John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013:

1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash.

2. John?s returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John?s account was credited by the supplier.

3.Merchandise costing $3,000 was sold for $5,600 in cash
Prepare the necessary journal entries to record these transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Record the purchased merchandise on account for $5,400
Record the payment of freight charges for $500.
Record the purchase return for $800.
Record the merchandise sold for $5,600.
Record the entry of cost of goods sold.

Question

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Respuesta :

andromache andromache · Answer 1 · 2019-11-09T09:55:34+01:00

Answer:

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $5,400

To Accounts Payable $5,400

(Being merchandise is purchased on credit)

2. Freight-In A/c Dr $500

To Cash A/c $500

(Being freight charges are paid in cash)

3. Accounts Payable A/c Dr $800

To Purchase Returns A/c $800

(Being return merchandise is recorded)

4. Cash A/c Dr $5600

To Sales revenue A/c $5600

(Being merchandise is sold for cash)

5. No journal entry required

gracielharmony gracielharmony · Answer 2 · 2021-02-01T03:54:21+01:00

Answer:

Inventory 5400

Accounts Payable 5400

Inventory 500

Cash 500

Accounts Payable 800

Inventory 800

Cash 5600

Sales Revenue 5600

Cost of goods sold 3000

Inventory 3000