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    July 1 Merchandise Inventory Amount

    Uploaded by

    raesharoroo
    - The document records various transactions from July 1 to July 31 related to the purchase and sale of suitcases by a company. It includes purchases and sales of suitcases, payments made and received, returns, discounts, and adjustments to various accounts. - Key accounts that are adjusted include merchandise inventory, accounts payable, accounts receivable, sales, cost of goods sold, cash, and sales discounts. Transactions are recorded through debits and credits to the appropriate accounts. - The document provides details on the date, description of the transaction, amounts, and corresponding debits and credits for each recorded transaction during the given time period.

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    Download as DOCX, PDF, TXT or read online from Scribd

    July 1 Merchandise Inventory Amount

    Uploaded by

    raesharoroo
    87 views3 pages
    - The document records various transactions from July 1 to July 31 related to the purchase and sale of suitcases by a company. It includes purchases and sales of suitcases, payments made and received, returns, discounts, and adjustments to various accounts. - Key accounts that are adjusted include merchandise inventory, accounts payable, accounts receivable, sales, cost of goods sold, cash, and sales discounts. Transactions are recorded through debits and credits to the appropriate accounts. - The document provides details on the date, description of the transaction, amounts, and corresponding debits and credits for each recorded transaction during the given time period.

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    - The document records various transactions from July 1 to July 31 related to the purchase and sale of suitcases by a company. It includes purchases and sales of suitcases, payments made and received, returns, discounts, and adjustments to various accounts. - Key accounts that are adjusted include merchandise inventory, accounts payable, accounts receivable, sales, cost of goods sold, cash, and sales discounts. Transactions are recorded through debits and credits to the appropriate accounts. - The document provides details on the date, description of the transaction, amounts, and corresponding debits and credits for each recorded transaction during the given time period.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    87 views3 pages

    July 1 Merchandise Inventory Amount

    Uploaded by

    raesharoroo
    - The document records various transactions from July 1 to July 31 related to the purchase and sale of suitcases by a company. It includes purchases and sales of suitcases, payments made and received, returns, discounts, and adjustments to various accounts. - Key accounts that are adjusted include merchandise inventory, accounts payable, accounts receivable, sales, cost of goods sold, cash, and sales discounts. Transactions are recorded through debits and credits to the appropriate accounts. - The document provides details on the date, description of the transaction, amounts, and corresponding debits and credits for each recorded transaction during the given time period.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    July 1 Merchandise Inventory Amount Accounts Payable Amount July 3 Accounts Receivable Amount Sales Amount Cost of Goods

    Sold Amount Merchandise Inventory Amount July 9 Accounts Payable Amount Merchandise Inventory ($1,800 * 2%) Amount Cash Amount July 12 Cash Amount Sales Discount Amount Accounts Receivable Amount July 17 Accounts Receivable Amount Sales Amount Cost of Goods Sold Amount Merchandise Inventory Amount July 18 Merchandise Inventory Amount Accounts Payable Amount Merchandise Inventory Amount Cash Amount July 20 Accounts Payable Amount Merchandise Inventory Amount July 21 Cash Amount Sales Discount Amount Accounts Receivable Amount July 22 Accounts Receivable Amount Sales Amount Cost of Goods Sold Amount Merchandise Inventory Amount July 30 Account Payable Amount Cash Amount July 31 Sales Returns and Allowances Amount Accounts Receivable Amount

    Merchandise Inventory Amount Cost of Goods Sold Amount

    July 1 Purchased 50 suitcases on account for $30 each from Suitcase Manufacturers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $100 for freight on this date. FOB destination = Seller pays freight Dr Merchandise Inventory 1,500 Cr Accounts Payable 1,500 3 Sold 40 suitcases on account to Luggage World for $50 each. Dr Accounts Receivable 2,000 Cr Sales 2,000 Dr Cost of Goods Sold 1,200 Cr Merchandise Inventory 1,200 9 Paid Suitcase Manufacturers in full. 1,500 x 1% = 15 discount Dr Accounts Payable 1,500 Cr Merchandise Inventory 15 Cr Cash 1,485 12 Received payment in full from Luggage World. 2,000 x 1% = 20 Discount Dr Cash 1,980 Dr Sales Discounts 20 Cr Accounts Receivable 2,000 17 Sold 30 suitcases on account to The Travel Spot for $50 each. Dr Accounts Receivable 1,500 Cr Sales 1,500 *Note: Since 70 suitcases have now been sold and only 50 were purchased on July 1, there must have been more suitcases in inventory. I don't know at what cost they were purchased, so I'm using $30 each. Dr Cost of Goods Sold 900 Cr Merchandise Inventory 900 18 Purchased 60 suitcases on account for $1,700 from Vacation Manufacturers, FOB shipping point, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. FOB shipping = Buyer pays freight Dr Merchandise Inventory 1,800

    Cr Accounts Payable 1,700 Cr Cash 100 20 Received $300 credit (including freight) for 10 suitcases returned to Vacation Manufacturers. Dr Accounts Payable 300 Cr Merchandise Inventory 300 21 Received payment in full from The Travel Spot. 1,500 x 1% = 15 Discount Dr Cash 1,485 Dr Sales Discounts 15 Cr Accounts Receivable 1,500 22 Sold 40 suitcases on account to Vacations-Are-Us for $50 each. Dr Accounts Receivable 2,000 Cr Sales 2,000 Dr Cost of Goods Sold 1,200 Cr Merchandise Inventory 1,200 30 Paid Vacation Manufacturers in full. No Discount Dr Accounts Payable 1,400 Cr Cash 1,400 31 Granted Vacations-Are-Us $250 credit for 5 suitcases returned costing $150. Dr Sales Returns and Allowances 250 Cr Accounts Receivable 250 Dr Merchandise Inventory 150 Cr Cost of Goods Sold 150

    2 years ago

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