E5-2: Journalize Transactions

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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)