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Problem 24 Purchases and Sales NOTE: Not all journal entry numbers/letters or lines may need to...

Problem 24

Purchases and Sales
NOTE: Not all journal entry numbers/letters or lines may need to be completed or require fill-in. If no journal entry is needed, write "N/A".
Seller's Entries:
Date Description Post Ref Debit Credit

Sale and Cost of Sale Related Journal Entry(ies):
Accounts Recievable $ 4,750
Sales $ 4,750
Freight out $75
Cash $ 75
Cost of Good Sold $4,655
Merchandise Inventory $95
Accounts Recievable $4,750

Freight Related Journal Entry(ies):
Cash $ 4,655
Sales discount $ 75
Accounts Recievable $ 4,750
Accounts Payable $4,750
Cash $4,655
Merchandise Inventory $ 95

Payment Receipt Related Journal Entry(ies):
Seller's Entries:

Purchase Related Journal Entry(ies):
1-Dec-20 Accounts Recievable
Sales Revenue
Cost of Goods Sold
Merchandise Inventory
Dec 3 Sales Return and Allowance
Accounts Recievable

Freight Related Journal Entry(ies):

Payment Related Journal Entry(ies):
Business   Accounting   
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Homework Answers

Answer #1
Sales & Cost of Sales Related Journal Entry
Account Receivables Dr. 4750
Sales Cr. 4750
(Sales to Customers)
Cost of Goods Sold Dr. 4655
Inventory 4655
(Cost of goods sold)
Freight related Journal Entry
freight Outward Dr. 75
Cash Cr. 75
(Freight paid for sales of Goods)
Payment Receipt Journal Entry
Cash Dr. 4655
Sales Discount Dr. 75
Account Receivable Cr. 4730
(Cash Received on Sales)
Payment Related Journal Entry
Account Payables Dr. 4655
Cash Cr. 4655
( Payment made to Suppliers)
Purchase Related Entry
Inventory Dr. 4750
Purchase Cr. 4750
(Purchase converted into Inventory)
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