Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).

Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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PURCHASES TRANSACTIONS Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2Purchase Invoice No. 321, 1,950, from Boggs Distributors. 7Purchase Invoice No. 152, 2,915, from Wolfs Wholesaler. 10Purchase Invoice No. 634, 3,565, from Komuro Co. 16Purchase Invoice No. 349, 2,845, from Fritz McCord, Inc. 24Purchase Invoice No. 587, 3,370, from Boggs Distributors. 26Purchase Invoice No. 764, 2,240, from Sanderson Company. 31Purchase Invoice No. 672, 1,630, from Wolfs Wholesaler. Required 1. Record the transactions starting with page 16 of a general journal. 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.
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