Question

Record the following transactions on the Books

Problem Record the following transactions on the books of Linda's merchandising 1-Oct Linda made a sale on account to Mandy Manufacturing $45,000 $1,200 Shipping 1 /10n30 fob shipping Linda paid UPS $3.330 for brucking charges on various shipments of merchandise placed in inventory during the month. 5-0ct Linda sold merchandise on account to Big Bucks Inc: adding sales tax to the merchandise charge $12.000 800% Sale Tax s-Oct Linda accepts a return of $1,400 of merchandise from Mandy Manufacturing: 10-Oct Linda receives amount due from Mandy Manufacturing: 12-Oct Linda pays Maidarelli Bros Trucking Inc: $4,500 for delivery charges 13-0et Linda sels on account to Jared's Jumping Jacks merchandse witha pnce o, se, ooo gving a 45% trade disoount and redit terms 2nonoo 18-Oct Received the amount due from Jared's Jumping Jacks 19-Oct Linda purchases merchandise on account from Rockin Robin Inc.. $50,000 Shipping $1,200 Terms 1 rt0n/3o fob shipping 21-Oct Linda retums $4,000 of merchandise to Rockin Robin Inc 26-Oct Linda pays amount due to Rockin Robin Inc.: 5-Nov Received amount due from Big Bucks Inc. (Oct 5th sale) 18-Dec Paid NYS sales tax $15,600 for sales taxes collected in the preceding three month period. 20-Dec Refunded $300 for defective merchandise sold to a cash customer

Answer 1

Date	Particulars	Debit($)	Credit($)
1-Oct	Accounts Receivable	45000
	Sales		45000
	Made a Sale
2-Oct	Trucking Expense	3330
	Cash		3330
	Trucking Charges Paid
5-Oct	Accounts Receivable	12960
	Sales		12000
	Sales Tax Payable		960
	Made a Sale
5-Oct	Sales Returns and Allowances	1400
	Accounts Receivable		1400
	accepts Sales Returns(45000-1400)
10-Oct	Cash	43164
	Sales Discount	436
	Accounts Receivable		43600
	received Cash (45000-1400)
12-Oct	Delivery Expense	4500
	Cash		4500
	Delivery Charges Paid
13-Oct	Accounts Receivable	3600
	Sales		3600
	Made a Sale(8000*45%)=3600
18-Oct	Cash	3528
	Sales Discount	72
	Accounts Receivable		3600
	received Cash
19-Oct	Purchase-Merchandise	50000
	freight in	1200
	Accounts Payable		51200
	Purchase Merchandise
21-Oct	Accounts Payable	4000
	purchase returns and allowances		4000
	Made a Purchase Returns
26-Oct	Accounts Payable	47200
	Purchase Discount		472
	Cash		46728
	Paid Cash (51200-4000)
5-Nov	Cash	12960
	Accounts Receivable		12960
	Cash Received
18-Dec	Sales Tax Payable	15600
	Cash		15600
	Paid Sales Tax
20-Dec	Accounts Receivable	300
	Cash		300
	Refund Cash to Customer