Answer to Question #171942 in Accounting for Melissa Walker

Question

Accounting

Journalize each of the transactions below.

Feb 5    Sold merchandise on credit to Simply Yummy $6,500.

Feb 6    Just Cakey settled their account with cash receiving a 3.5% cash discount.

Feb 6    Merchandise valued at $950, to Simply Yummy on February 5, was returned to Kerry-Ann, the wrong order went out. A credit note was issued.

Feb 7    Bought merchandise on credit from Sweetopia $25,000. 

Feb 8    Sold merchandise on credit to Chocolate Delights Ltd $38,000.

Feb 11    Bought custom packaging and cards (classified as an expense) for Valentine’s Day for cash $7,500.

Answer 1

Feb 5   Debit payments to customers Credit sales- 500

Feb 6   Debit payments with suppliers credit cash register

Feb 6   Debit payments to customers credit checking account - 950

Feb 7   Debit goods credit credit calculations - 25 000

Feb 8   Debit payments to customers Credit sales- 38 000

Feb 11   Debit payments with suppliers credit cash register - 7500

Debit materials credit payments to suppliers - 7500