Sales-Related Transactions
The following selected transactions were completed by LawnSupplies Co., which sells irrigation supplies primarily towholesalers and occasionally to retail customers:
Mar. 1. Sold merchandise on account to Green Grass Co., $14,400, termsFOB shipping point, n/eom. The cost of merchandise sold was$8,600. 2. Sold merchandise for $26,100 plus 7% sales tax to retail cashcustomers. The cost of merchandise sold was $17,000. 5. Sold merchandise on account to Jones Company, $37,100, termsFOB destination, 1/10, n/30. The cost of merchandise sold was$24,100. 8. Sold merchandise for $11,200 plus 8% sales tax to retailcustomers who used VISA cards. The cost of merchandise sold was$6,700. 13. Sold merchandise to customers who used MasterCard cards,$8,500. The cost of merchandise sold was $5,400. 14. Sold merchandise on account to Haynes Co., $11,600, terms FOBshipping point, 1/10, n/30. The cost of merchandise sold was$6,800. 15. Received check for amount due from Jones Company for sale onMar. 5. 16. Issued credit memo for $1,700 to Haynes Co. for merchandisereturned from sale on Mar. 14. The cost of the merchandise returnedwas $1,000. 18. Sold merchandise on account to Horton Company, $6,000, termsFOB shipping point, 2/10, n/30. Paid $240 for freight and added itto the invoice. The cost of merchandise sold was $3,600. 24. Received check for amount due from Haynes Co. for sale on Mar.14 less credit memo of Mar. 16 and discount. 28. Received check for amount due from Horton Company for sale ofMar. 18. 31. Paid First Delivery Service $1,950 for merchandise deliveredduring Mar. to customers under shipping terms of FOBdestination. 31. Received check for amount due from Green Grass Co. for sale ofMar. 1. Apr. 3. Paid First Federal Bank $1,010 for service fees for handlingMasterCard and VISA sales during Mar. 10. Paid $3,130 to state sales tax division for taxes owed onsales.
Required:
Journalize the entries to record the transactions of LawnSupplies Co. For a compound transaction
Sales-Related Transactions
The following selected transactions were completed by LawnSupplies Co., which sells irrigation supplies primarily towholesalers and occasionally to retail customers:
| Mar. 1. | Sold merchandise on account to Green Grass Co., $14,400, termsFOB shipping point, n/eom. The cost of merchandise sold was$8,600. |
| 2. | Sold merchandise for $26,100 plus 7% sales tax to retail cashcustomers. The cost of merchandise sold was $17,000. |
| 5. | Sold merchandise on account to Jones Company, $37,100, termsFOB destination, 1/10, n/30. The cost of merchandise sold was$24,100. |
| 8. | Sold merchandise for $11,200 plus 8% sales tax to retailcustomers who used VISA cards. The cost of merchandise sold was$6,700. |
| 13. | Sold merchandise to customers who used MasterCard cards,$8,500. The cost of merchandise sold was $5,400. |
| 14. | Sold merchandise on account to Haynes Co., $11,600, terms FOBshipping point, 1/10, n/30. The cost of merchandise sold was$6,800. |
| 15. | Received check for amount due from Jones Company for sale onMar. 5. |
| 16. | Issued credit memo for $1,700 to Haynes Co. for merchandisereturned from sale on Mar. 14. The cost of the merchandise returnedwas $1,000. |
| 18. | Sold merchandise on account to Horton Company, $6,000, termsFOB shipping point, 2/10, n/30. Paid $240 for freight and added itto the invoice. The cost of merchandise sold was $3,600. |
| 24. | Received check for amount due from Haynes Co. for sale on Mar.14 less credit memo of Mar. 16 and discount. |
| 28. | Received check for amount due from Horton Company for sale ofMar. 18. |
| 31. | Paid First Delivery Service $1,950 for merchandise deliveredduring Mar. to customers under shipping terms of FOBdestination. |
| 31. | Received check for amount due from Green Grass Co. for sale ofMar. 1. |
| Apr. 3. | Paid First Federal Bank $1,010 for service fees for handlingMasterCard and VISA sales during Mar. |
| 10. | Paid $3,130 to state sales tax division for taxes owed onsales. |
Required:
Journalize the entries to record the transactions of LawnSupplies Co. For a compound transaction
Related questions
The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalersand occasionally to retail customers. Also note that the companyuses a clearing house to take care of all bank as well as non-bankcredit cards used by its customers.
Record on page 10 of the journal
| Mar. | 2 | Sold merchandise on account toEquinox Co., $18,900, terms FOB destination, 1/10, n/30. The costof the goods sold was $13,300. |
| 3 | Sold merchandise for $11,350 plus6% sales tax to retail cash customers. The cost of the goods soldwas $7,000. | |
| 4 | Sold merchandise on account toEmpire Co., $55,400, terms FOB shipping point, n/eom. The cost ofthe goods sold was $33,200. | |
| 5 | Sold merchandise for $30,000 plus6% sales tax to retail customers who used MasterCard. The cost ofthe goods sold was $19,400. | |
| 12 | Received check for amount due fromEquinox Co. for sale on March 2. | |
| 14 | Sold merchandise to customers whoused American Express cards, $13,700. The cost of the goods soldwas $8,350. | |
| 16 | Sold merchandise on account toTarghee Co., $27,500, terms FOB shipping point, 1/10, n/30. Thecost of the goods sold was $16,000. | |
| 18 | Issued credit memo for $4,800 toTarghee Co. for merchandise returned from sale on March 16. Thecost of the merchandise returned was $2,900. |
Record on page 11 of the journal
| Mar. | 19 | Sold merchandise on account toVista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75to the invoice for prepaid freight. The cost of the goods sold was$5,000. |
| 26 | Received check for amount due fromTarghee Co. for sale on March 16 less credit memo of March 18. | |
| 28 | Received check for amount due fromVista Co. for sale of March 19. | |
| 31 | Received check for amount due fromEmpire Co. for sale of March 4. | |
| 31 | Paid Fleetwood Delivery Service$5,600 for merchandise delivered during March to customers undershipping terms of FOB destination. | |
| Apr. | 3 | Paid City Bank $940 for servicefees for handling MasterCard and American Express sales duringMarch. |
| 15 | Paid $6,544 to state sales taxdivision for taxes owed on sales. |
Journalize the entries to record the transactions of AmsterdamSupply Co. Refer to the Chart of Accounts for exact wording ofaccount titles.
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