Question

NEED HELP Especially on the aug 20

15. Record the following transactions for Sparky's Pet Shop using the general journal form Sparky's uses a perpetual inventory system. Omit transaction descriptions from entries snop using the general journal form provided below. Assume Date August 1 7 Transaction P urchased $6,000 of merchandise on account, terms 2/10, D . Returned $1,500 of merchandise purchased on August 1 due to defects. Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200. Paid for the merchandise purchased on August 1, less return Received payment from sale of August 10. The customer took the discount. 11 20

Answer 1

Journal entry

Date	General journal	Debit	Credit
Aug 1	Inventory	6000
	Account payable		6000
Aug 3	Account payable	1500
	Inventory		1500
Aug 7	Cash	9750
	Sales revenue		9750
	Cost of goods sold	4000
	Inventory		4000
Aug 10	Account receivable	500
	Sales revenue		500
	Cost of goods sold	200
	Inventory		200
Aug 11	Account payable	4500
	Cash (4500*98%)		4410
	Inventory		90
Aug 20	Cash (500*99%)	495
	Sales discount	5
	Account receivable		500