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Sales-Related Transactions Using the Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply...

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Sales-Related Transactions Using the Perpetual Inventory System

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

Mar. 2. Sold merchandise on account to Equinox Co., $20,600, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,670.

3. Sold merchandise for $10,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,150.

4. Sold merchandise on account to Empire Co., $51,410, terms FOB shipping point, n/EOM. the cost of the goods sold was $33,210.

5. Sold merchandise for $28,600 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $21,080.

12. Received a check for the amount due from Equinox Co. for sale on March 2.

14. Sold merchandise to customers who used American Express cards, $12,870. The cost of the goods sold was $8,370.

16. Sold merchandise on account to Targhee Co., $29,800, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,850.

18. Issued credit memo for $5,200 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $3,030.

19. Sold merchandise on account to Vista Co., $7,750, terms FOB shipping point, 2/10, n/30. Paid $80 for freight and added it to the invoice. The cost of the goods sold was $4,790.

26. Received a check for the amount due from Targhee Co. for sale on March 16 less credit memo of March 18.

28. Received a check for the amount due from Vista Co. for sale of March 19.

31. Received a check for the amount due from Empire Co. for sale of March 4.

31. Paid Fleetwood Delivery Service $6,200 for merchandise delivered during March to customers under shipping terms of FOB destination.

Apr. 3. Paid City Bank $950 for service fees for handling MasterCard and American Express sales during March.

15. Paid $6,744 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Amsterdam Supply Co. For a compound transaction, if no entry is required, leave the entry box blank.

Date Account Debit Credit Mar. 2-sale Date Account Debit Credit

Mar. 2-cost Date Account Debit Credit Mar.

3-sale Date Account Debit Credit Mar.

3-cost Date Account Debit Credit Mar.

4-sale Date Account Debit Credit Mar.

4-cost Date Account Debit Credit Mar.

5-sale Date Account Debit Credit Mar.

5-cost Date Account Debit Credit Mar.

12 Date Account Debit Credit Mar.

14-sale Date Account Debit Credit Mar.

14-cost Date Account Debit Credit Mar.

16-sale Date Account Debit Credit Mar.

16-cost Date Account Debit Credit Mar.

18-return Date Account Debit Credit Mar.

18-cost Date Account Debit Credit Mar.

19-sale Date Account Debit Credit Mar.

19-freight Date Account Debit Credit Mar.

19-cost Date Account Debit Credit Mar.

26 Date Account Debit Credit Mar.

28 Date Account Debit Credit Mar.

31-collection Date Account Debit Credit Mar.

31-freight Date Account Debit Credit

Apr. 3 Date Account Debit Credit Apr.

15 Check My Work

Business Accounting
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Date General journal Debit Credit
Mar-02 Accounts Receivable-Equinox Co    20,600.00
Sales    20,600.00
Mar-02 Cost of Merchandise Sold    13,670.00
Merchandise Inventory    13,670.00
Mar-03 Cash    10,971.00
Sales    10,350.00
Sales Tax Payable          621.00
Mar-03 Cost of Merchandise Sold      7,150.00
Merchandise Inventory      7,150.00
Mar-04 Accounts Receivable-Empire Co    51,410.00
Sales    51,410.00
Mar-04 Cost of Merchandise Sold    33,210.00
Merchandise Inventory    33,210.00
Mar-05 Cash    30,316.00
Sales    28,600.00
Sales Tax Payable      1,716.00
Mar-05 Cost of Merchandise Sold    21,080.00
Merchandise Inventory    21,080.00
Mar-12 Cash    20,394.00
Sales Discounts          206.00
Accounts Receivable-Equinox Co    20,600.00
Mar-14 Cash    12,870.00
Sales    12,870.00
Mar-14 Cost of Merchandise Sold      8,370.00
Merchandise Inventory      8,370.00
Mar-16 Accounts Receivable-Targhee Co    29,800.00
Sales    29,800.00
Mar-16 Cost of Merchandise Sold    15,850.00
Merchandise Inventory    15,850.00
Mar-18 Sales Returns and Allowances      5,200.00
Accounts Receivable-Targhee Co      5,200.00
Mar-18 Merchandise Inventory      3,030.00
Cost of Merchandise Sold      3,030.00
Mar-19 Accounts Receivable-Vista Co      7,750.00
Sales      7,750.00
Mar-19 Accounts Receivable-Vista Co            80.00
Cash            80.00
Mar-19 Cost of Merchandise Sold      4,790.00
Merchandise Inventory      4,790.00
Mar-26 Cash    24,354.00
Sales Discounts          246.00
Accounts Receivable-Targhee Co    24,600.00
Mar-28 Cash      7,675.00
Sales Discounts          155.00
Accounts Receivable-Vista Co      7,830.00
Mar-31 Cash    51,410.00
Accounts Receivable-Empire Co    51,410.00
Mar-31 Delivery Expense      6,200.00
Cash      6,200.00
Apr-03 Credit Card Expense          950.00
Cash          950.00
Apr-15 Sales Tax payable      6,744.00
Cash
.

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