Question

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers.Green Lawn uses the net method under a perpetual inventory system.

July 1.	Sold merchandise on account to Landscapes Co., $51,020, terms FOB shipping point, n/eom. The cost of the goods sold was $35,140.
2.	Sold merchandise for $11,050 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,830.
5.	Sold merchandise on account to Peacock Company, $20,100, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,270.
8.	Sold merchandise for $32,300 plus 6% sales tax to retail customers who used VISA cards. The cost of the goods sold was $20,960.
13.	Sold merchandise to customers who used MasterCard cards, $15,030. The cost of the goods sold was $7,540.
14.	Sold merchandise on account to Loeb Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $14,740.
15.	Received check for amount due from Peacock Company for sale on July 5.
16.	Issued credit memo to Loeb Co. for merchandise with an invoice amount of $4,400 returned from the sale on July 14. The cost of the merchandise returned was $2,740.
18.	Sold merchandise on account to Jennings Company, $7,550, terms FOB shipping point, 2/10, n/30. Paid $50 for freight and added it to the invoice. The cost of the goods sold was $5,310.
24.	Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
28.	Received check for amount due from Jennings Company for sale of July 18.
31.	Paid Black Lab Delivery Service $5,870 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 $940 for service fees for handling MasterCard and VISA sales during July.
10.	Paid $6,165 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
July 1	Accounts Receivable-Landscapes Co.
	Sales

Date	Account	Debit	Credit
July 1	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 2	Cash
	Sales
	Sales Tax Payable

Date	Account	Debit	Credit
July 2	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 5	Accounts Receivable-Peacock Company
	Sales

Date	Account	Debit	Credit
July 5	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 8	Cash
	Sales
	Sales Tax Payable

Date	Account	Debit	Credit
July 8	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 13	Cash
	Sales

Date	Account	Debit	Credit
July 13	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 14	Accounts Receivable-Loeb Co.
	Sales

Date	Account	Debit	Credit
July 14	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 15	Cash
	Accounts Receivable-Peacock Company

Date	Account	Debit	Credit
July 16	Customer Refunds Payable
	Accounts Receivable-Loeb Co.

Date	Account	Debit	Credit
July 16	Inventory
	Estimated Returns Inventory

Date	Account	Debit	Credit
July 18	Accounts Receivable-Jennings Company
	Sales

Date	Account	Debit	Credit
July 18	Accounts Receivable-Jennings Company
	Cash

Date	Account	Debit	Credit
July 18	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
July 24	Cash
	Accounts Receivable-Loeb Co.

Date	Account	Debit	Credit
July 28	Cash
	Accounts Receivable-Jennings Company

Date	Account	Debit	Credit
July 31	Delivery Expense
	Cash

Date	Account	Debit	Credit
July 31	Cash
	Accounts Receivable-Landscapes Co.

Date	Account	Debit	Credit
Aug. 3	Credit Card Expense
	Cash

Date	Account	Debit	Credit
Aug. 10	Sales Tax Payable
	Cash

Answer 1

	replace merchandise inventory with invetory
Date	Account				Debit	Credit
1-Jul	Accounts receivable-Lad sacpes				51,020
	sales					51,020
	cost of goods sold				35,140
	Merchandise inventory					35,140
2-Jul	Cash				11,713
	Sales					11,050
	Sales tax payable					663
	cost of goods sold				6,830
	merchandise inventory					6,830
5-Jul	Accounts receivable-peacock				20,097
	sales					20,097
	cost of goods sold				12,270
	Merchandise inventory					12,270
8-Jul	Cash				34,238
	Sales					32,300
	Sales tax payable					1938
	cost of goods sold				20,960
	merchandise inventory					20,960
13-Jul	Cash				15,030
	sales					15,030
	cost of goods sold				7,540
	Merchandise inventory					7,540
jlu 14	Accounts receivable-Loeb Co				27,225
	sales					27,225
	cost of goods sold				14,740
	Merchandise inventory					14,740
15-Jul	Cash				20,097
	Accounts receivable peacock					20,097
16-Jul	Sales return & allowance/customer refunds payable				4,356
	Accounts recievable-Loeb co					4,356
	Merchandise inventory				2740
	cost of goods sold					2740
18-Jul	Accounts receivable		jennings		7449
	Sales -					7,449
	cost of goods sold				5,310
	Merchandise inventory					5,310
24-Jul	Cash				22,869
	Accounts receivable loeb					22,869
28-Jul	Cash				7449
	Accont receivable -jennings					7,449
31-Jul	Delivery expense				5,870
	cash					5,870
31-Jul	Cash				51,020
	Account receivable-landscape					51,020
3-Aug	Credit card expense				940
	cash					940
10-Aug	Sales tax payable				6,165
	cash					6,165