Selected transactions for Essex Company during July of the current year are listed in Problem 6-3B.
Instructions
Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system.
Answer:
July 3 Purchases61,200
Freight In1,450
Accounts Payable—Hamling Co.62,650
[$72,000 – ($72,000 × 15%)]
5 Purchases33,450
Accounts Payable—Kester Co. 33,450
6 Accounts Receivable—Parsley Co. 36,000
Sales36,000
7 Accounts Payable—Kester Co. 6,850
Purchases Returns and Allowances6,850
13 Accounts Payable—Hamling Co. 62,650
Cash61,426
Purchases Discounts1,224
15 Accounts Payable—Kester Co. 26,600
Cash26,068
Purchases Discounts532
21 Cash36,000
Accounts Receivable—Parsley Co.36,000
21 Cash108,000
Sales108,000
22 Accounts Receivable—Tabor Co. 16,317
Sales16,317
[$16,650 – ($16,650 × 2%)]
23 Cash91,200
Sales91,200
28 Customer Refunds Payable 7,150
Cash7,150
31 Credit Card Expense1,650
Cash1,650