Cash Hash » Cash Hash » Cash Advance/ Cash Advances » Accounting help! PLEASE! (Thanks in advance!)?

Reply
  #1 (permalink)
: Help on ANY of this would be awesome!! I'm so lost!

Journalize the transactions using a perpetual inventory system.

Janssen Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Janssenís ledger showed Cash of $8,765 and Common Stock of $8,765.



May 1Purchased merchandise on account from Vanco Wholesale Supply for $8,200, terms 1/10, n/30.
2 Sold merchandise on account for $5,900, terms 2/10, n/30. The cost of the merchandise sold was $4,425.
5Received credit from Vanco Wholesale Supply for merchandise returned $400.
9Received collections in full, less discounts, from customers billed on May 2.
10Paid Vanco Wholesale Supply in full, less discount.
11Purchased supplies for cash $986.
12Purchased merchandise for cash $3,396.
15Received $252 refund for return of poor-quality merchandise from supplier on cash purchase.
17Purchased merchandise from Strickler Distributors for $3,200, terms 2/10, n/30.
19Paid freight on May 17 purchase $274.
24Sold merchandise for cash $6,026. The cost of the merchandise sold was $4,492.
25Purchased merchandise from Fasteners Inc. for $876, terms 3/10, n/30.
27Paid Strickler Distributors in full, less discount.
29Made refunds to cash customers for returned merchandise $129. The returned merchandise had cost $97.
31Sold merchandise on account for $1,402, terms n/30. The cost of the merchandise sold was $909.
  Reply With Quote

Reply

Bookmarks

Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Accounting problem for anybody to help me with. Thanks in advance.? poet Cash Advance/ Cash Advances 0 04-30-2013 09:01 AM
I need accounting help asap. Thanks in advance.? poet Cash Advance/ Cash Advances 1 04-23-2013 12:01 AM
Pls help me guys in accounting..THANKS IN ADVAnce? ThankyOu Cash Advance/ Cash Advances 0 09-22-2011 10:05 AM
Can I please get a help with this accounting question ? thanks in advance? abed Cash Advance/ Cash Advances 1 06-27-2011 10:06 PM
Can I please get a help with this accounting question ? thanks in advance? abed Cash Advance/ Cash Advances 0 06-26-2011 10:05 PM

Copyright ©2014, CashHash.com. All Rights Reserved