Reference no: EM132496485
The following events pertain to Jenna's Garden Shop for October 2019. The company uses the perpetual inventory method.
1) Oct. 1 Issued $30,000 of common stock to investors.
2) Oct. 2 Purchased $24,000 of merchandise on account with the terms 2/10, n/30.
3) Oct. 3 Sold merchandise that cost $20,000 for $36,000 on account with the terms 1/10, n/30.
4) Oct. 4 Returned $2,000 of defective merchandise from the Oct. 2 purchase.
5) Oct. 5 Paid freight of $200 on goods sold to customers shipped FOB destination.
6) Oct.10 Paid the amount due on the merchandise purchased on Oct. 2.
7) Oct.12 Received cash from customers in settlement of the Oct. 3 sale.
Required:
Question A. Record the events in general journal form.
Question B. Open general ledger T accounts and post the journal entries to T accounts.
Question C. Prepare Trial Balance according to T accounts balance.
Question D. Prepare an income statement, statement of cash flows and balance sheet.
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