Question

journalize transactions

May	20	Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000.
	21	For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.
	21	Received $42,900 cash from Gee Co. on account.
	21	Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
	24	Returned of damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.
	26	Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
	28	Paid sales salaries of $56,000 and office salaries of $29,000.
	29	Purchased store supplies for cash, $2,400.
	30	Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000.
	30	Received cash from sale of May 20 plus freight paid on May 21.
	31	Paid for purchase of May 21, less return of May 24.

Answer 1

Journal entries of the transactions
Date	Perticulares	Amount Dr	Amont Cr
20-May	Crescent A/C	$70,000
	To Sale ( marchandise)		$70,000
	(Being marchandise sold to crescent co.
	in term of 1/10,n/30 at FOB 110000 was
	Sold $70000)
21-May	Freight A/C dr	$2,300
	To Cash & Bank a/c		$2,300
	( Being Frieght paid on sale of marchandise)
21-May	Cash A/c dr	$42,900
	To Gee Co.		$42,900
	( Being cash received from Gee Co.
	on accounts )
21-May	Purchase( Marchandise ) A/c Dr	$88,000
	To Osterman Co.		$88,000
	( Being Marchandise purchase from osterman
	co in term of 1/10,n/30)
24-May	Osterman A/c dr	$5,000
	To Purchase ( Marchandise) A/c		$5,000
	(Being Credit memo received from seller
	for return of damaged marchandise)
26-May	Sale Return A/c Dr	$7,500
	To Cash a/c		$7,500
	( Being Cash refunded on sale made for cash)
	Marchandise A/c Dr.	$4,800
	To Cost of Good sold A/c		$4,800
	( Being Inventory cost return by seller)
28-May	Sales Salaries A/c Dr.	$56,000
	Office Salaries A/c Dr	$29,000
	To Cash/Bank A/c		$85,000
	( Being Salary paid )
29-May	Store Supplies A/c Dr	$2,400
	To Cash a/c		$2,400
	( eing Store supplies purchase)
30-May	Turner Co A/c	$47,000
	To Sale Marchandise		$47,000
	( Being Marchandise sold to Turner & Co
	in term on 2/10 , n/30)
30-May	Cash a/c dr	$69,300
	Frieght A/c Dr	$2,300
	Discount allowed	$700
	To Crescent A/c		$72,300
	( Being Cash Received from Crescent Co
	with in 10 days and reimbursement of
	Frieght)
31-May	Osterman A/c Dr	$88,000
	To Cash A/c		$87,120
	To Discount Received		$880
	( Being Cash paid osterman co. with in
	10 days )