Reference no: EM132877034

Problem - Sales-related transactions - The following selected transactions were completed by Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:

Mar. 1. Sold merchandise on account to Green Grass Co., $18,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $11,000.

Mar. 2. Sold merchandise for $42,000 plus 7% sales tax to retail cash customers. The cost of merchandise sold was $25,200.

Mar. 5. Sold merchandise on account to Jones Company, $30,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $19,500.

Mar. 8. Sold merchandise for $20,000 plus 7% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $14,000.

Mar. 13. Sold merchandise to customers who used MasterCard cards, $15,800. The cost of merchandise sold was $9,500.

Mar. 14. Sold merchandise on account to Haynes Co., $8,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $5,000.

Mar. 15. Received check for amount due from Jones Company for sale on March 5.

Mar. 16. Issued credit memo for $1,800 to Haynes Co. for merchandise returned from sale on March 14. The cost of the merchandise returned was $1,000.

Mar. 18. Sold merchandise on account to Horton Company, $6,850, terms FOB shipping point, 2/10, n/30. Paid $210 for freight and added it to the invoice. The cost of merchandise sold was $4,100.

Mar. 24. Received check for amount due from Haynes Co. for sale on March 14 less credit memo of March 16 and discount.

Mar. 28. Received check for amount due from Horton Company for sale of March 18.

Mar. 31. Paid First Delivery Service $5,750 for merchandise delivered during March to customers under shipping terms of FOB destination.

Mar. 31. Received check for amount due from Green Grass Co. for sale of March 1.

Apr. 3. Paid First Federal Bank $1,650 for service fees for handling MasterCard and VISA sales during March.

Apr. 10. Paid $6,175 to state sales tax division for taxes owed on sales.

Required - Journalize the entries to record the transactions of Lawn Supplies Co.