Question

Following are the merchandising transactions for STIU Co.

Nov.11月 1 STIU Co. purchasesmerchandise for $2,100 on termsof 2/5, n/30, FOB shipping point invoice dated November 1.

5 STIU Co. pays cashfor the November 1 purchase

7 STIU Co. discovers and returns 该公司发现并退回商品 $100 of defective merchandise 瑕疵品于11月1日采购的 purchased on November 1, and paid for on November 5已经在11月5日支付了现金, for a cash refund 今天退的瑕疵品得到现金.

10 STIU Co. pays $105 cash 用现金支付for transportation costs运输费 for the November 1 purchase 于11月1日采购招致的.

13 STIU Co sells merchandise卖出产品 for $2,268 with terms信用条款 n/30. The cost of the merchandise成本是 is $1,134.

16 Merchandise is returned to STIU Co. Following are the merchandising transactions for STIU Co.

以下信息是该公司的商品库存交易信息：

Nov.11月 1 STIU Co. purchases采购 merchandise for $2,100 on terms信用条款 of 2/5, n/30, FOB shipping point 寄发地交货, invoice dated November 1.

5 STIU Co. pays cash用现金支付 for the November 1 十一月一日的 purchase采购款.

7 STIU Co. discovers and returns 该公司发现并退回商品 $100 of defective merchandise 瑕疵品于11月1日采购的 purchased on November 1, and paid for on November 5已经在11月5日支付了现金, for a cash refund 今天退的瑕疵品得到现金.

10 STIU Co. pays $105 cash 用现金支付for transportation costs运输费 for the November 1 purchase 于11月1日采购招致的.

13 STIU Co sells merchandise卖出产品 for $2,268 with terms信用条款 n/30. The cost of the merchandise成本是 is $1,134.

16 Merchandise is returned to STIU 收到顾客退的商品 Co. from the November 13 transaction 于11月13日卖出的. The returned items are priced 退回的产品标价是 at $210 and cost成本是 $105; the items were not damaged 没有损坏 and were returned to inventory但是全部退回给STIU公司.

Journalize the above merchandising transactions for the STIU Co.请写出该公司的日记账 assuming it uses a perpetual inventory system and the gross method.

from the November 13 transaction The returned items are priced at $210 and cost$105; the items were not damaged and were returned to inventory

Journalize the above merchandising transactions for the STIU Co.assuming it uses a perpetual inventory system and the gross method.

Answer 1

Date	General Journal	Debit	Credit
Nov. 1	Merchandise inventory	2100
	Accounts payable		2100
	(To record merchandise purchased on account)
Nov. 5	Accounts payable	2100
	Merchandise inventory (2% x $2100)		42
	Cash ($2100 - $42)		2058
	(To record payment on account)
Nov. 7	Cash	100
	Merchandise inventory		100
	(To record refund received for purchase returns)
Nov. 10	Merchandise inventory	105
	Cash		105
	(To record transportation costs paid on merchandise purchase)
Nov. 13	Accounts receivable	2268
	Sales revenue		2268
	(To record sales on account)
Nov. 13	Cost of goods sold	1134
	Merchandise inventory		1134
	(To record cost of sales)
Nov. 16	Sales returns and allowances	210
	Accounts receivable		210
	(To record sales returns)
Nov. 16	Merchandise inventory	105
	Cost of goods sold		105
	(To record cost of goods returned)