Journalize and post given entries and create t accounts

Reference no: EM131200978

Problem-

CCC has decided to carry and sell t-shirts with its logo printed on them. Journalize and post the following entries. You may need to create additional T accounts. Note that we will work a whole year's worth of purchase journals first, and then in the next part we'll go through and work a whole year's worth of sales journals, etc. Therefore, work in pencil (or, even better, in Excel) as you may need to rearrange or rewrite your work to have room in each T-account. (Hint: Utilize Perpetual method in all cases. Do not use Periodic method).

January 15, purchased 10 t-shirts @ $4.50 each and paid cash.
January 31, purchased 50 t-shirts on account @ $5.00 each. The terms were 2/10 n30.
February 8, paid the supplier for the t-shirts purchased on January 31.
February 10, realized four shirts from the January 15 order were printed wrong and returned them for a cash refund.
March 5, purchased 100 t-shirts on account @ $4.75 each. The terms were 3/15 n30.
March 10, called the supplier and told it some of the shirts were the wrong color. The supplier offered a $50 allowance on the sale, which CCC accepted.
April 1, paid the balance of the March 5 purchase.
June 1, purchased 375 t-shirts on account @ $4.50 each plus a freight bill of $32. The terms were 2/10 n30. We paid the freight bill with cash.
June 9, paid for the June 1 purchase.
November 1, purchased 1,100 t-shirts on account @ $4.20 each plus a freight bill of $100. The terms were 2/10 n30.
November 9, paid the freight bill.

Reference no: EM131200978

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