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Accounting

Essay by   •  February 13, 2011  •  Research Paper  •  4,071 Words (17 Pages)  •  2,568 Views

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Backflip Co.

GENERAL JOURNAL

Page 1

Date Account Titles and Explanations PR Debits Credits

2005

May

1 Rent Expense - Office Space 5120 680

Rent Expense - Selling Space 5050 2,720

Cash 1060 3,400

Issued Chq #3410 in payment of rent

2 Accounts Receivable - Essex Company 1200 6,800

Sales 4020 6,800

Sold Merchandise under terms of 2/10, net 30

2 Cost of Goods Sold 5010 3,960

Merchandise Inventory 1230 3,960

To record cost of goods actually sold

2 Sales Returns and Allowances 4030 125

Accounts Receivable - Nabors Inc. 1200 125

To record credit note issued to Nabors Inc for defective merchandise

2 Merchandise Inventory 1230 85

Cost of Goods Sold 5010 85

Returned goods to inventory

2 Cost of Goods Sold 5010 85

Merchandise Inventory 1230 85

To record discarded merchandise

3 Accounts Payable - Parkay Products 2200 748

Merchandise Inventory 1230 748

To record Credit Memo received

4 Merchandise Inventory 1230 39,125

Store Supplies 1250 611

Office Supplies 1240 105

Accounts Payable - Thompson Supply Co. 2200 39,841

Purchased Merchandise on Credit, terms N/10, EOM

Backflip Co

GENERAL JOURNAL

Page 2

Date Account Titles and Explanations PR Debits Credits

2005

May

5 Cash 1060 4,508

Sales Discount 4040 92

Accounts Receivable - Nabors Inc. 1200 4,600

Payment received within discount period - 2% disc. Taken

5 Temporary Investments 1100 3,600

Cash 1060 3,600

400 shares of Zeus Inc purchased - chq #3411

5 Accounts Payable - Parkay Products 2200 6,350

Merchandise Inventory 1230 127

Cash 1060 6,223

Paid for purchase within terms, 2% disc. Taken - chq #3412

9 Cash 1060 325

Store Supplies 1250 325

To record sale of store supplies

10 Office Equipment 1410 4,125

Accounts Payable - Thompson Supply Co. 2200 4,125

Purchased merchandise on credit, n/10 EOM

11 Cash 1060 6,664

Sales Discount 4040 136

Accounts Receivable - Essex Company 1200 6,800

Payment received within discount period, 2% disc. Taken

11 Merchandise Inventory 1230 9,000

Accounts Payable - Gale Inc. 1200 9,000

Purchased merchandise on credit, 2/10, n/30

12 Accounts Payable - Thompson Supply Co. 2200 899

Office Equipment 1410 899

To record Credit Memo received

Backflip Co

GENERAL JOURNAL

Page 3

Date Account Titles and Explanations PR Debits Credits

2005

May

15 Sales Salaries Expense 5040 5,720

Office Salaries Expense 5100 3,850

Cash 1060 9,570

Paid Salaries - issued chq. #3413

15 Cash 1060 61,220

Sales 4020 61,220

To record cash sales

15 Cost of Goods Sold 5010 34,498

Merchandise Inventory 1230 34,498

To record cost of goods actually sold

16 Accounts Receivable - Essex Company 1200 3,490

Sales 4020 3,490

Sold Merchandise under terms of 2/10, net 30

16 Cost of Goods Sold 5010 2,099

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