Record the following transactions into com Inc.'s joumal. Assume a perpetual inventory system Enter the transaction...

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Record the following transactions into com Inc.'s joumal. Assume a perpetual inventory system Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions Dates must be entered in the format ad mmm , 15 Jan General Journal Account Explanation F Debit Page GJE Credit (a) January 1: Zoom Inc.'s merchandise that cost $2.880 was sold to Stake Technology Inc. for $3.500 under credit forms of 2/15, V60, FOB destination (b) January 1: Zoom Inc. purchased merchandise from ABC Inc. for $4.400 cash, FOB destination (c) January 2: Paid $500 for freight charges on the sale of January 1. (d) January 3: Zoom Inc. purchased merchandise from Callaho Inc. for $9.900 under Credit terms of 2/10, 160 FOB destination. (e) January 5: Zoom Inc.'s merchandise was sold to Oppong Corporation for $4.900 under credit forms of 2/16, V60, FOB shipping point. The cost of the merchandise was $3.920 (1) January 5: Issued a $600 credit memorandum to Stake Technology Inc. for an allowance on goods sold on January 1 (9) January : Alter negotiations with Callaho Inc. concerning problems with the merchandise purchased on January 3, received a credit memorandum granting a price reduction of $1,900 th) January : Zoom Inc. purchased merchandise from Bentley Ing for $9.900 under credit forms of 2/10, 1/60, FOB destination January 15: Paid the balance due to Bentley Inc. January 16: Received the balance due from Stake Technology Inc. for the sale dated January 1. (k) March 2: Paid the balance due to Callaho Inc. (a) January 1: Zcom Inc.'s merchandise that cost $2,880 was sold to Stake Technology Inc. for $3,600 under credit terms of 2/15, 1/60, FOB destination. Date General Journal Account Explanation Page GJE F Debit Credit (b) January 1: Zcom Inc. purchased merchandise from ABC Inc. for $4,400 cash, FOB destination. (c) January 2: Paid $500 for freight charges on the sale of January 1. (d) January 3: Zcom Inc. purchased merchandise from Callaho Inc. for $9.900 under credit terms of 2/10, n/60, FOB destination. (e) January 5: Zcom Inc.'s merchandise was sold to Oppong Corporation for $4.900 under credit terms of 2/15, n/60, FOB shipping point. The cost of the merchandise was $3,920. (1) January 5: Issued a $600 credit memorandum to Stake Technology Inc. for an allowance on goods sold on January 1. (9) January 6: After negotiations with Callaho Inc. concerning problems with the merchandise purchased on January 3, received a credit memorandum granting a price reduction of $1,900. (h) January 7: Zcom Inc. purchased merchandise from Bentley Inc. for $9,900 under credit terms of 2/10, 1/60, FOB destination. (1) January 15: Paid the balance due to Bentley Inc. 6) January 16: Received the balance due from Stake Technology Inc. for the sale dated January 1. (k) March 2: Paid the balance due to Callaho Inc. (1) March 6: Received Oppong Corporation's payment of the amount due from the January 5 sale.

 · Answer

Zoom Inc.            Journal Entries               S.No.  Date General Journal  Debit  Credit    a)  01-Jan  Accounts Receivable-Stake Technologies Inc.  $    3,600.00              To Sales    $                                    3,600.00       (Being amount of Merchandise Sold)          01-Jan  Cost of goods sold  $    2,880.00               To Merchandise Inventory    $                                    2,880.00        (Being amount of cost of goods sold)        b)  01-Jan  Merchandise Inventory  $    4,400.00              To Accounts Payable-ABC Inc.    $                                    4,400.00       (Being amount of Merchandise Purchased from ABC Inc.)        c)  02-Jan Freight Expenses  $        500.00              To Cash    $                                        500.00       (Being amount of Freight paid for 1 Jan sales to stake Technologies Inc.)        d)  03-Jan  Merchandise Inventory  $    9,900.00               To Accounts Payable-Callaho Inc.    $                                    9,900.00       (Being amount of goods purchased from Callaho Inc.)        e)  05-Jan  Accounts Receivable-Oppong Corporation  $    4,900.00               To Sales    $                                    4,900.00       (Being amount of sales to Oppong Corporation)          05-Jan  Cost of goods sold  $    3,920.00              To Merchandise Inventory    $                                    3,920.00        (Being amount of cost of goods sold)        f)  05-Jan  Sales return & allowances  $        600.00              To Accounts Receivable-Stake Technologies Inc.    $                                        600.00       (Being amount of issue of credit memorandum for allowance of goods sold)        g)  06-Jan  Accounts Payable-Callaho Inc.  $    1,900.00              To Merchandise Inventory    $                                    1,900.00       (Being amount of received of credit memorandum for reduction of price)        h)  07-Jan  Merchandise Inventory  $    9,900.00               To Accounts Payable-Brantley Inc.    $                                    9,900.00       (Being amount of Merchandise Purchased from Brantley Inc.)        i)  15-Jan  Accounts Payable-Brantley Inc.  $    9,900.00                 To Merchandise Inventory=($9900*2%)    $                                        198.00               To Cash=($9900*98%)    $                                    9,702.00        (Being amount paid after adjusting 2% discount)        j)  16-Jan  Cash=($3000*98%)  $    2,940.00          Sales Discount=($3000*2%)  $          60.00                To Accounts Receivable-Stake Technologies Inc.($3600-$600)    $                                    3,000.00        (Being amount received within 15 days 2% discount allowed)        k)  02-Mar  Accounts Payable-Callaho Inc.($9900-$1900)  $    8,000.00               To Cash    $                                    8,000.00       (Being amount paid after discount period)        l)  06-Mar  Cash  $    4,900.00              To Accounts Receivable-Oppong Corporation)    $                                    4,900.00      (Being amount received after discount period )                      FOB destination: Freight charges paid by seller.            FOB Shipping Point: Freight charges paid by buyer.       .

Record the following transactions into com Inc.'s joumal. Assume a perpetual inventory system Enter the transaction...

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		Zoom Inc.
		Journal Entries

S.No.	Date	General Journal	Debit	Credit
a)	01-Jan	Accounts Receivable-Stake Technologies Inc.	$ 3,600.00
		To Sales		$ 3,600.00
		(Being amount of Merchandise Sold)
	01-Jan	Cost of goods sold	$ 2,880.00
		To Merchandise Inventory		$ 2,880.00
		(Being amount of cost of goods sold)
b)	01-Jan	Merchandise Inventory	$ 4,400.00
		To Accounts Payable-ABC Inc.		$ 4,400.00
		(Being amount of Merchandise Purchased from ABC Inc.)
c)	02-Jan	Freight Expenses	$ 500.00
		To Cash		$ 500.00
		(Being amount of Freight paid for 1 Jan sales to stake Technologies Inc.)
d)	03-Jan	Merchandise Inventory	$ 9,900.00
		To Accounts Payable-Callaho Inc.		$ 9,900.00
		(Being amount of goods purchased from Callaho Inc.)
e)	05-Jan	Accounts Receivable-Oppong Corporation	$ 4,900.00
		To Sales		$ 4,900.00
		(Being amount of sales to Oppong Corporation)
	05-Jan	Cost of goods sold	$ 3,920.00
		To Merchandise Inventory		$ 3,920.00
		(Being amount of cost of goods sold)
f)	05-Jan	Sales return & allowances	$ 600.00
		To Accounts Receivable-Stake Technologies Inc.		$ 600.00
		(Being amount of issue of credit memorandum for allowance of goods sold)
g)	06-Jan	Accounts Payable-Callaho Inc.	$ 1,900.00
		To Merchandise Inventory		$ 1,900.00
		(Being amount of received of credit memorandum for reduction of price)
h)	07-Jan	Merchandise Inventory	$ 9,900.00
		To Accounts Payable-Brantley Inc.		$ 9,900.00
		(Being amount of Merchandise Purchased from Brantley Inc.)
i)	15-Jan	Accounts Payable-Brantley Inc.	$ 9,900.00
		To Merchandise Inventory=($9900*2%)		$ 198.00
		To Cash=($9900*98%)		$ 9,702.00
		(Being amount paid after adjusting 2% discount)
j)	16-Jan	Cash=($3000*98%)	$ 2,940.00
		Sales Discount=($3000*2%)	$ 60.00
		To Accounts Receivable-Stake Technologies Inc.($3600-$600)		$ 3,000.00
		(Being amount received within 15 days 2% discount allowed)
k)	02-Mar	Accounts Payable-Callaho Inc.($9900-$1900)	$ 8,000.00
		To Cash		$ 8,000.00
		(Being amount paid after discount period)
l)	06-Mar	Cash	$ 4,900.00
		To Accounts Receivable-Oppong Corporation)		$ 4,900.00
		(Being amount received after discount period )

		FOB destination: Freight charges paid by seller.
		FOB Shipping Point: Freight charges paid by buyer.