P(5)-1(A)

Sansomita
Journal Entries
Date Explanation Ref Debit Credit
1-Jul Marchandise Inv. 120 1800
Accountas Payable 201 1800
(To record purshased marchendised
inventory on account)
3-Jul Accounts Receivable 112 2000
Sales 401 2000
(marchandise sold on account)
Cost of goods sold 505 1200
Marchandise Inv. 120 1200
(Record cost of marchandise Sold)
9-Jul Acc.payable 201 1800
Marchandise Inv. 120 36
Cash 101 1764
(to record cost payment)
12-Jul Sales discount 414 20
Cash 101 1980
Acc. Receivable 112 2000
(received cash in discount period)
17-Jul Acc. receivable 112 1500
Sales 401 1500
(marchandise sold on account)
Cost of goods sold 505 900
Marchandise Inv. 120
(Cost of marchandise) 900
18-Jul Marchandise Inv. 120 1800
Acc.payable 201 1700
Cash 101 100
(Purchased marchandise on account)
20-Jul Acc.payable 201 300
Marchandise Inv. 120 300
(Returned Marchandise)
21-Jul Sales discount 414 15
Cash 101 1485
Accounts Receivable 112 1500
(received cash in discount period)
22-Jul Acc.Recevable 112 2250
Sales 401 2250
(marchandise sold on account)
Cost of goods sold 505 1350
Marchandise Inv. 120 1350
(Cost of marchandise)
30-Jul Acc.payable 201 1400
Cash 101 1400
(Payment cash within discount
period)
31-Jul Sales returns and allownce 412 200
Acc. Receivable 112 200
(Marchandise sales returns)
Marchandise Inv. 120 120
Cost of goods sold 505 120
(Cost of marchandise)
P(5)-2(A) OLIF Distributing Com.
Journal Entries
Date Explanation Ref Debit Credit
2-Apr Marchandise Inv. 120 6900
Acc. Payable 201 6900
(Purchased marchandise
on account)
4-Apr Acc. Receivable 112 5500
Sales 401 5500
(Marchandise sold on
account)
Cost of goods sold 505 4100
Marchandise Inv. 120 4100
(Cost of marchandise)
5-Apr Freight out 644 240
Cash 101 240
(Paid cash For Freight out)
6-Apr Acc.payable 201 500
Marchandise Inv. 120 500
(Received cash)
11-Apr Acc.payable 201 6400
Marchandise Inv. 120 64
Cash 101 6336
(Payment within cash
period)
13-Apr Sales discount 414 55
Cash 101 5445
Acc.Receivable 112 5500
(Received cash)
14-Apr Marchandise Inv. 120 3800
Cash 101 3800
(Purchased marchandise)
16-Apr Cash 101 500
Marchandise Inv. 120 500
(Received cash)
18-Apr Marchandise Inv. 120 4500
Acc.payable 201 4500
(Purchased marchandise
on account)
20-Apr Marchandise Inv. 120 100
Cash 101 100
(purchased marchandise )
23-Apr Cash 101 64000
Sales 401 64000
(marchandise sold in cash)
Cost of goods sold 505 5120
Marchandise Inv. 120 5120
(Cost of marchandise)
26-Apr Marchandise Inv. 120 2300
Cash 101 2300
(Purchased marchandise)
27-Apr Acc. Payable 201 4500
Marchandise Inv. 120 90
Cash 101 4110
(Paid cash For Marchandise)
29-Apr Sales returns And allowence 412 60
Cash 101 60
(Paid cash)
30-Apr Acc. Receivable 112 3700
Sales 401 3700
(Marchandice sold)
Cost of goods sold 505 2800
Marchandise Inv. 120 2800
(Cost of marchandise)
P(5)-2(A) Hafners Tennis Shop
Journal Entries
Date Explanation Ref Debit Credit
4-Apr Marchandise Inv. 120 840
Acc. Payable 201 840
(Credit M. Purchase)
6-Apr Marchandise Inv. 120 40
Cash 101 40
(Payment on treight)
8-Apr Acc. Receivable 112 1150
Sales 401 1150
(Sales on account)
Cost of goods sold 505 790
Marchandise Inv. 120 790
(Cost of Marchandise)
10-Apr Acc. Payable 201 40
Marchandise Inv. 120 40
(allowence for damage
equal)
11-Apr Marchandise Inv. 120 420
Cash 101 420
(puchased Marchandise)
13-Apr Acc.payable 201 800
Marchandise Inv. 120 16
Cash 101 784
(Payment within discount
period)
14-Apr Marchandise Inv. 120 900
Acc.payable 201 900
(M. purchased on account)
15-Apr Cash 101 50
Marchandise Inv. 120 50
(Received cash for damage)
17-Apr Marchandise Inv. 120 30
Cash 101 30
(Payment on Freigh)
18-Apr Acc. Receivable 112 810
Sales 401 810
(Sales on account)
Cost of goods sold 500 530
Marchandise Inv. 120 530
(Cost of Marchandise)
20-Apr Cash 101 500
Acc.Receivable 112 500
(Collection onaccount)
21-Apr Acc.payable 201 900
Marchandise Inv. 120 27
Cash 101 873
(Payment within period)
27-Apr Sales returns 412 30
Acc. Receivable 112 30
(Record allowence)
30-Apr Cash 101 660
Acc.Receivable 112 660
(Collection onaccount)
Hafners Tennis Shop
Trail Balance
No Accounts Ref Debit Credit
1 Cash 1623
2 Accounts receivable 770
3 Marchandise inventory 2487
4 Accounts payable 0
5 Capital 4200
6 Sales 1960
7 Sales returns and allowence 30
8 Cost of goods sold 1320
Total 6160 6160
P(5)-4(A) OILF DISTRIBUTION CO
Income Statement
Particulars Amount Amount
Sales 15600
Less: returns and allowence 60
Less: discount 55
Neat Sale 15485
Less: cost of goods sold 12020
53465
P(5)-5(A) Gordman Departmental Store
Income Statement
Particulars Amount Amount Amount
Revenue from Sale
Sales 71800
Less:Returns and allowence 8000
Neat sale 71000
COST OF GOODS SOLD
Beginning inventory 40500
Purchase 447000
Less:discount 12000
Purchase returns and
allowence 6400
Net purchase 428600
Add:Freight in 5600
COST OF GOODS PURCHASED 434200
Cost of goods available
For sale 474700
Ending inventory 75000
COST OF GOODS SOLD 399700
Gross profit 310300
Duckworth Store
Income Statement
Particulars Amount Amount Amount
Revanue From Sale
Sale 81000
Less:Returns and allowence 18000
Net sale 792000
Cost of goods sold
Begging Inventory 40000
Purchase 585000
Less:discount 6300
Purchase returns 2700
Net purchase 76000
Add:Freight in 4500
Cost of goods Purchased 580500
Cost of goods available 620500
for sale
Ending inventory 32600
587650
Gross profit 204100