Financial Accounting Questions

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DhnibT

Business Finance

Description

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

Mar 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300.

Mar 3. Sold merchandise for $11,350 plus 6% sales tax retail cash customers, The cost of goods sold was $7,000

Mar 4. Sold Merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of goods sold was $33,200.

Mar 5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used mastercard. The cost of goods sold was $19,400.

Mar 12. Received check for amount due from Equinox Co., for sale on March 2.

Mar 14. Sold merchandise to customers who used American Express cards, $13,700. The cost of goods sold was $8,350.

Mar 16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of goods sold was $16,000.

Mar 18. Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of tye merchandise returned was $2,900.

Mar 19. Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of goods sold was $5,000.

Mar 26. Received check for amount due from Targhee Co., for sale on March 16 less credit memo of March 18.

Mar 28. Received check for amount due from Vista Co., for sale of March 4.

Mar 31. Received check for amount due from Empire Co, for sale of March 4.

Mar 31. Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination.

Apr 3. Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.

Apr 15. Paid $6,544 to state sales tax division for taxes owed on sales.

. Instructions

Journalize the entries to record the transactions of Amsterdam Supply Co.

Unformatted Attachment Preview

Problem 5-2A Name: Section: Score: 0% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the left of an incorrect entry. JOURNAL Date Mar. Account 2 2 3 3 4 4 5 5 12 Debit Credit 14 14 16 16 18 18 19 19 19 26 28 31 31 April 3 15
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