Help Sav merchandising transactions of Cabelas which uses th

Help Sav merchandising transactions of Cabela\'s, which uses the perpetual inventory system and Prepare journal entries to record the following the gross method. (Hint: t will help to identity each receivable and payable; for example, record the purchase on July 1 in Accounts July 1 Purehased morehandise trom DodeCoepany for S6,100 under eredit terns of 2/15. n/30. roa shipping point. invoice dated July 1 2 seld merchandise to creek Co. for $930 under eredit terea of 2/1, n/, rOB shipping point, invoice dated July 2. The merchandise had coat $508 3 Paid $135 cash for treight charges on the purchase of July 1. Purchased merchandise from Leight Co. for $2,500 under eredit terms of 2/s, n/60, FOB destination, iswolce dated Joly 11 Received a 5500 credit menoEandun trom Leight Co. for the return of part of the merchandise purchased on July 9. 16 Paid the balance due to Boden Company within the discount period 1s sold merchandise that eoat $800 to Art Co. tor $1,200 under credit terms ot 2/15, n/60, ros shipping point, 1 Iasued a$200 credit memorandun to Art Co. for an allevance on goods sold on Tuly 19. 24 Paid Leight Co. the balance de, met of discount 0 Received the balance due from Art Co. for the isvoice dated July 19, net of discoun 1 Sold merchandise that cost $4,900 to Creek Co. for $7,200 under credit terms o invoice dated July 31 Journal entry worksheet 17 Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1 Note: Enter debits before credits MacBook Pro 7 6 8

Solution

Date Particulars Debit Credit July 1 Purchase A/c 6100 Accounts Payable A/c - Boden Company 6100 July 2 Accounts Receivable A/c - Creek company 5950 Sales A/c 5950 July 3 Freight Expenses A/c 135 Cash A/c 135 July 8 Cash A/c 1800 Sales A/c 1800 July 9 Purchase A/c 2500 Accounts Payable A/c - Leight company 2500 (Assumed that goods are received) July 11 Accounts Payable A/c - Leight company 2500 Purchase return A/c 500 July 12 Cash A/c 5831 Discount A/c 119 Accounts Receivable A/c - Creek company 5950 July 16 Accounts Payable A/c - Boden Company 6100 Cash A/c 5978 Discount A/c 122 July 19 Accounts Receivable A/c - Art Company 1200 Sales A/c 1200 July 21 Sales Allowance A/c 200 Accounts Receivable A/c - Art Company 200 July 24 Accounts Payable - Leight company 2000 Cash A/c 1960 Discount A/c 40 July 30 Cash A/c 980 Discount A/c 20 Accounts Receivable A/c - Art Company 1000 July 31 Accounts Receivable A/c - Creek company 7200 Sales A/c 7200