Question

1-Jun	Paid rent for June, $4000	1 pt.
3-Jun	Purchased merchandise on account from ABC Company for $10000
	Terms 2/10, n/30, FOB shipping point.
	We were billed $150 for shipping which was added to our invoice.			3 pts.
4-Jun	Returned $2000 of the merchandise purchased on June 3 from ABC Company.
				2 pts
6-Jun	Sold $15000 of Merchandise on account to EFG Company, terms 1/20, n/30,
	FOB shipping point.The cost of merchandise sold was $5000 and we
	paid $250 for shipping which was billed and added to the customer's invoice.
				3 pts.
7-Jun	EFG company returned $1500 of the merchandise purchased on June 6.
	The cost of merchandise sold was $1000		2 pts.
8-Jun	Paid Misc. Selling Expense of $500 and Misc. Administrative Expense of $100
				2 pts.
9-Jun	Purchased on account $350 of Store Supplies.		2 pts.
13-Jun	Paid ABC Company for the purchase made on June 3rd, less the return of June 4th
		3 pts.
16-Jun	Purchased store supplies for $100 cash.		2 pts.
17-Jun	Received cash from EFG Company for the sale of June 6,
	less the return of June 7th.			3 pts.
25-Jun	Paid Sales Salaries Expense of $650 and Office Salaries Expense of $750
				2 pts.
30-Jun	Owner withdrew $500		1 pt.	Part 2 (17 points - 1/2 point for each posting from journal and balancing) Post your Journal entries to the ledgers. Be sure to balance the ledger after each entry. Ledgers Cash #110 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 40,000.00 Check Answer Cash = 38,775.00 Accounts Receivable #112 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 3,500.00 Merchandise Inventory #115 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 6,000.00 Estimated Returns Inventory #116 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 4,300.00 Store Supplies #117 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 500.00 Prepaid Insurance #119 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 300.00 Store Equipment #120 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Accumulated Depreciation - Store Equipment #121 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 200.00 Accounts Payable #210 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 1,700.00 Salaries Payable #211 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Customer Refunds Payable #212 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. 1-Jun Balance 9,000.00 Larkin, Capital #310 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 40,400.00 Larkin, Drawing #311 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Sales #410 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 15,700.00 Cost of Merchandise Sold #510 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 5,000.00 Office Salaries Expense #511 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Sales Salaries Expense #512 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 1,000.00 Rent Expense #513 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Depreciation Expense #514 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 100.00 Insurance Expense #515 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Delivery Expense #516 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Misc. Selling Expense #517 Balance Date Item Post Ref. Dr. Cr. Dr.   Cr. June 1 Balance 200     Misc. Administrative Expense #518 Balance Date Item Post Ref. Dr. Cr. Dr.   Cr. June 1 Balance 100

Answer 1

Date	Accounts title and Explanations	Debit ($)	Credit ($)
June 1	Rent Expense	2,800
	Cash		2,800
June 3	Merchandise Inventory (28,000 + 420)	28,420
	Accounts Payable		28,420
June 4	Accounts Payable	5,600
	Merchandise Inventory		5,600
June 6	Accounts Receivable	25,900
	Sales		25,200
	Cash		700
	Cost of Merchandise Sold	14,000
	Merchandise Inventory		14,000
June 7	Sales Returns and Allowances	4,200
	Accounts Receivable		4,200
	Merchandise Inventory	2,800
	Cost of Merchandise Sold		2,800
June 8	Misc. Selling Expense	1,400
	Cash		1,400
	Misc. Administrative Expense	280
	Cash		280
June 9	Store Supplies	980
	Accounts Payable		980
June 13	Accounts Payable (28,420 - 5,600)	22,820
	Cash		22,372
	Merchandise Inventory (28,000-5,600)*2%		448
June 16	Store Supplies	280
	Cash		280
June 17	Cash	21,280
	Sales Discount (25,200 - 4,200) *2%	420
	Accounts Receivable (25,900 - 4,200)		21,700
June 25	Sales Salaries Expense	1,820
	Cash		1,820
	Office Salaries Expense	2,100
	Cash		2,100
June 30	Quixote, Drawings	1,400
	Cash		1,400