Ocean Atlantic Co. Is A Merchandising Business. Please Help! Just Need Help Posting To Journal / Journalizing?

July 1. Paid rent for July, $4,000.
3. Purchased merchandise on account from Lingard Co., terms 2/10, n/30, FOB
shipping point, $25,000.
4. Paid freight on purchase of July 3, $1,000.
6. Sold merchandise on account to Holt Co., terms 2/10, n/30, FOB shipping
point, $40,000. The cost of the merchandise sold was $24,000.
7. Received $18,000 cash from Flatt Co. on account, no discount.
10. Sold merchandise for cash, $90,000. The cost of the merchandise sold was $50,000.
13. Paid for merchandise purchased on July 3, less discount.
14. Received merchandise returned on sale of July 6, $7,000. The cost of the
merchandise returned was $4,500.
15. Paid advertising expense for last half of July, $9,000.
16. Received cash from sale of July 6, less return of July 14 and discount.
19. Purchased merchandise for cash, $22,000.
19. Paid $23,100 to Carino Co. on account, no discount.
Record the following transactions on Page 21 of the journal.
20. Sold merchandise on account to Reedley Co., terms 1/10, n/30, FOB shipping
point, $40,000. The cost of the merchandise sold was $25,000.
21. For the convenience of the customer, paid freight on sale of July 20, $1,100.
21. Received $17,600 cash from Owen Co. on account, no discount.
21. Purchased merchandise on account from Munson Co., terms 1/10, n/30, FOB
destination, $32,000.
24. Returned $5,000 of damaged merchandise purchased on July 21, receiving
credit from the seller.
26. Refunded cash on sales made for cash, $12,000. The cost of the merchandise
returned was $7,200.
28. Paid sales salaries of $22,800 and offi ce salaries of $15,200.
29. Purchased store supplies for cash, $2,400.
30. Sold merchandise on account to Dix Co., terms 2/10, n/30, FOB shipping point,
$18,750. The cost of the merchandise sold was $11,250.
30. Received cash from sale of July 20, less discount, plus freight paid on July 21.
31. Paid for purchase of July 21, less return of July 24 and discount.
Instructions

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress | Designed by: free css template | Thanks to hostgator coupon and web hosting reviews