Grading Criteria: Week 2: Merchandising Operations 1. 10 transactions to journalization 2. Post the 20 accounts to the general ledger 3. Unadjusted Trial Balance. (1 pt off per error on statement) 5.00 50 1.50 30 20 TOTAL 100 Required Journal Entries: 1-Jul The company purchased merchandise from Riggs Rivets for $7,500 under credit terms 1/15, n/30 3-Jul Sold merchandise to LG Motors worth $650 for $1050 under credit terms of 3/10, n/30, FOB Shipping Point 5-Jul Paid for the merchandise purchased on July 1 within the discount period 12-Jul Paid $55 cash for freight charges on the purchase from July 1. 13-Jul Received the balance due from LG Motors for the invoice dated July 3 less the discount. 15-Jul Purchased more merchandise from Riggs Rivets for $4,575 under credit terms 2/15, n/30 FOB Destination Po 17-Jul Sold merchandise that cost $1,000 for $1,700 cash 20-Jul Returned $250 worth of merchandise purchased on July 1 General Journal Account PR Dr Cr Week 2 7,500.00 7,500.00 1,050.00 1,050.00 Date 1-Jul Inventory Accounts Payable- Riggs Rivets 2-Jul Accounts Receivable- LG Motors Sales Revenue 5-Jul 12-Jul Freight In 55.00 Cash 55.00 13-Jul Cash Sales Discounts Please Accounts Receivable- LG Motors 1,050.00 15-Jul Inventory 4,575.00 rememb Accounts Payable- Riggs Rivets 4,575.00 17-Jul Cash 1,700.00 Sales Revenue 20-Jul Accounts Payable- Riggs Rivets Inventory 250.00 250.00 er to also 1,700.00 debit COGS and credit Inventory to account for the decrease in merchan dise sold. Please revise the items crossed-out. Then, update the ledger and Unadjusted Trial balance.
Grading Criteria: Week 2: Merchandising Operations 1. 10 transactions to journalization 2. Post the 20 accounts to the general ledger 3. Unadjusted Trial Balance. (1 pt off per error on statement) 5.00 50 1.50 30 20 TOTAL 100 Required Journal Entries: 1-Jul The company purchased merchandise from Riggs Rivets for $7,500 under credit terms 1/15, n/30 3-Jul Sold merchandise to LG Motors worth $650 for $1050 under credit terms of 3/10, n/30, FOB Shipping Point 5-Jul Paid for the merchandise purchased on July 1 within the discount period 12-Jul Paid $55 cash for freight charges on the purchase from July 1. 13-Jul Received the balance due from LG Motors for the invoice dated July 3 less the discount. 15-Jul Purchased more merchandise from Riggs Rivets for $4,575 under credit terms 2/15, n/30 FOB Destination Po 17-Jul Sold merchandise that cost $1,000 for $1,700 cash 20-Jul Returned $250 worth of merchandise purchased on July 1 General Journal Account PR Dr Cr Week 2 7,500.00 7,500.00 1,050.00 1,050.00 Date 1-Jul Inventory Accounts Payable- Riggs Rivets 2-Jul Accounts Receivable- LG Motors Sales Revenue 5-Jul 12-Jul Freight In 55.00 Cash 55.00 13-Jul Cash Sales Discounts Please Accounts Receivable- LG Motors 1,050.00 15-Jul Inventory 4,575.00 rememb Accounts Payable- Riggs Rivets 4,575.00 17-Jul Cash 1,700.00 Sales Revenue 20-Jul Accounts Payable- Riggs Rivets Inventory 250.00 250.00 er to also 1,700.00 debit COGS and credit Inventory to account for the decrease in merchan dise sold. Please revise the items crossed-out. Then, update the ledger and Unadjusted Trial balance.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter11: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 1CP
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Transcribed Image Text:Grading Criteria: Week 2: Merchandising Operations
1. 10 transactions to journalization
2. Post the 20 accounts to the general ledger
3. Unadjusted Trial Balance.
(1 pt off per error on statement)
5.00
50
1.50
30
20
TOTAL
100
Required Journal Entries:
1-Jul The company purchased merchandise from Riggs Rivets for $7,500 under credit terms 1/15, n/30
3-Jul Sold merchandise to LG Motors worth $650 for $1050 under credit terms of 3/10, n/30, FOB Shipping Point
5-Jul Paid for the merchandise purchased on July 1 within the discount period
12-Jul Paid $55 cash for freight charges on the purchase from July 1.
13-Jul Received the balance due from LG Motors for the invoice dated July 3 less the discount.
15-Jul Purchased more merchandise from Riggs Rivets for $4,575 under credit terms 2/15, n/30 FOB Destination Po
17-Jul Sold merchandise that cost $1,000 for $1,700 cash
20-Jul Returned $250 worth of merchandise purchased on July 1
General Journal
Account
PR
Dr
Cr
Week 2
7,500.00
7,500.00
1,050.00
1,050.00
Date
1-Jul Inventory
Accounts Payable- Riggs Rivets
2-Jul Accounts Receivable- LG Motors
Sales Revenue
5-Jul
12-Jul Freight In
55.00
Cash
55.00
13-Jul Cash
Sales Discounts
Please
Accounts Receivable- LG Motors
1,050.00
15-Jul Inventory
4,575.00
rememb
Accounts Payable- Riggs Rivets
4,575.00
17-Jul Cash
1,700.00
Sales Revenue
20-Jul Accounts Payable- Riggs Rivets
Inventory
250.00
250.00
er to also
1,700.00 debit
COGS
and
credit
Inventory
to
account
for the
decrease
in
merchan
dise
sold.
Please revise the items crossed-out. Then, update the ledger and
Unadjusted Trial balance.
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