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    sweetkendra's Avatar
    sweetkendra Posts: 37, Reputation: 2
    Junior Member
    		  
    #1

    Dec 2, 2007, 02:30 PM
    Journalizing transactions
    Needing some help journalizing transactions. I have gotten some of them but others I just cannot understand. Any help would be appreciated.

    Journalizwe the transactions for August:

    Aug 1 Paid rent for August, $1,600
    3 Purchased merchandise on account from Biathlon Co. terms 2/10, n/30 FOB shipping point, $15,000

    4 Paid transportation charges on purchase of August 3, $400.

    6 Sold merchandise on account to Hillcrest Co. terms 2/10, n/30, FOB shipping point, $8,500. The cost of the merchandise sold was $5,000

    7 Received $7,500 cash from aaberg Co. on account, no discount

    10 Sold merchandise for cash, $18,300. The cost of the merchandise sold was $11,000

    13 Paid for merchandise purchased on Aug 3, less discount

    14 Received merchandise returned on sale of Aug 6, $1,500. The cose of the merchandise returned was $900

    15 Paid advertising expense for last half of aug. $1,500

    16 Received cash from sale of Aug 6, less return of August 14 and discount

    19 Purchases merchandise for cash $8,100

    19 Paid $6,100 to Ramler Co. on account, no discount

    20 Sold merchandise on account to Petroski Co. terms 1/10, n/30, FOB shipping point, $16,000. The cost of the merchandise sold was $9,600

    21 For the convenience of the customer, paid shipping charges on sale of Aug 20, $600

    21 Received $11,750 cash from Phillips Co.l on account, on account, no discount

    21 Purchases merchandise on account from Walden Co. terms 1/10, n/30, FOB destination, $15,000

    24 Returned $3,500 on damaged merchandise purchased on Aug 21, receiving credit from the seller

    26 Refunded cash on sales made for cash, $720. The cost of the merchandise returned was $380

    28 Paid sales salaries of $1,750 and office salaries of $950

    29 Purchased store supplies for cash, $550

    30 Sold merchandise on account to Whitetail Co. terms 2/10, n/30, FOB shipping point, $18,750. The cost of the merchandise sold was $11,250

    30 Received cash from sale of Aug. 20, less discount, plus transportation paid on Aug 21

    31 Paid for Purchase of Aug 21, less return of Aug 24 and discount
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
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    #2

    Dec 3, 2007, 07:42 AM
    Which entries do you need help with?
    sweetkendra's Avatar
    sweetkendra Posts: 37, Reputation: 2
    Junior Member
    		  
    #3

    Dec 3, 2007, 07:53 AM
    Okay these are the ones that I need help onL:

    August 6th----I was informed that there are two entries for this one?
    10, 13, 14, 16, 21 (the third one),26, 28, 30 (both), 31.

    Any help you can give would be greatly appreciated.
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
    Junior Member
    		  
    #4

    Dec 3, 2007, 05:27 PM
    Aug.1
    Dr. Rent Exp3ense…………….. 1,600
    Cr. Cash………………………………1,600
    Aug. 3
    Dr. Merchandise Inventory…………….15,000
    Cr. Accounts Payable………………………….15,000
    Aug. 4
    Dr. Merchandise Inventory……………………400
    Cr. Cash………………………………………………………400
    Aug. 6
    Dr. Accounts receivable……………………….. 8,500
    Cr. Sales………………………………………………………8,500
    -------
    Dr. Cost of goods sold………………………….. 5,000
    Cr. Merchandise inventory……………………….. 5,000
    Aug. 7
    Dr. Cash…………………………………………….7,500
    Cr. Accounts receivable……………………………7,500
    Aug. 10
    Dr. Cash……………………………………….18,300
    Cr. Sales………………………………………………18,300
    ------
    Dr. Cost of goods sold…………………11,000
    Cr. Merchandise Inventory…………………11,000
    Aug. 13
    Dr. Accounts payable………………………15,000
    Cr. Merchandise Inventory……………………………….300
    Cr. Cash……………………………………………………………14,700
    Aug. 14
    Dr. Accounts Payable…………………………………….. 1,500
    Cr. Sales returns and allowances……………………….1,500
    --
    Dr. Merchandise Inventory……………900
    Cr. Cost of goods sold………………………900
    Aug. 15
    Dr. Advertising expense……………1,500
    Cr. Cash……………………………………….. 1,500
    Aug. 16
    Dr. Cash………………………………….6,860
    Dr. Sales discount………………….. 140
    Cr. Accounts receivable………………………….7,000
    Aug. 19
    Dr. Merchandise inventory………….. 8,100
    Cr. Cash………………………………………………….. 8,100
    Aug. 19
    Dr. Accounts payable………………….6,100
    Cr. Cash………………………………………….. 6,100
    Aug. 20
    Dr. Accounts receivable…………………16,000
    Cr. Sales…………………………………………….. 16,000
    ---
    Dr. Cost of goods sold……….. 9,600
    Cr. Merchandise inventory…….. 9,600
    Aug. 21
    Dr. Delivery expense…….. 600
    Cr. Cash……………………………….600
    Aug. 21
    Dr. Cash…………………….11,750
    Cr. Accounts receivable……….. 11,750
    Aug. 21
    Dr. Merchandise inventory………….15,000
    Cr. Accounts payable…………………….. 15,000
    Aug. 24
    Dr. Accounts payable……….3,500
    Cr. Merchandise inventory………3,500
    Aug. 26
    Dr. Sales returns and allowances…….. 720
    Cr. Accounts receivable………………………720
    --
    Dr. Merchandise inventory………….380
    Cr. Cost of goods sold…………………….. 380
    Aug. 28
    Dr. Salaries expense-sales……………1,750
    Dr. Salaries expense- office………….950
    Cr. Cash………………………………………………2,700
    Aug. 29
    Dr. Store supplies…………………550
    Cr. Cash…………………………………….. 550
    Aug. 30
    Dr. Accounts receivable…………18,750
    Cr. Sales…………………………………….18,750
    --
    Dr. Cost of goods sold…………….11,250
    Cr. Merchandise inventory…………….11,250
    Aug. 30
    Dr. Cash……………………………16,440
    Dr. Sales discount……………160
    Cr. Accounts receivable………………16,000
    Cr. Delivery expense…………………600
    Aug. 31
    Dr. Accounts payable……………….11,500
    Cr. Merchandise inventory……….115
    Cr. Cash……………………………………11,385
    sweetkendra's Avatar
    sweetkendra Posts: 37, Reputation: 2
    Junior Member
    		  
    #5

    Dec 3, 2007, 07:11 PM
    Thank you so much, this helps me so much. I understand so much better.
    patel511's Avatar
    patel511 Posts: 2, Reputation: 1
    New Member
    		  
    #6

    Jan 21, 2011, 03:19 AM
    Comment on qcmar24's post
    I need some help with some transactions would you help me?
    My question is July 16 received cash from sale of July 6, less return of July 14 and discount
    patel511's Avatar
    patel511 Posts: 2, Reputation: 1
    New Member
    		  
    #7

    Jan 21, 2011, 03:21 AM
    Comment on qcmar24's post
    Or just explain how did u do aug 13, 16, 31
    Confusedkid86's Avatar
    Confusedkid86 Posts: 1, Reputation: 1
    New Member
    		  
    #8

    Nov 10, 2012, 01:01 AM
    How would you put all of those in to the different ledgers?
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