1 P5-1B Journalize purchase and sales transactions under a perpetual inventory system 2 Urdan Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. 3 At the end of June, Urdan's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred. 4 July 1 AAAHHHAAN 10 11 12 13 14 15 16 17 18 19 20 Sold suitcases on account to Kaye Satchels for $2,000. The cost of suitcases sold is $1,200. Paid Hostad Manufacturers in full. 12 Received payment in full from Kaye Satchels. 17 Sold suitcases on account to The Going Concern for $1,800. the cost of the suitcases sold was $1,080. 392 18 Purchased suitcases on account for $1,800 from Hostad Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 20 21 22 30 31 Purchased suitcases on account for $1,900 from Nelson Manufacturers, FOB shipping point, terms 1/10,n/30. The appropriate party also made a cash payment of $125 for freight on this date. Received $300 credit (including freight) for suitcases returned to Nelson Manufacturers. Received payment in full from The Going Concern. Sold suitcases on account to Wopat's for $2,250. the cost of suitcases sold was $1,350. Paid Nelson Manufacturers in full. Granted Wopat's $200 credit for suitcases returned costing $120. 21 22 Urdan's chart of accounts includes the following: No.101 Cash, No.112 Accounts Receivable, 23 No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 24 Sales Discounts, and No. 595 Cost of Goods Sold. 25 26 Instructions 27 Journalize the transactions for the month of July for Urdan using a perpetual inventory system. 28 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 29
3-20 roumaize putchase and sales transactions under a perpetual inventory system Urdan Co. distributes sultcases to retail stores and extends credit terms of 1/10,n/30 to all of its customers. At the end of June, Urdan's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Hostad Manufacturers, FOB destination, terms 2/10,n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Kaye Satchels for $2,000. The cost of suitcases sold is $1,200. 9 Paid Hostad Manufacturers in full. 12 Recelved payment in full from Kaye Satchels. 17 Sold suitcases on account to The Going Concern for $1,800. the cost of the suitcases sold was $1,080. 18 Purchased suitcases on account for $1,900 from Nelson Manufacturers, FOB shipping point, terms 1/10,n/30. The appropriate party also made a cash payment of $125 for freight on this date. 20 Received $300 credit (including freight) for suitcases returned to Nelson Manufacturers. 21 Received payment in full from The Going Concern. 22 Sold suitcases on account to Wopat's for $2,250. the cost of suitcases sold was $1,350. 30 Paid Nelson Manufacturers in full. 31 Granted Wopat's $200 credit for suitcases returned costing $120. Urdan's chart of accounts includes the following: No.101 Cash, No.112 Accounts Receivable, No. 120 inventory, No. 201 Accounts Payable, No, 401 Sales Revenue, No.412 Sales Returns and Allowances, No, 41 Sales Discounts, and No. 595 Cost of Goods Sold. Instructions Journalize the transactions for the month of July for Urdan using a perpetual inventory system. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a
