Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory.

July 2 - Purchased inventory for cash, $800
July 5 - Purchased store supplies on credit terms of net eom, $600.
July 8 - Purchased inventory of $3,000, plus freight charges of $230. Credit terms are 3/15 n/30.
July 9 - Sold goods for cash $1,200, Hawkeye's cost of these goods was $700.
July 11 - Returned $200 of the inventory purchased on July 8. It was damaged.
July 12 - Purchased inventory on credit terms of 3/10 n/30, $3,330.
July 14 - Sold inventory on credit terms of 2/10 n/30, $9,600(cost $5,000).
July 16 - Paid utilities expense, $275.
July 20 - Received returned inventory from July 14 sale, $400. Hawkeye shipped the wrong goods by mistake. Hawkeye's cost of the inventory received was $250.
July 21 - Borrowed the amount owed on the July 8 purchase. Signed a note payable to the bank for $2,946, which takes into account the return of inventory on July 11.
July 23 - Received $6,860 cash in partial settlement of his account from the customer who purchased inventory on July 14. Granted the customer a 2% discount and credited his account receivable for $7,000.
July 30 - Paid for the store supplies purchased on July 5.

Posted Date: 7/1/2014 1:34:00 AM | Location : United States

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