Help me complete this copy_of_week_3_homework_problems-1.xls.docx - Help me complete this copy_of_week_3_homework_problems-1 Problem 1(ch 5 Tic Toc

Help me complete this copy_of_week_3_homework_problems-1.xls.docx

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Help me complete this copy_of_week_3_homework_problems-1.xls Problem 1 (ch 5) Tic Toc Clock Shop reported the following merchandising-related transactions during June. Tic Tock Clock Shop records all purchases "gross," and credit terms are precisely followed on both purchases and sales. Prepare journal entries to record each transaction. 3-Jun Purchased $4,000 of clocks on account from Swiss Time, F.O.B. destination, terms 1/10, n/30. 5-Jun Sold a $1,500 clock to Janci Holgren on account, terms 2/10, n/eom. The customer picked up the clock from the shop.
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9-Jun Paid the amount due for the purchase of June 3. 11-Jun Purchased $8,000 of clocks on account from Melbourne Clockworks, F.O.B. shipping point, terms 2/10, n/30. Freight charges of $460 were prepaid by Melbourne and added to the invoice. No discount is permitted on the freight charges. 19-Jun Sold a $3,500 clock on account, terms 2/10, n/eom. Tic Toc sold the clock F.O.B. destination, and paid the freight charges of $330. 23-Jun The customer of June 19 called to report that the clock was received damaged. An agreement was reached to reduce the invoice by 20%. 27-Jun Paid Melbourne Clockworks for the purchase of June 11. 27-Jun
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Janci Holgren paid for the purchase of June 5. 28-Jun The customer of June 19 paid the balance due. &R&"Myriad Web Pro,Bold"&20I-05.01 I-05.01 Worksheet 1 (ch 5) GENERAL JOURNAL Page Date Accounts Debit Credit
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3-Jun Purchased clocks on account, terms 1/10,n/30 5-Jun Sold clock on account, terms 2/10, n/eom 9-Jun Paid for the puchase of June 3, taking the 1% discount 11-Jun Purchased clocks on account, 2/10,n/30, F.O.B. shipping point 19-Jun Sold clock on account, 2/10, n/eom, F.O.B. destination 23-Jun Reduced balance due from customer on account of damage GENERAL JOURNAL
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Page Date Accounts Debit Credit 27-Jun Paid the full amount due for the purchase of June 11 27-Jun Collected the amount due for the sale on June 5 28-Jun Collected remaining amount for June 19 sale, less 2% discount &L&"Myriad Web Pro,Bold"&12Name: Date: Section: &R&"Myriad Web Pro,Bold"&20I-05.01
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B-05.01(a)
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  • Fall '16
  • Christopher L. Litten, MA, Ph.D.

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