Question

Trudie's Trinkets Gift Shop uses a perpetual inventory system. Journalize the following transactions for Trudie's Trinkets Gitt Shop. Explanations are not required.

Answer 1

E - 22

Date	Particulars	Debit	Credit
03-Feb	Inventory/ Purchases A/c……………………Dr	3000
	To Accounts payable A/c		3000
	( Being inventory purchased on account)
07-Feb	Accounts Payable A/c ………………Dr	500
	To Inventory/ Purchases returns A/c		500
	( Being Inventory returned)
09-Feb	Freight A/c ……………………………..Dr	450
	To Cash/Bank A/c		450
	(Being Freight paid)
10-Feb	Accounts receivable A/c…………Dr	4900
	To Sales		4900
	(Being goods sold on account)
12-Feb	Accounts Payable A/c……………….Dr	2500
	To Discount received		50
	To Cash/ Bank		2450
	(Being payment made for inventory purchased and discount received)
28-Feb	Cash A/c ………………………………….Dr	4900
	To Accounts receivables		4900
	(Being Cash received and discount not given as payment made after 15 days)

Note - wherever "/" is given in that you can use any one name for the account as mentioned. even you can use any other proper name suggested in the drop down list.

Calculation of discount - 3000 - 500 = 2500 X 2% = 50. We will receive this discount as we have paid within the 10 days as per the terms.

For the sales made discount is not given to the customer as the customer has not paid us withing 15 days of sales as required by the terms.

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