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Using the following information for Baker Company

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Question;Required: Using the following information for Baker;Company, journalize each of the transactions in the appropriate journal. Upon completion, total each journal and make;sure each is in balance.;(NOTE: All sales are made;with the terms of 1/10, N/30, and Baker's cost of all merchandise sold was 65%;of the sales price.);Jan. 1 Purchased merchandise on;account from Bell Co., $8,900, terms 2/10, N/30.;Jan. 4 Purchased supplies for cash;$80.;Jan. 4 Sold merchandise on account;to Gilbert, $7,500, invoice #371.;Jan. 5 Issued a debit memorandum to;Bell Co. and returned $300 worth of damaged goods.;Jan. 6 Made cash sales for the week;totaling $3,100.;Jan. 8 Purchased merchandise on;account from Law Co., $4,500, terms 2/15, N/30.;Jan. 9 Sold merchandise on account to;Mays Co., $5,600, invoice #372.;Jan. 11 Purchased merchandise on;account from Hatch Co., $2,700, terms 2/10, N/30.;Jan. 11 Paid in full the Bell Co. on;account less a 2% discount.;Jan. 13 Made cash sales for the week;totaling $5,300.;Jan. 15 Received payment from Mays;Co. for invoice #372, less allowable discount.;Jan. 17 Received payment from;Gilbert for invoice #371, less allowable discount.;Jan. 17 Sold merchandise on account;to Amber Co., $1,100, invoice #373.;Jan. 19 Purchased equipment on account;from Johnson Co., $5,500, terms 2/10, N/30.;Jan. 20 Cash sales for the week;totaled $3,200.;Jan. 20 Paid in full the Law Co. on;account less a 2% discount.;Jan. 23 Purchased merchandise on;account from Bell Co., $7,800, terms 2/10, N/30.;Jan. 24 Purchased merchandise on;account from Levine Co., $4,690, terms 2/10, N/30.;Jan. 27 Made cash sales for the week;totaling $3,700.;Jan. 30 Received payment from Amber;Co. for invoice #373, less allowable discount.;Jan. 31 Paid monthly salaries of;$13,000 to employees.;Jan. 31 Sold merchandise on account;to Gilbert, $7,300, invoice #374.

 

Paper#38423 | Written in 18-Jul-2015

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