Salesrelated transactions using perpetual inventory system T

Sales-related transactions using perpetual inventory system The tolowing selected traneactions were completed by Amsterdam Supply Co, which sels office supplies primarily to wholesalers and occasionaly to netail customers. Note the company uses a clearing house to take care of all bank as well as non-bank credit cards used by ts customers Record on page 10 of the joumal Mar 2 Sold menchandise on account to Equinox Co $18.900, terms FOB destination, 1/10, v30. The cost of he merchandise sold was $13,300 Sold merchandse er $11.350 plus e% sales tax to sena cash customers. The cost of merchandse sold was $7,000 Sold menchandise on account to Empire Co, $55,400, Serms FOD shipping point, nleom. The cost of merchandise sold was $33,200 Sold-artin menchandise sold was $19,400 3 5 S0000 plus e% sales tax to neta\" oustoners who used MasterCard. The oost of 2 Recelived check for amount due from Equinox Co. for sale on March 2 14 Sold merchandise to customers who used American Express cards $13,700. The cost of merchandise 16 Sold mechandse on acount to Targhee Co.$27,500, terms FOe shipping pore, of menchandise sold was st ?sued eredt memotr S4.800 to Tarpee Cofor merchandise returned bom sale on March 16 The cost of the merchandipe retumed was $2.900 ?10, noo. The cost 18 Record on page 11 of the joul Sold merchandse on account to Vista Co.8250. terms Foe shoong point, ?0, n00Added S75 to the invoice for prepaid treight. The cost of merchandise sold was $5,000 19 26 Recelved check for amount due from Targhee Co. for sale on March 18 less credit memo of March 18 28 Recelved check for amount due from Vista Co. for sale of March 19 Recelved check for amount due from Empire Co for sale of Manch 4 31 Paid Fleetwood Delivery Service $5,.600 for delivery of merchandise in March to oustomers under shipping terms of FOB destination AprPaid City Bank $940 for service Sees for handing MasterCard and Amrican Express salies during March 15 Paid 56.544 t0 sale sales tax division for tases owed on sales Joumalize the entries to necornd the ransactions of Amsterdam Supply Co. Reter to the Chart of Accounts for exact wonding of account stes Previous Next 10 more Check My Work uses remaining asignment Score: 73.33%

Solution

Journal Entries: Date Accounts Titles Debit $ Credit $ 2-Mar AR 18900 Sales revenue 18900 COGS 13300 Inventory 13300 3-Mar AR 12031 Sales revenue 11350 Sales tax payable 681 COGS 7000 Inventory 7000 4-Mar AR 55400 Sales revenue 55400 COGS 33200 Inventory 33200 5-Mar AR 31800 Sales revenue 30000 Sales tax payable 1800 COGS 19400 Inventory 19400 12-Mar Cash 18711 Trade discount 189 AR 18900 (payment received after 1% discount) 14-Mar Card clearing 13700 Sales revenue 13700 COGS 8350 Inventory 8350 16-Mar AR 27500 Sales revenue 27500 COGS 16000 Inventory 16000 18-Mar Sales return 4800 AR 4800 (being issue of credit note on sales return) Inventory 2900 COGS 2900 19-Mar AR 8325 Sales Revenue 8250 Freight forward 75 COGS 5000 Inventory 5000 26-Mar Cash 27225 Trade discount 275 AR 27500 (being trade discount of 1% is provided) 28-Mar Cash 8085 Trade discount 165 AR 8250 (being trade discount of 2% is provided) 31-Mar Cash 55400 AR 55400 (payment of sale on mar4) 31-Mar Fleetwood Delivery Service 5600 Cash 5600 3-Apr Cash 12760 Service fees 940 Card clearing 13700 (being paid 940 to card clearing services) 15-Apr Sales tax payable 6544 Cash 6544 (payment of sales tax)