Question

Journalize the following transactions.

October 5, 2019 the company sold 100 units of merchandise to Thomas Company for $100 each. Credit terms are 2/10, n/30. Cost of goods sold is $ 6,000.

October 6, 2019 the company paid $2,100 for utility expenses to ADDC.

October 8, 2019 Thomas Company paid the amount due for the sale made in October 5.

October 9, 2019 the company paid salaries and wages expense for the month of October of $5,000 for employees.

October 20, 2019 the company performed services to Hadia Company for $2,900.

October 23, 2019 the company sold 200 units of merchandise to Halley Company for $150 each. Credit terms are 2/10, n/30. Cost of goods sold is $8,000.

October 29, 2019 Halley Company paid the amount due for the sale made in October 23.

Answer 1

Marin Inc. Journal Enteries Date Particulars 5.10.2019 Accounts Receivable a/c To Sales (Sales on account) Dr. Debit in $ Credit in $ 10000 10000 6000 Cost of goods sold a/c To Inventory (To record cost of goods sold) 6000 2100 6.10.2019 Utility Expense a/c To Cash (Utility expense paid) 2100 Dr. 8.10.2019 Cash a/c 9800 Sales Discount a/c 200 To Accounts Receivable (Cash from debtors in discount period ) 10000 x 2% = 200 10000 Dr. 5000 9.10.2019 Salaries and Wages Expense a/c To Cash (Salaries and wages paid) 5000 2900 20.10.2019 Cash a/c To Service Revenue (Services provided) 2900 30000 23.10.2019 Accounts Receivable a/c To Sales (Sales on account) 30000 8000 Cost of goods sold a/c To Inventory (To record cost of goods sold) 8000 29.10.2019 Cash a/c Dr. 29400 Sales Discount a/c Dr. 600 To Accounts Receivable (Cash from debtors in discount period ) 30000 x 2% = 600 30000