P5-27A Journalizing purchase and sale transactions—perpetual inventory
[20–25 min]
Consider the following transactions that occurred in September 2012 for
Aquamarines.
Sep 3 Purchased inventory on terms 1/15, n/eom, $5,000.
4 Purchased inventory for cash of $1,700.
6 Returned $500 of inventory from September 4 purchase.
8 Sold goods on terms of 2/15, n/35 of $6,000 that cost $2,640.
10 Paid for goods purchased September 3.
12 Received goods from September 8 sale of $400 that cost $160.
23 Received payment from September 8 customer.
25 Sold goods to Smithsons for $1,100 that cost $400. Terms of n/30
were offered. As a courtesy to Smithsons, $75 of freight was added to
the invoice for which cash was paid directly to UPS by Aquamarines.
Requirement
1. Journalize September transactions for Aquamarines. No explanations are
required.
29 Received payment from Smithsons.
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