Instructions Chart of Accounts G General Journal Instruction

Instructions Chart of Accounts G General Journal Instructions Bargain Wholesalers sells pet supplies to retailers including Pet Wor ld Supplies. Bargain Wholesalers uses a perpetual inventory system. y4 Bargain Wholesalers sells inventory to Pet World Supplies for $8.250.00 with terms 1/10, n/30. The May 7 Bargain Wholesalers sells an additional $10,985 in inventory to Pet World Supplies with terms 1/10, May 13 Bargain Wholesalers receives a check from Pet World Supplies paying the balance due on both cost of the merchandise is $5,755.00. n/30. The cost of the merchandise is $6,925.00 invoices Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal p

Solution

Date Account Name Debit Credit May-04 Accounts Receivable $8250                     To Sales $8250                 May-04 Cost of Goods Sales $5755                   To Inventory $5755 May-07 Accounts Receivable $10985                     To Sales $10985 May-07 Cost of Goods Sales $6925                   To Inventory $6925 May-13 Cash $19043 Sales Discount(@1% on $19235) $192              To Accounts Receivable $19235 Note: Total Sales amount is $8250+$10985=19235 The buyer met the term of 1/10 , so entitled the commission of 1% on 19235 i.e 192