*1%) 251
Accounts receivable - Targhee Co. 25100
Mar. 28 cash 8065
Accounts receivable - Vista Co. 8065
Mar 31 collection cash 56940
Accounts receivable - Vista Co. 56940
Mar 31 freight delivery expense 5810
Cash 5810
Apr. 3 credit card expense 990
Cash 990
Apr. 15 sales tax payable 6075
Cash 6075

Related Solutions

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Amsterdam Supply uses the net method under a perpetual inventory system. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $20,800, terms FOB destination, 1/10, n/30....
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Amsterdam Supply uses the net method under a perpetual inventory system. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,100, terms FOB destination, 1/10, n/30....
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3 Sold merchandise for...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,200, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,260. 3 Sold merchandise for $11,450 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,930. 4 Sold merchandise on account to Empire Co.,...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,200, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,260. 3 Sold merchandise for $11,450 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,930. 4 Sold merchandise on account to Empire Co., $52,890, terms...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3 Sold merchandise for...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise...
The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,300, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,120. 3 Sold merchandise for $12,200 plus...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT