Question

Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info

Answer 1

Date	Account Titles	Debit	Credit
Sep-03	Merchandise Inventory	$            5,200
	Accounts Payable - Shallin Wholesalers		$             5,200
Sep-04	Merchandise Inventory	$                  45
	Cash		$                   45
Sep-04	Merchandise Inventory	$            1,800
	Cash		$             1,800
Sep-06	Accounts Payable - Shallin Wholesalers	$                800
	Merchandise Inventory		$                 800
Sep-08	Accounts Receivable - Herenda Company	$            5,800
	Sales Revenue		$             5,800
	Cost of Goods Sold	$            2,610
	Merchandise Inventory		$             2,610
Sep-09	Merchandise Inventory	$            9,000
	Accounts Payable - Train Wholesalers		$             9,000
Sep-10	Accounts Payable - Shallin Wholesalers	$            4,400		=5200-800
	Merchandise Inventory		$                 132	=4400*3%
	Cash		$             4,268	=4400-132
Sep-12	Cash	$            5,684		=5800-116
	Sales Discount	$                116		=5800*2%
	Accounts Receivable - Herenda Company		$             5,800
Sep-13	Accounts Payable - Train Wholesalers	$                300
	Merchandise Inventory		$                 300
Sep-15	Accounts Receivable - Jackson Company	$            3,000
	Sales Revenue		$             3,000
	Cost of Goods Sold	$            1,260
	Merchandise Inventory		$             1,260
Sep-22	Accounts Payable - Train Wholesalers	$            8,700		=9000-300
	Merchandise Inventory		$                 174	=8700*2%
	Cash		$             8,526	=8700-174
Sep-23	Sales Returns and allowances	$                700
	Accounts Receivable - Jackson Company		$                 700
	Merchandise Inventory	$                294
	Cost of Goods Sold		$                 294
Sep-25	Accounts Receivable - Sundun	$            1,780
	Sales Revenue		$             1,700
	Cash		$                   80
	Cost of Goods Sold	$                612
	Merchandise Inventory		$                 612
Sep-29	Cash	$            1,729		=1780-51
	Sales Discount	$                  51		=1700*3%
	Accounts Receivable - Sundun		$             1,780
Sep-30	Cash	$            2,300
	Accounts Receivable - Jackson Company		$             2,300