Question

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California.

June  1	Sold merchandise on account to Hendrix Office Store, invoice no. 1001, $451.20. The cost of the merchandise was $397.06.
3	Bought merchandise on account from Krueger, Inc., invoice no. 845A, $485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, $15 (total $500.15).
10	Sold merchandise on account to Ballard Stores, invoice no. 1002, $2,483.65. The cost of the merchandise was $2,235.29.
13	Bought merchandise on account from Kennedy, Inc., invoice no. 4833, $2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, $123 (total $2,573.13).
18	Sold merchandise on account to Lawson Office Store, invoice no. 1003, $754.99. The cost of the merchandise was $671.94.
20	Issued credit memo no. 33 to Lawson Office Store for merchandise returned, $103.25. The cost of the merchandise was $91.89.
25	Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, $1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, $84 (total $1,636.30).
30	Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for $224.50.

Required:

Record the transactions in the general journal (page 25) using the perpetual inventory system. Round your answers to the nearest cent.

GENERAL JOURNAL
Page 25
	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1	20--					1
2	June  1					2
3						3
4		Sold merchandise to Hendrix Office Store, invoice no. 1001.				4
5						5
6						6
7						7
8		Cost of merchandise sold to Hendrix Office Store, invoice no. 1001.				8
9						9
10	3					10
11						11
12		Purchased merchandise from Krueger, Inc., invoice no. 845A, invoice dated 6/1, terms 1/10, n/30.				12
13						13
14	10					14
15						15
16		Sold merchandise to Ballard Stores, invoice no. 1002.				16
17						17
18						18
19						19
20		Cost of merchandise sold to Ballard Stores, invoice no. 1002.				20
21						21
22	13					22
23						23
24		Purchased merchandise from Kennedy, Inc., invoice no. 4833, invoice dated 6/11, terms 2/10, n/30.				24

Continue recording the transactions in the general journal (page 26) using the perpetual inventory system. Round your answers to the nearest cent.

GENERAL JOURNAL
Page 26
	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1	20--					1
2	June  18					2
3						3
4		Sold merchandise to Lawson Office Store, invoice no. 1003.				4
5						5
6						6
7						7
8		Cost of merchandise sold to Lawson Office Store, invoice no. 1003.				8
9						9
10	20					10
11						11
12		Issued credit memo no. 33.				12
13						13
14						14
15						15
16		Cost of merchandise returned, credit memo no. 33.				16
17						17
18	25					18
19						19
20		Purchased merchandise from Villarreal, Inc., invoice no. 4R32, invoice dated 6/18, terms net 30.				20
21						21
22	30					22
23						23
24		Credit memo no. 44 for return of merchandise.				2

Answer 1

Date	Description	POST. REF.	Debit	Credit
Jun-01	Accounts receivable		451.2
	Sales			451.2
	(Sold merchandise to Hendrix Office Store, invoice no. 1001)
Jun-01	Cost of goods sold		397.06
	Inventory			397.06
	Cost of merchandise sold to Hendrix Office Store, invoice no. 1001.
Jun-03	Inventory		500.15
	Accounts payable			500.15
	Purchased merchandise from Krueger, Inc., invoice no. 845A, invoice dated 6/1, terms 1/10, n/30
Jun-10	Accounts receivable		2483.65
	Sales			2483.65
	Sold merchandise to Ballard Stores, invoice no. 1002.
Jun-10	Cost of goods sold		2235.29
	Inventory			2235.29
	Cost of merchandise sold to Ballard Stores, invoice no. 1002.
Jun-13	Inventory		2573.13
	Accounts payable			2573.13
	Purchased merchandise from Kennedy, Inc., invoice no. 4833, invoice dated 6/11, terms 2/10, n/30.
Jun-18	Accounts receivable		754.99
	Sales			754.99
	Sold merchandise to Lawson Office Store, invoice no. 1003.
Jun-18	Cost of goods sold		671.94
	Inventory			671.94
	Cost of merchandise sold to Lawson Office Store, invoice no. 1003.
Jun-20	Sales		103.25
	Accounts receivable			103.25
	Issued credit memo no. 33.
Jun-20	Inventory		91.89
	Cost of goods sold			91.89
	Cost of merchandise returned, credit memo no. 33.
Jun-25	Inventory		1636.3
	Accounts payable			1636.3
	Purchased merchandise from Villarreal, Inc., invoice no. 4R32, invoice dated 6/18, terms net 30.
Jun-30	Accounts payable		224.5
	Inventory			224.5
	Credit memo no. 44 for return of merchandise.