Acc 250 week 5 - Date Sep 3 Sep 4 Sep 4 Sep 6 Sep 8 Sep 8...

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DateAccounts and ExplanationDebitSep. 3Merchandise Inventory5,000Accts Payable- Shallin WholesalersPurchased merchandise on acctSep. 4Merchandise Inventory80CashPaid Freight BillSep. 4Merchandise Inventory1,700CashPurchased Merchandise with cashSep. 6Accts Payable- Shallin Wholesalers500Merchandise InventoryReturned Inventory from Sept. 3Sep. 8Accts Receivable- Hermosa company6,000Sales RevenueSold goods to Hermosa Co. Sep. 8Cost of Goods Sold2,640Merchandise InventoryRecorded the cost of goods soldSep. 9Merchandise Inventory8,000Accts Payable- Thomas WholesalersPurchased merchandise on acctSep. 10Accts Payable- Shallin Wholesalers5,000Cash (5000-333)Merchandise Inventory(5000 x 1/15 or .0666)Paid Shallin for goods on Sept. 3Sep. 12Cash (6000-780)5,220Sales Discount780Accts Receivable- Hermosa companyPayment received in discount periodSep. 13Accts Payable- Thomas Wholesalers200Merchandise InventoryReceived allowace from thomasSep. 15Accts Receivable- Jordan Company2,500Sales RevenueSold merchandise to JordanCo. On acctSep. 15Cost of Goods Sold1,050Merchandise InventoryRecorded the cost of goods soldSep. 22Accts Payable- Thomas Wholesalers (8000-200)7,800CashPayment for goods, less allowanceSep. 23Sales Returns and Allowances400
Accts Receivable- Jordan CompanyReturn of goods sold on Sept.15Sep. 23Merchandise Inventory160Cost of Goods SoldRecord Cost of goods sold from returnSep. 25Accts Receivable- Smithsons1,100Sales RevenueSold merchandise to SmithsonsSep. 25Cost of Goods Sold400Merchandise InventoryRecorded the cost of goods soldSep. 25Accts Receivable- Smithsons75CashRecorded for payment of FreightSep. 26Sales Returns and Allowances100Accts Receivable- SmithsonsGranting of Allowance for SmithsonsSep. 29Cash (1100-100- 200)800Sales Discount (1000 x .2)200Accts Receivable- SmithsonsReceived payment from smithsonsSep. 30Cash 2,100Accts recievable- jordan companyPayment in full less return amount
CreditAvailable accounts for journal entries:5,000801,7005006,0002,6408,0004,6673336,0002002,5001,050Accounts Receivable—SmithsonsCashSales Returns and Allowance7,800Accounts Receivable—SmithsonsCash Sales Discounts
400Accounts Receivable—Smithsons CashAccounts Receivable—Jordan Company 1601,100400751001,0002,100

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