journalize the transactions on the books of trisha rsquo s amusements 559692

Journalizing purchase and sale transactions—perpetual inventory

Trisha’s Amusements completed the following transactions during January 2012:

Jan 1

Purchased supplies for cash, $740.

4

Purchased inventory on credit terms of 3/10, n/eom, $9,400.

8

Returned half the inventory purchased on January 4. It was not the inventory ordered.

10

Sold goods for cash, $1,700 (cost, $1,200).

13

Sold inventory on credit terms of 2/15, n/45, $9,300 (cost, $4,700).

14

Paid the amount owed on account from January 4, less the return (January 8) and the discount.

17

Received defective inventory as a sales return from the January 13 sale, $700. Trisha’s cost of the inventory received was $550.

18

Purchased inventory of $3,300 on account. Payment terms were 2/10, net 30.

26

Paid the net amount owed for the January 18 purchase.

28

Received cash in full settlement of the account from the customer who purchased inventory on

January 13, less the return and the discount.

29

Purchased inventory for cash, $13,000, plus freight charges of $200.

Requirement

1. Journalize the transactions on the books of Trisha’s Amusements.

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