Hawkeye electric company engaged in the following, Accounting Basics

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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