july 1 merchandise inventory amount
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7/30/2019 July 1 Merchandise Inventory Amount
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July 1 Merchandise Inventory Amount
Accounts Payable Amount
July 3 Accounts Receivable Amount
Sales Amount
Cost of Goods Sold Amount
Merchandise Inventory Amount
July 9 Accounts Payable Amount
Merchandise Inventory ($1,800 * 2%) Amount
Cash Amount
July 12 Cash Amount
Sales Discount AmountAccounts Receivable Amount
July 17 Accounts Receivable Amount
Sales Amount
Cost of Goods Sold Amount
Merchandise Inventory Amount
July 18 Merchandise Inventory Amount
Accounts Payable Amount
Merchandise Inventory Amount
Cash Amount
July 20 Accounts Payable Amount
Merchandise Inventory Amount
July 21 Cash Amount
Sales Discount Amount
Accounts Receivable Amount
July 22 Accounts Receivable Amount
Sales Amount
Cost of Goods Sold Amount
Merchandise Inventory Amount
July 30 Account Payable Amount
Cash Amount
July 31 Sales Returns and Allowances Amount
Accounts Receivable Amount
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7/30/2019 July 1 Merchandise Inventory Amount
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Merchandise Inventory Amount
Cost of Goods Sold Amount
July 1 Purchased 50 suitcases on account for $30 each from SuitcaseManufacturers, FOB destination, terms 1/15, n/30. The appropriate party also made
a cash payment of $100 for freight on this date.FOB destination = Seller pays freightDr Merchandise Inventory 1,500Cr Accounts Payable 1,500
3 Sold 40 suitcases on account to Luggage World for $50 each.Dr Accounts Receivable 2,000
Cr Sales 2,000
Dr Cost of Goods Sold 1,200
Cr Merchandise Inventory 1,200
9 Paid Suitcase Manufacturers in full.1,500 x 1% = 15 discount
Dr Accounts Payable 1,500Cr Merchandise Inventory 15
Cr Cash 1,485
12 Received payment in full from Luggage World.
2,000 x 1% = 20 DiscountDr Cash 1,980Dr Sales Discounts 20
Cr Accounts Receivable 2,000
17 Sold 30 suitcases on account to The Travel Spot for $50 each.Dr Accounts Receivable 1,500
Cr Sales 1,500
*Note: Since 70 suitcases have now been sold and only 50 were purchased on July
1, there must have been more suitcases in inventory. I don't know at what cost theywere purchased, so I'm using $30 each.Dr Cost of Goods Sold 900Cr Merchandise Inventory 900
18 Purchased 60 suitcases on account for $1,700 from Vacation Manufacturers,FOB shipping point, terms 2/10, n/30. The appropriate party also made a cash
payment of $100 for freight on this date.
FOB shipping = Buyer pays freightDr Merchandise Inventory 1,800
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7/30/2019 July 1 Merchandise Inventory Amount
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Cr Accounts Payable 1,700Cr Cash 100
20 Received $300 credit (including freight) for 10 suitcases returned to VacationManufacturers.
Dr Accounts Payable 300Cr Merchandise Inventory 300
21 Received payment in full from The Travel Spot.1,500 x 1% = 15 DiscountDr Cash 1,485Dr Sales Discounts 15
Cr Accounts Receivable 1,500
22 Sold 40 suitcases on account to Vacations-Are-Us for $50 each.
Dr Accounts Receivable 2,000Cr Sales 2,000
Dr Cost of Goods Sold 1,200
Cr Merchandise Inventory 1,200
30 Paid Vacation Manufacturers in full.
No DiscountDr Accounts Payable 1,400Cr Cash 1,400
31 Granted Vacations-Are-Us $250 credit for 5 suitcases returned costing $150.Dr Sales Returns and Allowances 250Cr Accounts Receivable 250
Dr Merchandise Inventory 150
Cr Cost of Goods Sold 150 2 years ago