Answers
Lowe's | |||||
Date | General Journal | Debit | Credit | Calculation | |
1-Aug | Inventory | 7,000 | |||
Accounts Payable-Aron | 7,000 | ||||
5-Aug | Accounts Receivable-Baird | 4,900 | |||
Sales | 4,900 | ||||
Cost of goods sold | 3,000 | ||||
Inventory | 3,000 | ||||
8-Aug | Inventory | 6,000 | |||
Accounts Payable-Waters | 6,000 | ||||
9-Aug | Delivery Expense | 110 | |||
Cash | 110 | ||||
10-Aug | Sales Returns & Allowances | 1,000 | |||
Accounts Receivable-Baird | 1,000 | ||||
Inventory | 500 | ||||
Cost of goods sold | 500 | ||||
12-Aug | Accounts Payable-Waters | 600 | |||
Inventory | 600 | ||||
14-Aug | Accounts Payable-Aron | 490 | |||
Cash | 490 | ||||
15-Aug | Cash | 3,822 | 2/10, n/60 means 2% cash discount if paid within 10 days or else full invoice amount to be paid within 60 days | ||
Sales discounts | 78 | =3,900*2% | |||
Accounts Receivable-Baird | 3,900 | =4,900-1,000 | |||
18-Aug | Accounts Payable-Waters | 5,400 | =6,000-600 | ||
Cash | 5,346 | ||||
Inventory | 54 | =5,400*1% | 1/10, n/45 | ||
19-Aug | Accounts Receivable-Tux | 4,200 | |||
Sales | 4,200 | ||||
Cost of goods sold | 2,100 | ||||
Inventory | 2,100 | ||||
22-Aug | Sales Returns & Allowances | 700 | |||
Accounts Receivable-Tux | 700 | ||||
29-Aug | Cash | 3,500 | |||
Accounts Receivable-Tux | 3,500 | =4,200-700 | n/10 | ||
30-Aug | Accounts Payable-Aron | 6,510 | =7,000-490 | ||
Cash | 6,510 |
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