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

###### Question:

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

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