Question

John’s purchased merchandise on account for $6,400. Freight charges of $1,000 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John’s account was credited by the supplier. Merchandise costing $3,500 was sold for $6,600 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

Record the merchandise purchased on account for $6,400.

Note: Enter debits before credits.

Transaction

General Journal

Debit

Credit

01

Journal entry worksheet

Record the freight charges of $1,000.

Note: Enter debits before credits.

Transaction

General Journal

Debit

Credit

01

Journal entry worksheet

Record the freight charges of $1,000.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
02

Journal entry worksheet

Record the return of merchandise costing $1,300.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
02

Journal entry worksheet

Record the sale of merchandise for $6,600 in cash.

Note: Enter debits before credits.

Transaction

General Journal

Debit

Credit

03

Journal entry worksheet

Record the cost of goods sold for $3,500.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
04

Answer 1

Journal entry :

No	Account and explanation	debit	credit
	Merchandise inventory	6400
	Account payable		6400
	(To record purchase)
	Merchandise inventory	1000
	Cash		1000
	(To record freight paid)
	Account payable	1300
	Merchandise inventory		1300
	(To record return)
	Account receivable	6600
	Sales revenue		6600
	(To record Sales)
	Cost of goods sold	3500
	Merchandise inventory		3500
	(To record cost of goods sold)