The following selected transactions were completed by Air Systems Company during January of the current year.

The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system.

Jan. 2. Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30.
5. Paid freight of $190 on the January 2 purchase.
6. Returned $2,750 of the merchandise purchased on January 2.
13. Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400.
15. Paid freight of $215 for the merchandise sold on January 13.
17. Paid for the purchase of January 2 less the return and discount.
23. Received payment on account for the sale of January 13 less the discount.

Journalize the entries to record the transactions of Air Systems Company


Answer:

Jan. 2 Purchases 18,200
Accounts Payable 18,200
5 Freight In 190
Cash 190
6 Accounts Payable 2,750
Purchases Returns and Allowances 2,750
13 Accounts Receivable 37,300
Sales 37,300
15 Delivery Expense 215
Cash 215
17 Accounts Payable 15,450
Purchases Discounts 309
Cash 15,141
23 Cash 36,927
Sales Discounts 373
Accounts Receivable 37,300

Using the data shown in Exercise 6-38, journalize the entries for the transactions, assuming that Air Systems Company uses the perpetual inventory system

Using the data shown in Exercise 6-38, journalize the entries for the transactions, assuming that Air Systems Company uses the perpetual inventory system


Answer:























Jan. 2 Merchandise Inventory 18,200
Accounts Payable 18,200
5 Merchandise Inventory 190
Cash 190
6 Accounts Payable 2,750
Merchandise Inventory 2,750
13 Accounts Receivable 37,300
Sales 37,300
13 Cost of Merchandise Sold 22,400
Merchandise Inventory 22,400
15 Delivery Expense 215
Cash 215
17 Accounts Payable 15,450
Merchandise Inventory 309
Cash 15,141
23 Cash 36,927
Sales Discounts 373
Accounts Receivable 37,300