2024 – Prepare journal entries to record the following merchandising transactions of Blink Company which applies the perpetual inventory system
Accounting Journal Entries – 2024
| Prepare journal entries to record the following merchandising transactions of Blink Company, which | |
| applies the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for | |
| example, record the purchase on July 1 in Accounts Payable—Boden.) | |
| Jul. 1 | Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, |
| FOB shipping point, invoice dated July 1. | |
| Jul. 2 | Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, |
| invoice dated July 2. The merchandise had cost $500. | |
| Jul. 3 | Paid $125 cash for freight charges on the purchase of July 1. |
| Jul. 8 | Sold merchandise that had cost $1,300 for $1,700 cash. |
| Jul. 9 | Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB |
| destination, invoice dated July 9. | |
| Jul. 11 | Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise |
| purchased on July 9. | |
| Jul. 12 | Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. |
| Jul. 16 | Paid the balance due to Boden Company within the discount period. |
| Jul. 19 | Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB |
| shipping point, invoice dated July 19. | |
| Jul. 21 | Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19. |
| Jul. 24 | Paid Leight Co. the balance due after deducting the discount. |
| Jul. 30 | Received the balance due from Art Co. for the invoice dated July 19, net of discount. |
| Jul. 31 | Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, |
| FOB shipping point, invoice dated July 31. | |
2024 – Prepare journal entries to record the following merchandising transactions of Blink Company which applies the perpetual inventory system.
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