Question

Introductory Financial Accounting Individual Assignnent 2 Question 1 Ready-Set-Go. Ltd distributes suitcases to retail stores. At the end of November, Ready-Ser Go's inventory consisted of suitcases costing $1,200. During the month of December, the following merchandising transactions occurred PURCHASE INVOICE Form 1 Trunk Manufacturers 27 Peachtree Drive, Atlanta, GA 30303 Date: 1December 2018 Sold To: Ready-Set-Go, Ltd 2248 Sunrise Towers Invoice No: 7134 Minot, ND 58701 Terms: 2/10, n/30 Quашiгy Descripton Unit Cost Amount 42000 24" Suitcase 420.00 28 Suitcase 600.00 1,200.00 1,620.00 Total Спstomer Cору SALES INVOICE Form 2 READY-SET-GO, LTD. 2248 Sunrise Towers, Minot, ND 58701 Sold To: Satchel World Date: 3 December 2018 58 Edgewater Lane Minot, ND 58701 Luтoice No: 5231 Terms: 1/10, n30 Unit Cost Quannity сер Amount 2 28 Suitcase T,100.00 2,200.00 2200.00 Total $1,400.00 Cost of Merchandize Sold Thank you for your business

Answer 1

In the books of Ready Set Go
General Journal
Date	Description	Debit	Credit
2018
Dec-01	Inventory	$    1,620
	Accounts Payable		$    1,620
	(being inventory purcahsed)
Dec-03	Accounts Receivable	$    2,200
	Sales		$    2,200
	(being sales made)
Dec-03	Cost of goods sold	$    1,400
	Inventory		$    1,400
	(being cost of goods sold recorded)
Dec-09	Accounts Payable	$    1,620
	Cash		$    1,588
	Purchase Discount taken		$         32
	(being cash paid and discount taken)
Dec-14	Cash	$    2,200
	Accounts Receivable		$    2,200
	(being cash received)
Dec-17	Accounts Receivable	$    1,800
	Sales		$    1,800
	(being sales made)
Dec-17	Cost of goods sold	$    1,230
	Inventory		$    1,230
	(being cost of goods sold recorded)
Dec-18	Inventory	$    1,900
	Accounts payable		$    1,900
	(being inventory purchased)
Dec-18	Transportataion In Expense	$       125
	Cash		$       125
	(being freight paid)
Dec-20	Accounts payable	$       300
	Inventory		$       300
	(being purchase returned)
Dec-21	Sales Return & allowances	$       400
	Accounts Receivable		$       400
	(being sales return recorded)
Dec-21	Inventory	$       200
	Cost of goods sold		$       200
	(Being inventory of sales return accounted)
Dec-22	Cash	$    1,386
	Sales Discount	$         14
	Accounts Receivable		$    1,400
	(being cash received and discount availed)
Dec-26	Accounts Payable	$    1,600
	Cash		$    1,584
	Purchase Discount taken		$         16
	(being cash paid and discount taken)
Dec-27	Accounts Receivable	$    2,400
	Sales		$    2,400
	(being sales made)
Dec-27	Cost of goods sold	$    1,350
	Inventory		$    1,350
	(being cost of goods sold recorded)
Dec-31	Sales Return & allowances	$       400
	Accounts Receivable		$       400
	(being sales return recorded)
Dec-31	Inventory	$       150
	Cost of goods sold		$       150
	(Being inventory of sales return accpounted)