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The following is a series of related transactions between Siogo Shoes, a shoe wholesaler, and Sole...

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Accounting

The following is a series of related transactions between SiogoShoes, a shoe wholesaler, and Sole Mates, a chain of retail shoestores. Feb. 9 Siogo Shoes sold Sole Mates 195 pairs of hikingboots on account, terms 2/10, n/30. The cost of these boots toSiogo Shoes was $120 per pair, and the sales price was $150 perpair. Feb. 12 United Express charged $90 for delivering thismerchandise to Sole Mates. These charges were split evenly betweenthe buyer and seller and were paid immediately in cash. Feb. 13Sole Mates returned 10 pairs of boots to Siogo Shoes because theywere the wrong size. Siogo Shoes allowed Sole Mates full credit forthis return. Feb. 19 Sole Mates paid the remaining balance due toSiogo Shoes within the discount period. Both companies use aperpetual inventory system. Required: a. Record this series oftransactions in the general journal of Siogo Shoes. (The companyrecords sales at gross sales price.) b. Record this series oftransactions in the general journal of Sole Mates. (The companyrecords purchases of merchandise at net cost and uses aTransportation-in account to record transportation charges oninbound shipments.)

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a General Journal of Siogo Shoes Date General Journal Debit Credit Feb 9 Accounts receivable Sole Mates 29250 Sales 195 x 150 29250 To record sales on account Feb 9 Cost of goods sold 23400 Inventory 195 x 120 23400 To    See Answer
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