Question

Make Journal Entries of the Following 10/7/2019 – Recorded sales for the first week of business....

Make Journal Entries of the Following

10/7/2019 – Recorded sales for the first week of business.

  • New Video Game Sales: 28 games for $1,652 before discounts
  • Sales Discounts: $48
  • All sales were for cash
    • 10/9/2019 – Purchased additional new video game inventory for a total of $928 of cash ($29 per game).
Business   Accounting   
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Answer #1

The journal entries based on periodic accounting will be:

Date Account Description Debit($) Credit($) Workings
10/7/19 Cash 1604 1652-48
Sales Discount 48 given
Sales 1652 given
10/9/19 Purchases 928 given
Cash 928 given

The journal entries based on perpetual accounting will be:

Date Account Description Debit($) Credit($) Workings
10/7/19 Cash 1604 1652-48
Merchandize Inventory 48 given
Sales 1652 given
10/9/19 Merchandize Inventory 928 given
Cash 928 given

Notes

Cash will be received on sale post discount.

Please comment in case of any issue and I will be happy to help.

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