Question

In: Accounting

I'm having trouble with these few questions out of a long list of journal entries that...

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)

Solutions

Expert Solution

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)

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