During the month, the following transactions occurred for Trevor’s Supply Company. The company uses the perpetual inventory method.
Dec. 1 |
Accepted a 4-month, 6% note from a customer in settlement of $12,400 account. |
3 |
Wrote off as uncollectible specific accounts totaling $680. |
8 |
Purchased $17,200 of inventory on account, terms 2/10, n/30. |
11 |
Sold $25,000 of inventory that cost $17,500, terms 1/15, n/45. |
12 |
Paid $13,750 for employee salaries. |
15 |
Customers returned $8,000 of inventory sold on December 11th that cost $5,200. |
17 |
Collected the balance due from the December 11th sale. |
18 |
Paid the balance due on the December 8th purchase. |
24 |
Received $370 on an account previously written off. |
27 |
Purchased advertising supplies for $1,300 on account. |
31 |
Paid freight on inventory sold, $3,218. |
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Part E |
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Trial Balance |
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Account Name |
Debits |
Credits |
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Cash |
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Accounts Receivable |
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Allowance for Doubtful Accounts |
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Notes Receivable |
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Interest Receivable |
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Inventory |
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Adverting Supplies |
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Accounts Payable |
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Common Stock |
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Retained Earnings |
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Interest Income |
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Sales |
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Sales Discounts |
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Sales Returns and Allowances |
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Advertising Supplies Expense |
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Bad Debt Expense |
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Cost of Goods Sold |
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Freight-Out |
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Income Tax Expense |
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Interest Expense |
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Salary Expense |
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Totals |
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