E5-2: Journalize Transactions

Total Flash Cards » 6
 
1. 

Purchase calculators from Abacus Co. at a total cost of $1,650, terms n/30

 

Inventory $1,650
Accounts Payable $1,650

 
2. 

Paid freight of $50 on calculators purchased from Abacus Co.

 

Inventory $50
Cash $50

 
3. 

Returned calculators to Abacus Co. for $66 credit because they did not meet specifications.

 

Accounts Payable $66
Inventory $66

 
4. 

Sold calculators costing $520 for $690 to Union Book Store, terms n/30.

 

Accounts Recievable $690
Sales Revenue $690
(to record credit sales)
Cost of goods sold $520
Inventory $520

 
5. 

Granted credit for $45 to Union Book Store for the return of one calculator that was not ordered. The calculator cost $34.

 

Sales Returns & Allowance $45
Accounts Recievable $45
(to record credit granted for returned goods)
Inventory $34
Cost of goods sold $34

 
6. 

Sold calculators costing $570 for $760 to Commons Card Shop, terms n/30.

 

Inventory $760
Cost of goods sold $760
(to record sales)
Accounts Recievable $570
Sales Revenue $570
(to record cost of goods sold)