shared via CourseHero com This study resource was This study source was downloaded by 100000828089659 from CourseHero com on 07 24 2021 01 30 14 GMT 05 00 https www coursehero com file 62164238 P5 1Adocx P5 1A Page 207 Instructions Journalize the transactions for the month of July for O Quinn using a perpetual inventory system O Quinn Co distributes suitcases to retail stores and extends credit terms of 1 10 n 30 to all of its customers At the end of June O Quinn s inventory consisted of suitcases costing 1 200 During the month of July the following merchandising transactions occurred July 1Purchased suitcases on account for 1 800 from Emerson Manufacturers FOB destination terms 2 10 n 30 The appropriate party also made a cash payment of 100 for freight on this date 3Sold suitcases on account to Straume Satchels for 2 000 The cost of suitcases sold is 1 200 9Paid Emerson Manufacturers in full 12Received payment in full from Straume Satchels 17Sold suitcases on account to The Going Concern for 1 800 The cost of the suitcases sold was 1 080 18Purchased suitcases on account for 1 900 from Hume Manufacturers FOB shipping point terms 1 10 n 30 The appropriate party also made a cash payment of 125 for freight on this date 20Received 300 credit including freight for suitcases returned to Hume Manufacturers 21Received payment in full from The Going Concern 22Sold suitcases on account to Desmond s for 2 250 The cost of suitcases sold was 1 350 30Paid Hume Manufacturers in full 31Granted Desmond s 200 credit for suitcases returned costing 120 DateAccount TitlesDebitCreditJuly 1Dr Merchandise Inventory 1 800 Cr Accounts Payable 1 800 3Dr Cost of Goods Sold 1 2003 Cr Merchandise InventoryDr Accounts Receivable Cr Sales 2 000 1 200 2 0009Dr Accounts Payable 1 800 Cr Merchandise Inventory 1 800 x 2 Cr Cash 36 1 76412Dr Sales Discount 2 000 x 1 Dr Cash 20 1 980 Cr Accounts Receivable 2 00017Dr Cost of Goods Sold 1 08017 Cr Merchandise InventoryDr Accounts Receivable Cr Sales 1 800 1 080 1 80018Dr Merchandise Inventory 1 90018 Cr Accounts PayableDr Merchandise Inventory Cr Cash 125 1 900 12520Dr Accounts Payable 300 Cr Merchandise Inventory 30021Dr Sales Discount 1 800x 1 Dr Cash 18 1 782 Cr Accounts Receivable 1 80022Dr Cost of Goods Sold 1 35022 Cr Merchandise InventoryDr Accounts Receivable Cr Sales 2 250 1 350 2 25030Dr Accounts Payable 1 900 800 1 600 Cr Cash 1 60031Dr Merchandise Inventory 12031 Cr Cost of Goods SoldDr Sales Return and Allowances Cr Accounts Receivable 200 120 200PurchaseSalesPurchaseDiscountSales DiscountSalesFreight inPurchase Return AllowancesSales DiscountSalesWithout Purchase DiscountSales Return Allowances shared via CourseHero com This study resource was This study source was downloaded by 100000828089659 from CourseHero com on 07 24 2021 01 30 14 GMT 05 00 https www coursehero com file 62164238 P5 1Adocx Powered by TCPDF www tcpdf org P5 7A Page 210 Instructions Journalize the April transactions using a periodic inventory system At the beginning of the current season the ledger of Alpert Tennis Shop showed Cash 2 500 Inventory 1 700 and Owner s Capital 4 200 The following transactions were completed during April April 4Purchased racquets and balls from Nestor Co 740 terms 3 10 n 30 6Paid freight on Nestor Co purchase 60 8Sold merchandise to members 900 terms n 30 10Received credit of 40 from Nestor Co for a racquet that was returned 11Purchased tennis shoes from Carbonell Sports for cash 300 13Paid Nestor Co in full 14Purchased tennis shirts and shorts from Faraday Sportswear 700 terms 2 10 n 60 15Received cash refund of 50 from Carbonell Sports for damaged merchandise that was returned 17Paid freight on Faraday Sportswear purchase 30 18Sold merchandise to members 1 000 terms n 30 20Received 500 in cash from members in settlement of their accounts 21Paid Faraday Sportswear in full 27Granted an allowance of 25 to members for tennis clothing that did not fit properly 30Received cash payments on account from members 550 DateAccount TitlesDebitCreditApril 4Dr Purchases 740 Cr Accounts Payable 740 6Dr Freight In 60 Cr Cash 608Dr Accounts Receivable 900 Cr Sales 90010Dr Accounts Payable Cr Purchase Return and Allowances 40 4011Dr Purchases 300 Cr Cash 30013Dr Accounts Payable 700 740 40 Cr Purchase Discount 700 x 3 70014Dr Purchases 700 Cr Accounts Payable 70015Dr Cash Cr Purchase Return and Allowances 50 5017Dr Freight In 30 Cr Cash 3018Dr Accounts Receivable 1 000 Cr Sales 1 00020Dr Cash 500 Cr Accounts Receivable 50021Dr Accounts Payable 700 Cr Purchase Discount 700 x 2 Cr Cash 14 68627Dr Sales Return and Allowances Cr Accounts Receivable 25 2530Dr Cash Cr Accounts Receivable 550 550