In: Accounting
I'm having trouble with these few questions out of a long list of journal entries that I have to record for a project. If you could please state the journal entries for these and why that would be very helpful. Thank you!
May 2 – Sold merchandise on credit to Yellow Rock Company, Invoice No. 9501, for $4,500 (cost is $2,000). I get the first part of the journal entry but don't know how to record the cost.
May 3 - Issued a $150 credit memorandum to Yellow Rock Company for defective (worthless) merchandise sold on May 2 and returned for credit.
May 12 – Received a $97 credit memorandum from Jerry’s Curling Supply for the return of defective office equipment received on May 10.
May 15 – Cash sales for the first half of the month are $31,280 (cost is $13,200). (Cash sales are recorded daily but are recorded in a lump sum format through two entries May 15 and May 31)
May 31 – Cash sales for the last half of the month are $46,025 (cost is $22,500)
Date | Account Name | Debit | Credit |
2-May | Yellow Rock Company | 4,500.00 | |
To Sales Revenue | 4,500.00 | ||
(Being Revenue Recorded Invoice No. 9501) | |||
Note | Cost Would have been already recorded when you would have done purchase entries. So no need do it here. | ||
3-May | Sales Return | 150.00 | |
To Yellow Rock Company | 150.00 | ||
(Being Issued a $150 credit memorandum to Yellow Rock Company) | |||
12-May | Jerry’s Curling Supply | 97.00 | |
to Purchase return | 97.00 | ||
(Being Received a credit memorandum from Jerry’s Curling Supply ) | |||
15-May | Cash | 31,280.00 | |
To Sales Revenue | 31,280.00 | ||
(Being Cash sales for the first half of the month recorded) | |||
15-May | Cash | 46,025.00 | |
To Sales Revenue | 46,025.00 | ||
(Being Cash sales for the last half of the month recorded) |