Question

كاد اله Finish attempt ... 8 eBook Print Question 3 Not yet answered Marked out of 110.00 P Flag question Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used. Aug. 1 Purchased merchandise from Norris, Inc., $4,000, terms 2/10,n/30. 5 Paid freight on shipment from Norris, Inc., $220. 7 Sold merchandise ta Denton Corporation, $5,500 ($4,100 cost). 7 Paid $300 freight on August 7 shioment and billed Denton for the charges. 9 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc, because it was defective. Norris approved the return. 9 Received $750 of returned merchandise ($500 cusu frum Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due. 14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, 1/30. 15 Paid freight an Shipment from Chambers, Inc., $320. 17 Received the amount due from Denton Corporation, 18 Sold merchandise to Weber, Inc., $9,500 ($6,600 cost). 20 Paid $350 freight on August 18 Shipment and billed Weber for the charges. 24 Paid Chambers, Inc., the amount due. 28 Received the amount due from Weber, Inc. Required Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar, GENED ALOUDNA

Answer 1

Rockford Corporation
Journal entries
Date	Account	Debit	Credit	Calculation
1-Aug	Inventory	$        4,000
	Accounts Payable		$        4,000
5-Aug	Inventory	$           220
	Cash		$           220
7-Aug	Accounts Receivable	$        5,500
	Sales		$        5,500
7-Aug	Cost of goods sold	$        4,100
	Inventory		$        4,100
7-Aug	Accounts Receivable	$           300
	Cash		$           300
9-Aug	Accounts Payable	$           800
	Inventory		$           800
9-Aug	Sales Returns & Allowances	$           750
	Accounts Receivable		$           750
9-Aug	Inventory	$           500
	Cost of goods sold		$           500
10-Aug	Accounts Payable	$        3,200		=4,000-800
	Cash		$        3,136
	Inventory		$              64	=3,200*2%
14-Aug	Inventory	$        9,000
	Accounts Payable		$        9,000
15-Aug	Inventory	$           320
	Cash		$           320
17-Aug	Cash	$        4,949
	Sales Discounts	$           101		=5,050*2%
	Accounts Receivable		$        5,050	=5,500+300-750
18-Aug	Accounts Receivable	$        9,600
	Sales		$        9,600
18-Aug	Cost of goods sold	$        6,600
	Inventory		$        6,600
20-Aug	Accounts Receivable	$           350
	Cash		$           350
24-Aug	Accounts Payable	$        9,000
	Cash		$        8,910
	Inventory		$              90	=9,000*1%
28-Aug	Cash	$        9,751
	Sales Discounts	$           199		=9,950*2%
	Accounts Receivable		$        9,950	=9,600+350