Which sells office supplies primarily to wholesalers

Assignment Help Accounting Basics

Reference no: EM131527619

Question: The following selected transactions were completed by Holistic Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

Aug. 2 Sold merchandise on account to Runyan Co., $12,800, terms FOB destination, 2/10, n/30. The cost of merchandise sold was $7,600.

3 Sold merchandise for $5,000 plus 7% sales tax to cash customers. The cost of merchandise sold was $3,000.

4 Sold merchandise on account to McNutt Co., $2,800, terms FOB shipping point, n/eom. The cost of merchandise sold was $1,800.

5 Sold merchandise for $4,400 plus 7% sales tax to customers who used MasterCard. Deposited credit card receipts into the bank. The cost of merchandise sold was $2,500.

12 Received check for amount due from Runyan Co. for sale on August 2.

14 Sold merchandise to customers who used American Express cards, $15,000. The cost of merchandise sold was $9,200.

Aug. 16 Sold merchandise on account to Westpack Co., $12,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,200.

18 Issued credit memorandum for $3,000 to Westpack Co. for merchandise returned from sale on August

16. The cost of the merchandise returned was $1,800.

19 Sold merchandise on account to DeGroot Co., $9,500, terms FOB shipping point, 1/10, n/30. Added $200 to the invoice for transportation costs prepaid. The cost of merchandise sold was $5,700.

26 Received check for amount due from Westpark Co. for sale on August 16 less credit memorandum of August 18 and discount.

27 Received $7,680 from American Express for $8,000 of sales reported August 1-12.

28 Received check for amount due from DeGroot Co. for sale of August 19.

31 Received check for amount due from McNutt Co. for sale of August 4.

31 Paid Fast Delivery Service $1,050 for delivering merchandise during August to customers under shipping terms of FOB destination.

Sept. 3 Paid First City Bank $850 for service fees for handling MasterCard sales during August.

15 Paid $4,100 to state sales tax division for taxes owed on August sales.

Instructions: Journalize the entries to record the transactions of Holistic Supply Co.

Reference no: EM131527619

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