I have to jornalize with a perpetual inventory system!
Account No. Account Name Balance
110 Cash $21,200
112 Accounts receivable 51,300
115 Merchandise inventory 200,800
116 Prepaid insurance 5,600
117 Store supplies 3,800
123 Store equipment 156,500
124 Accumulated depreciation- store equipment 18,900
210 Accounts payable 32,200
211 Salaries payable 0
310 Capital Stock 50,000
311 Retained Earnings, April 1, 2007 135,100
312 Dividends 45,000
313 Income Summary 0
410 Sales 1,073,700
411 Sales returns and allowances 30,900
412 Sales discounts 19,800
510 Cost of merchandise sold 541,000
520 Sales salaries expense 111,600
521 Advertising expense 27,000
522 Depreciation expense 0
523 Store supplies expense 0
529 Miscellaneous selling expense 4,200
530 Office salaries expense 60,700
531 Rent expense 27,900
532 Insurance expense 0
539 Miscellaneous Administrative expense 2,600
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what is your accounts receivable, merchandise inventory, accounts payable, sales, and cost of merchandise sold at the end of the month after the following:
March 1: Paid rent for March, $2,400.
March 3: Purchased merchandise on account from Huisman Co., terms 2/10, n/30, FOB shipping point, $21,600.
March 4: Paid transportation charges on purchase of March 3, $500.
March 6: Sold merchandise on account to Hillcrest Co., terms 2/10, n/30, FOB shipping points, $8,500. The cost of the merchandise sold was $5,000.
March 7: Received $8,900 cash from Foley Co. on account, no discount.
March 10: Sold merchandise for cash, $27,200. The cost of the merchandise sold was $16,000.
March 13: Paid for merchandise purchased on March 3, less discount.
March 14: Received merchandise returned on sale of March 6, $1,500. The cost of the merchandise returned was $900.
March 15: Paid for advertising expense for last half of March, $2,600.
March 16: Received cash from sale of March 6, less return of March 14 and discount.
March 19: Purchased merchandise for cash, $11,800.
March 19: Paid $9,000 to Bakke Co. on account, no discount.
March 20: Sold merchandise on account to Wilts Co., terms 1/10, n/30, FOB shipping point, $22,300. The cost of the merchandise sold was $13,200.
March 21: For the convenience of the customer, paid shipping charges on the sale of March 20, $1,100.
March 21: Received $17,600 cash from Owen Co. on account, no discount.
March 21: Purchased merchandise on account from Nye Co., terms 1/10, n/30, FOB destination, $19,900.
March 24: Returned $2,000 of damaged merchandise purchased on March 21, receiving credit from the seller.
March 26: Refunded cash on sales made for cash, $1,200. The cost of merchandise returned was $700.
March 28: Paid sales salaries of $7,600 and office salaries of 4,800.
March 29: Purchased store supplies for cash, $800.
March 30: Sold merchandise on account to Whitetail Co., terms 2/10, n/30, FOB shipping point, $18,750. The cost of the merchandise sold was $11,250.
March 30: Received cash from sales of March 20, less discount, plus transportation paid on March 21.
March 31: Paid for purchase of March 21, less return of March 24 and discount.
Account No. Account Name Balance
110 Cash $21,200
112 Accounts receivable 51,300
115 Merchandise inventory 200,800
116 Prepaid insurance 5,600
117 Store supplies 3,800
123 Store equipment 156,500
124 Accumulated depreciation- store equipment 18,900
210 Accounts payable 32,200
211 Salaries payable 0
310 Capital Stock 50,000
311 Retained Earnings, April 1, 2007 135,100
312 Dividends 45,000
313 Income Summary 0
410 Sales 1,073,700
411 Sales returns and allowances 30,900
412 Sales discounts 19,800
510 Cost of merchandise sold 541,000
520 Sales salaries expense 111,600
521 Advertising expense 27,000
522 Depreciation expense 0
523 Store supplies expense 0
529 Miscellaneous selling expense 4,200
530 Office salaries expense 60,700
531 Rent expense 27,900
532 Insurance expense 0
539 Miscellaneous Administrative expense 2,600
______________________________________…
what is your accounts receivable, merchandise inventory, accounts payable, sales, and cost of merchandise sold at the end of the month after the following:
March 1: Paid rent for March, $2,400.
March 3: Purchased merchandise on account from Huisman Co., terms 2/10, n/30, FOB shipping point, $21,600.
March 4: Paid transportation charges on purchase of March 3, $500.
March 6: Sold merchandise on account to Hillcrest Co., terms 2/10, n/30, FOB shipping points, $8,500. The cost of the merchandise sold was $5,000.
March 7: Received $8,900 cash from Foley Co. on account, no discount.
March 10: Sold merchandise for cash, $27,200. The cost of the merchandise sold was $16,000.
March 13: Paid for merchandise purchased on March 3, less discount.
March 14: Received merchandise returned on sale of March 6, $1,500. The cost of the merchandise returned was $900.
March 15: Paid for advertising expense for last half of March, $2,600.
March 16: Received cash from sale of March 6, less return of March 14 and discount.
March 19: Purchased merchandise for cash, $11,800.
March 19: Paid $9,000 to Bakke Co. on account, no discount.
March 20: Sold merchandise on account to Wilts Co., terms 1/10, n/30, FOB shipping point, $22,300. The cost of the merchandise sold was $13,200.
March 21: For the convenience of the customer, paid shipping charges on the sale of March 20, $1,100.
March 21: Received $17,600 cash from Owen Co. on account, no discount.
March 21: Purchased merchandise on account from Nye Co., terms 1/10, n/30, FOB destination, $19,900.
March 24: Returned $2,000 of damaged merchandise purchased on March 21, receiving credit from the seller.
March 26: Refunded cash on sales made for cash, $1,200. The cost of merchandise returned was $700.
March 28: Paid sales salaries of $7,600 and office salaries of 4,800.
March 29: Purchased store supplies for cash, $800.
March 30: Sold merchandise on account to Whitetail Co., terms 2/10, n/30, FOB shipping point, $18,750. The cost of the merchandise sold was $11,250.
March 30: Received cash from sales of March 20, less discount, plus transportation paid on March 21.
March 31: Paid for purchase of March 21, less return of March 24 and discount.