Question

Journalize each of the following transactions assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Feb. 1 Sold merchandise with a cost of $1,900 for $2,900; terms 2/10, n/30, FOB destination. 2 Paid $265 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $4,600 (cost of sales $3,080); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,280 (cost of sales $800). 28 The customer of February 4 paid the amount owing.

Answer 1

Ans- Journal Entries

Date	Account Ttiles and Explanation	Debit ($)	Credit ($)
Feb.1	Accounts receivable A/c Dr.	2,900
	Sales A/c		2,900
	(To record merchandise sold on account in terms 2/10,n/30 )
Feb.1	Cost of goods sold A/c Dr.	1,900
	Merchandise Inventory A/c		1,900
	(To record cost of goods sold)
Feb.2	Merchandise inventory A/c Dr.	265
	Cash A/c		265
	(To record the shipment charges of merchandise sold on february 1)
Feb.3	Sales Return a/c Dr.	1,450
	Account Receivable A/c		1,450
	(To record the return half of the inventory of February 1 in case of incorrect product)
Feb.4	Account Receivable A/c Dr.	4,600
	Sales A/c		4,600
	(To record sold merchandise to a customer in terms 2/10,n/30)
Feb.4	Cost of goods sold A/c Dr.	3,080
	Merchandise Inventory A/c		3,080
	(To record cost of goods sold)

Feb.11	Cash A/c Dr.	1,421
	Sales Discount A/c Dr.	29
	Account Receivable A/c		1,450
	(To record the amount owing from the customer of February 1)
Feb.23	Cash A/c Dr.	1,280
	Sales A/c		1,280
	(To record cash sale of $1,280 cost 0f $800)
Feb.23	Cost of goods sold A/c Dr.	800
	Merchandise Inventory A/c		800
	(To record cost of goods sold)
Feb.28	Cash A/c Dr.	4,508
	Sales Discount A/c Dr.	92
	Accounts Receivable A/c		4,600
	(To record the amount owing of february 4 sale in term of 2/10,n/30)

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