Question

The transactions listed below occurred in September 2018 for Aquamarines. Aquamarines uses the perpetual inventory system and estimates sales returns at the end of each month.

1) Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction. 2) Click the Reports tab and review the results of recording these transactions on General Ledger. 3) Click Submit Work when complete.

09/03/2018 - Purchased merchandise inventory on account from Sharpner Wholesalers, $5,500. Terms 2/15, n/EOM, FOB shipping point.

09/04/2018-  Paid freight bill of $85 on September 3 purchase.

09/04/2018- Purchased merchandise inventory for cash of $1,600.

09/06/2018- Returned $1,300 of inventory from the September 3 purchase.

09/08/2018- Sold merchandise inventory to Herman Company, $5,700, on the account. Terms 2/15, n/35. Cost of goods, $2,565 (record two separate transactions).

09/09/2018- Purchased merchandise inventory on account from Tucker Wholesalers, $6,000. Terms 3/10, n/30, FOB destination.

09/10/2018-  Made payment to Sharpner Wholesalers for goods purchased on September 3, less the return and the discount.

09/12/2018- Received payment from Herman Company, less the discount.

09/13/2018- After negotiations, I received a $500 allowance from Tucker Wholesalers.

09/15/2018-  Sold merchandise inventory to Jerome Company, $2,800, on the account. Terms n/EOM. Cost of goods, $1,200 (record two separate transactions).

09/22/2018- Made payment less allowance to Tucker Wholesalers for goods purchased on September 9.

09/23/2018- Jerome Company returned $200 of the merchandise sold on September 15. Cost of goods, $80 (record two separate transactions).

09/25/2018- Sold merchandise inventory to Small for $1,800 on account that costs $738. Terms of 3/10, n/30 were offered, FOB shipping point. As a courtesy to Small, $40 of freight was added to the invoice for which cash was paid by Aquamarines (record two separate transactions).

09/29/2018- Received payment from Small, less discount.

09/30/2018- Received payment from Jerome Company, less the return.

Answer 1

9/03/2018 inventory a/c dr. $5500

To Sharpner wholsalers A/C $5500

(Being Inventory Purchsed on credit terms of 2/15)

9/04/2018 Freight Bill A/c $85

To Bank A/C $85

(Being Freight Bill Paid)

9/4/2018 Merchandise Inventory A/C dr.$1600

To Cash $1600

(Being goods purchased)

9/06/2018 Sharpener Wholsalers A/C dr $1300

To Inventory A/C Dr. $1300

(Being goods returned)

9/08/2018 Herman wholsalers A/c dr$5700

To Cost of goods sold A/c $2565

To Sales A/c $53135

(Being goods sold)

9/9/2018 Merchandise Inventory A/c Dr.$6000

To Tucker WholesalersA/c $6000

( Being goods Purchased)

9/10/2018 Sharpner Wholsalers A/c Dr. $4200

To Cash a/c $4116

To Discount a/c 84($5500-1300=4200 and as payment is made within 15 days it will get 2% discount i.e. 4200*2%=84)

(Being payment made)

9/12/2018 Cash A/c dr 5586

Discount A/c dr 114

To Herman A/c 5700

( being payment made to herman and availed discount of 2%)

9/13/2018 Allowance A/c dr 500

To tucker Wholesalers A/c $500

(Being allowance received from tucker)

09/13/2018 Jerome Computer $2800

to cgs $1200

to sales $1600

(being sales to jerome computer)

9/22/2018 Tucker wholsalers $6000

To cash $5500

To allowance $500

(being paid)

09/28/2018 sales a/c debit 120

cgs a/c 80 dr

to jerome computer 200

9/25/2018 Small a/c debit $1800

to cgs $738

to sales $1062

(being goods sold)

Freight a/c dr$40

to cash A/c $40

(being freight paid by aquarium company in cash)

Cash a/c debit 1746

discount a/c debit 54

To Small A/c 1800

(being payment received from small)

Cash A/c dr.2680

to Jerome computer 2680

(being payment received)