Home / Questions / Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventor
Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August:
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(a) |
On July 5th, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, n/30. |
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(b) |
On July 6th, Gadget Palace pays Fast Truck Transport $75 for freight-in on the July 5th order. |
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(c) |
Gadget Palace gets a credit memo from Turbo Tools for $215.00 for damaged merchandise on July 8th. |
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(d) |
On July 15th, Gadget Palace pays Turbo Tools the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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219. Marshall Supplies is a janitorial supply store. Marshall Supplies uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of July:
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(a) |
On July 4th, Marshall purchases inventory for sale from Tidy Wholesalers for $8,500.00 with terms 1/10, n/30. |
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(b) |
On July 5th, Marshall pays Express Transfer $45 for freight-in on the July 4th order. |
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(c) |
On July 12th, Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. |
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(d) |
On July 22nd, Marshall pays Tidy Wholesalers the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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220. Bargain Wholesalers sells pet supplies to retailers including Pet World Supplies. Bargain Wholesalers uses perpetual inventory. Use a General Journal to journalize the following three transactions during the month of May:
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(a) |
On May 4th, Bargain Wholesalers sells inventory to Pet World Supplies for $8,250.00 with terms 1/10, n/30. The cost of the merchandise is $5,755.00. |
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(b) |
On May 13th, Bargain Wholesalers sells an additional $10,985 in inventory to Pet World Supplies with terms 1/10, n/30. The cost of the merchandise is $6,925.00. |
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(c) |
On May 23rd, Bargain Wholesalers receives a check from Pet World Supplies paying the balance due. |
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General Journal |
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GJ Page 85 |
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Date: |
Account Title |
Post |
Debit: |
Credit: |
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Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August:
|
(a) |
On July 5th, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, n/30. |
|
(b) |
On July 6th, Gadget Palace pays Fast Truck Transport $75 for freight-in on the July 5th order. |
|
(c) |
Gadget Palace gets a credit memo from Turbo Tools for $215.00 for damaged merchandise on July 8th. |
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(d) |
On July 15th, Gadget Palace pays Turbo Tools the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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219. Marshall Supplies is a janitorial supply store. Marshall Supplies uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of July:
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(a) |
On July 4th, Marshall purchases inventory for sale from Tidy Wholesalers for $8,500.00 with terms 1/10, n/30. |
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(b) |
On July 5th, Marshall pays Express Transfer $45 for freight-in on the July 4th order. |
|
(c) |
On July 12th, Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. |
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(d) |
On July 22nd, Marshall pays Tidy Wholesalers the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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220. Bargain Wholesalers sells pet supplies to retailers including Pet World Supplies. Bargain Wholesalers uses perpetual inventory. Use a General Journal to journalize the following three transactions during the month of May:
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(a) |
On May 4th, Bargain Wholesalers sells inventory to Pet World Supplies for $8,250.00 with terms 1/10, n/30. The cost of the merchandise is $5,755.00. |
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(b) |
On May 13th, Bargain Wholesalers sells an additional $10,985 in inventory to Pet World Supplies with terms 1/10, n/30. The cost of the merchandise is $6,925.00. |
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(c) |
On May 23rd, Bargain Wholesalers receives a check from Pet World Supplies paying the balance due. |
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General Journal |
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GJ Page 85 |
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Date: |
Account Title |
Post |
Debit: |
Credit: |
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Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August:
|
(a) |
On July 5th, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, n/30. |
|
(b) |
On July 6th, Gadget Palace pays Fast Truck Transport $75 for freight-in on the July 5th order. |
|
(c) |
Gadget Palace gets a credit memo from Turbo Tools for $215.00 for damaged merchandise on July 8th. |
|
(d) |
On July 15th, Gadget Palace pays Turbo Tools the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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219. Marshall Supplies is a janitorial supply store. Marshall Supplies uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of July:
|
(a) |
On July 4th, Marshall purchases inventory for sale from Tidy Wholesalers for $8,500.00 with terms 1/10, n/30. |
|
(b) |
On July 5th, Marshall pays Express Transfer $45 for freight-in on the July 4th order. |
|
(c) |
On July 12th, Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. |
|
(d) |
On July 22nd, Marshall pays Tidy Wholesalers the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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220. Bargain Wholesalers sells pet supplies to retailers including Pet World Supplies. Bargain Wholesalers uses perpetual inventory. Use a General Journal to journalize the following three transactions during the month of May:
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(a) |
On May 4th, Bargain Wholesalers sells inventory to Pet World Supplies for $8,250.00 with terms 1/10, n/30. The cost of the merchandise is $5,755.00. |
|
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(b) |
On May 13th, Bargain Wholesalers sells an additional $10,985 in inventory to Pet World Supplies with terms 1/10, n/30. The cost of the merchandise is $6,925.00. |
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(c) |
On May 23rd, Bargain Wholesalers receives a check from Pet World Supplies paying the balance due. |
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General Journal |
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GJ Page 85 |
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Date: |
Account Title |
Post |
Debit: |
Credit: |
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Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August:
|
(a) |
On July 5th, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, n/30. |
|
(b) |
On July 6th, Gadget Palace pays Fast Truck Transport $75 for freight-in on the July 5th order. |
|
(c) |
Gadget Palace gets a credit memo from Turbo Tools for $215.00 for damaged merchandise on July 8th. |
|
(d) |
On July 15th, Gadget Palace pays Turbo Tools the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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219. Marshall Supplies is a janitorial supply store. Marshall Supplies uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of July:
|
(a) |
On July 4th, Marshall purchases inventory for sale from Tidy Wholesalers for $8,500.00 with terms 1/10, n/30. |
|
(b) |
On July 5th, Marshall pays Express Transfer $45 for freight-in on the July 4th order. |
|
(c) |
On July 12th, Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. |
|
(d) |
On July 22nd, Marshall pays Tidy Wholesalers the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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220. Bargain Wholesalers sells pet supplies to retailers including Pet World Supplies. Bargain Wholesalers uses perpetual inventory. Use a General Journal to journalize the following three transactions during the month of May:
|
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(a) |
On May 4th, Bargain Wholesalers sells inventory to Pet World Supplies for $8,250.00 with terms 1/10, n/30. The cost of the merchandise is $5,755.00. |
|
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(b) |
On May 13th, Bargain Wholesalers sells an additional $10,985 in inventory to Pet World Supplies with terms 1/10, n/30. The cost of the merchandise is $6,925.00. |
|
|
(c) |
On May 23rd, Bargain Wholesalers receives a check from Pet World Supplies paying the balance due. |
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General Journal |
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GJ Page 85 |
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Date: |
Account Title |
Post |
Debit: |
Credit: |
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Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August:
|
(a) |
On July 5th, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, n/30. |
|
(b) |
On July 6th, Gadget Palace pays Fast Truck Transport $75 for freight-in on the July 5th order. |
|
(c) |
Gadget Palace gets a credit memo from Turbo Tools for $215.00 for damaged merchandise on July 8th. |
|
(d) |
On July 15th, Gadget Palace pays Turbo Tools the balance due. |
|
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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219. Marshall Supplies is a janitorial supply store. Marshall Supplies uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of July:
|
(a) |
On July 4th, Marshall purchases inventory for sale from Tidy Wholesalers for $8,500.00 with terms 1/10, n/30. |
|
(b) |
On July 5th, Marshall pays Express Transfer $45 for freight-in on the July 4th order. |
|
(c) |
On July 12th, Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. |
|
(d) |
On July 22nd, Marshall pays Tidy Wholesalers the balance due. |
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General Journal |
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Date: |
Account Title |
Debit: |
Credit: |
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220. Bargain Wholesalers sells pet supplies to retailers including Pet World Supplies. Bargain Wholesalers uses perpetual inventory. Use a General Journal to journalize the following three transactions during the month of May:
|
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(a) |
On May 4th, Bargain Wholesalers sells inventory to Pet World Supplies for $8,250.00 with terms 1/10, n/30. The cost of the merchandise is $5,755.00. |
|
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(b) |
On May 13th, Bargain Wholesalers sells an additional $10,985 in inventory to Pet World Supplies with terms 1/10, n/30. The cost of the merchandise is $6,925.00. |
|
|
(c) |
On May 23rd, Bargain Wholesalers receives a check from Pet World Supplies paying the balance due. |
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General Journal |
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GJ Page 85 |
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Date: |
Account Title |
Post |
Debit: |
Credit: |
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Dec 09 2019 View more View Less
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