Create additional t accounts as needed

Assignment Help Accounting Basics

Reference no: EM131200968

Problem - Journalize and post the following entries. You will need to create additional T accounts as needed. Our sales terms are always 3/15 n45 for sales made on account unless stated otherwise. See if you can trace the purchase of the t-shirts and then the sale in and out of the system. Be sure to book 4-part journals for every sales entry and see if each payment received is within the discount period - if it is, don't forget to book the discount!!

January 20, Sold six t-shirts cash for $10 each (assign a cost of $4.50 each to these t-shirts).
February 18, Sold 40 t-shirts on account for $10.25 each (assign a cost of $4.75 per t-shirt) with terms of N30.
February 28, received payment for the t-shirts sold on account.
March 5, two of the t-shirts sold on January 20 were returned for a cash refund. The t-shirts were put back into inventory.
March 15, Sold 60 t-shirts on account for $9.25 each (assign a TOTAL cost of $285).
March 20, issued a sales allowance on the March 15th sale of $40 for t-shirts damaged in delivery. CCC did not request the t-shirts be returned to it.
April 1, received a payment on account in the amount of $300.
April 25, received the balance of the amount owed for the March 15 sale.
June 10, sold 275 t-shirts on account for $8.00 each (assign a TOTAL cost of $1320).
June 10, paid freight out on this shipment of $60.
June 20, received payment for the t-shirts sold on June 10.
December 20, sold 875 t-shirts for $7.50 each on account (assign a cost of $4.70 per t-shirt).

Reference no: EM131200968

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