In: Accounting
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 | |||
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 | ||