Mar. 2. |
Sold merchandise on account to Equinox Co., $20,300, terms FOB
destination, 1/10, n/30. The cost of the goods sold was
$12,590. |
3. |
Sold merchandise for $10,200 plus 6% sales tax to retail cash
customers. The cost of the goods sold was $6,510. |
4. |
Sold merchandise on account to Empire Co., $54,600, terms FOB
shipping point, n/eom. TThe cost of the goods sold was
$34,200. |
5. |
Sold merchandise for $32,950 plus 6% sales tax to retail
customers who used MasterCard. The cost of the goods sold was
$20,720. |
12. |
Received check for amount due from Equinox Co. for sale on
March 2. |
14. |
Sold merchandise to customers who used American Express cards,
$14,020. The cost of the goods sold was $7,770. |
16. |
Sold merchandise on account to Targhee Co., $25,700, terms FOB
shipping point, 1/10, n/30. The cost of the goods sold was
$15,600. |
18. |
Issued credit memo for $5,000 to Targhee Co. for merchandise
returned from sale on March 16. The cost of the merchandise
returned was $2,800. |
19. |
Sold merchandise on account to Vista Co., $8,700, terms FOB
shipping point, 2/10, n/30. Paid $70 for freight and added it to
the invoice. The cost of the goods sold was $4,780. |
26. |
Received check for amount due from Targhee Co. for sale on
March 16 less credit memo of March 18. |
28. |
Received check for amount due from Vista Co. for sale of March
19. |
31. |
Received check for amount due from Empire Co. for sale of March
4. |
31. |
Paid Fleetwood Delivery Service $5,730 for merchandise
delivered during March to customers under shipping terms of FOB
destination. |
Apr. 3. |
Paid City Bank $830 for service fees for handling MasterCard
and American Express sales during March. |
15. |
Paid $6,068 to state sales tax division for taxes owed on
sales.
Required:
Journalize the entries to record the transactions of Amsterdam
Supply Co. For a compound transaction, if no entry is required,
leave the entry box blank.
Date |
Account |
Debit |
Credit |
Mar. 2-sale |
Accounts Receivable-Equinox Co. |
|
|
|
Sales |
|
|
Date |
Account |
Debit |
Credit |
Mar. 2-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 3-sale |
Cash |
|
|
|
Sales |
|
|
|
Sales Tax Payable |
|
|
Date |
Account |
Debit |
Credit |
Mar. 3-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 4-sale |
Accounts Receivable-Empire Co. |
|
|
|
Sales |
|
|
Date |
Account |
Debit |
Credit |
Mar. 4-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 5-sale |
Cash |
|
|
|
Sales |
|
|
|
Sales Tax Payable |
|
|
Date |
Account |
Debit |
Credit |
Mar. 5-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 12 |
Cash |
|
|
|
Accounts
Receivable-Equinox Co. |
|
|
Date |
Account |
Debit |
Credit |
Mar. 14-sale |
Cash |
|
|
|
Sales |
|
|
Date |
Account |
Debit |
Credit |
Mar. 14-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 16-sale |
Accounts Receivable-Targhee Co. |
|
|
|
Sales |
|
|
Date |
Account |
Debit |
Credit |
Mar. 16-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 18-return |
Customer Refunds Payable |
|
|
|
Accounts
Receivable-Targhee Co. |
|
|
Date |
Account |
Debit |
Credit |
Mar. 18-cost |
Inventory |
|
|
|
Estimated
Returns Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 19-sale |
Accounts Receivable-Vista Co. |
|
|
|
Sales |
|
|
Date |
Account |
Debit |
Credit |
Mar. 19-freight |
Accounts Receivable-Vista Co. |
|
|
|
Cash |
|
|
Date |
Account |
Debit |
Credit |
Mar. 19-cost |
Cost of Goods Sold |
|
|
|
Inventory |
|
|
Date |
Account |
Debit |
Credit |
Mar. 26 |
Cash |
|
|
|
Accounts
Receivable-Targhee Co. |
|
|
Date |
Account |
Debit |
Credit |
Mar. 28 |
Cash |
|
|
|
Accounts
Receivable-Vista Co. |
|
|
Date |
Account |
Debit |
Credit |
Mar. 31-collection |
Cash |
|
|
|
Accounts
Receivable-Empire Co. |
|
|
Date |
Account |
Debit |
Credit |
Mar. 31-freight |
Delivery Expense |
|
|
|
Cash |
|
|
Date |
Account |
Debit |
Credit |
Apr. 3 |
Credit Card Expense |
|
|
|
Cash |
|
|
Date |
Account |
Debit |
Credit |
Apr. 15 |
Sales Tax Payable |
|
|
|
Cash |
|