Question

Prepare joumal entries to redord the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identily each receivable and payable, for example, record the purchase on July 1 in Accounts Payable-Lee) . Jul. 1 Purchased ierchandise fro" Lee Copa y for S7,800 under iredit teres of 1/15, n/H, FOB shipping point, invoice dated July Ju1. 2 Sold-erchandise to Parker Co. for S1,驧uner credit teres of 2/10, nia, Fce shipping point, imoicedated July 2. The nerchandise had cost 51, ul. 3 Paid 5485 cash for frelght charges on the purchase of July 1. ul. 8 Sold merchandise that had cest $2,18e for 3,500 cash. u1. 9 Purchased merchandise froe Thonpson Co- for 3,100 under credit teres of 2/5, n/e, FOB dest ination, invoice dated July 9 ul. 11 Received a $688 credit memorandun from Thonpson Co. for the return of part of the serchandise purchased on July 9 l. 12 Received the balance due from Parker Co. for the imvoice dated July 2, net of the discount. ences Jul. 16 Pald the balance due to Lee Company within the discount perlod Jul. 19 Sold serchandise that cost $1,10e to Mitchell Co. for S3,we under credit terms of 2/15·m/ae, Foe shipping point, invoice dated July 19 ui. 21 Issued a $6ee creait memor andun to Mitchell Co. for an allowance on goods sold on July 19 Sul. 24 Paid Thonpson Co. the balance due, net of aiscount. ul. 30 Recelved the balance due from Mitchell Co. for the invoice dated July 19, net of discount Jul· 31 Sald merchandise that cost ss,y00 to Parker Co. for SA00 undr eredit teris of 2ne. neo, fce sklaping pelet, l-ace dated July 31 lncome Impact on Requirement Gneral General Ledger Tl Bance Schedule of Journalize the merchandising transactions. The General Ledgec trial bulance, and schedules of accounts receivable and accounts payable will be updated based on your entries C Prey 3 of7 Next > Type here to search 8 6 8 9 3 5 S D FGJ K

Answer 1

Page No. Date 800 18 OD 1860 4S 48 To c lor 0D To Thompson Co. d) brA 60D 一見11-Cash -Ha. "Discoud allowed tik/sooo 24) 1,-- .36 180D 10

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