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eBook Show Me How Calculator Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which selts irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $11,300, terms FOB shipping point,n/com. The cost of merchandise sold was $6,800. 2. Sold merchandise for $27,700 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $18,000 5. Sold merchandise on account to Peacock Company, 532,300, terms FOB destination, 1/10, 1/30. The cost of merchandise sold was $21,000. 8. Sold merchandise for 59,300 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was 55,600 13. Sold merchandise to customers who used MasterCard cards, 59,000. The cost of merchandise sold was $5,700 14. Sold merchandise on account to Loeb Co., $10,900, terms FOB shipping point, 1/10, 1/30. The cost of merchandise sold was $6,400. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $1,600 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was 5900 15. Sold merchandise on account to Jennings Company, 55,500, terms FOB shipping point, 2/10, 1/30. Paid $300 for freight and added it to the voice. The cost of merchandise sold was $3,500. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of My 16. (previous Next Oh My wont Checy W erema 03:37 eBook Show Me How Calculator 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service 51,740 for merchandise delivered during July to customers under shipping terms of FOB destination 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $910 for service fees for handling MasterCard and VISA sales during July 10. Paid $3,080 to state sales tax division for taxes owed on sales. Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank. Date Account Debit Credit July 1-sale Account Debit Credit July 1-cost Date Account Credit July 2-sale Check My Work 3 more Check My Work uses remaining eBook Show Me How Calculator Date Account Debit Credit July 18-cost Date Account Debit Credit July 24 Date Account Debit Credit July 28 Date Account Debit Credit July 31- freight Date Account Debit Credit Check My Work 3 more Check My Work uses remaining Previous Next > 03:38

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