The following selected transactions were completed by Cardroom Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers.
Jan. |
2 |
Sold merchandise on account to Kibler Co., $10,000, terms FOB destination, |
1/10, n/30. The cost of the merchandise sold was $6,500. |
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3 |
Sold merchandise for $12,000 plus 8% sales tax to cash customers. The cost of |
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merchandise sold was $9,000. |
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4 |
Sold merchandise on account to Glickman Co., $5,600, terms FOB shipping |
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point, n/eom. The cost of merchandise sold was $3,100. |
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5 |
Sold merchandise for $8,000 plus 8% sales tax to customers who used Master |
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Card. The cost of merchandise sold was $6,000. |
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12 |
Received check for amount due from Kibler Co. for sale on January 2. |
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14 |
Sold merchandise to customers who used American Express cards, $15,000. The |
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cost of merchandise sold was $9,200. |
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16 |
Sold merchandise on account to Bryan Co., $12,000, terms FOB shipping point, |
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1/10, n/30. The cost of merchandise sold was $7,200. |
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18 |
Issued credit memorandum for $3,000 to Bryan Co. for merchandise returned |
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from sale on January 16. The cost of the merchandise returned was $1,800. |
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19 |
Sold merchandise on account to Cooney Co., $15,750, terms FOB shipping |
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point, 2/10, n/30. Added $400 to the invoice for transportation costs prepaid. |
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The cost of merchandise sold was $9,500. |
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26 |
Received check for amount due from Bryan Co. for sale on January 16 less |
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credit memorandum of January 18 and discount. |
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28 |
Received check for amount due from Cooney Co. for sale of January 19. |
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31 |
Received check for amount due from Glickman Co. for sale of January 4. |
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31 |
Paid Speedy Delivery Service $1,875 for merchandise delivered during January |
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to customers under shipping terms of FOB destination. |
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Feb |
3 |
Paid First State Bank $1,150 for service fees for handling MasterCard and |
American Express sales during January. |
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15 |
Paid $1,600 to state sales tax division for taxes owed on sales. |
Instructions
Journalize the entries to record the transactions of Cardroom Supply Co.