Scribd
Upload
10 views3 pages

Accounting Practice Exercises - Merchandising

The document contains a series of accounting transactions for a business, detailing cash sales, accounts receivable, purchases, and related expenses over specific dates in June and August. It includes terms of sales and purchases, discounts applied, and adjustments for returns and allowances. The transactions reflect the financial activities of the Rolling Bookstore and other entities, demonstrating cash flow and accounting practices.

Uploaded by

gongoracath97
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
10 views3 pages

Accounting Practice Exercises - Merchandising

The document contains a series of accounting transactions for a business, detailing cash sales, accounts receivable, purchases, and related expenses over specific dates in June and August. It includes terms of sales and purchases, discounts applied, and adjustments for returns and allowances. The transactions reflect the financial activities of the Rolling Bookstore and other entities, demonstrating cash flow and accounting practices.

Uploaded by

gongoracath97
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

Exercise #15 Page 248

Date Particulars Debit Credit


June 1 Cash 27,500
Sales 27,500

3 Cash 9,000
Accounts Receivable 10,000
Sales 19,000
Terms: 2/5, 1/10, n/30 – Rolling Bookstore

5 Cash 14,000
Sales 14,000

Freight Out 2,300


Cash 2,300

7 Sales Return and Allowances 1,250


Cash 1,250

13 Cash 5,000
Accounts Receivable 5,000

15 Accounts Receivable 8,500


Sales 8,500
Terms: 2/5, 1/10, n/30 - Brenda

Freight Out 1,500


Cash 1,500

18 Cash 2,000
Accounts Receivable 4,000
Sales 6,000
Terms: 2/10, n/30

25 Cash 5,000
Accounts Receivable 5,000

27 Cash 5,000
Accounts Receivable 5,000
Exercise #19 Page 249

Date Particulars Debit Credit


Aug 4 Purchases 82,500
Insurance and Taxes 9,500
Cash 92,000

Freight In 4,500
Cash 4,500

5 Purchases 19,500
Accounts Payable 19,500
Terms: 2/10, 1/15, n/30 – Bought from Diana’s Creation

10 Office Equipment 20,500


Accounts Payable 20,500
Terms: 2/10, n/30

15 Accounts Payable (9,800 / 98%) (100% - 2% discount rate = 98%) (100% of 9,800) 10,000
Cash (98% of the 10,000) (Net of a discount amount) 9,800
Purchase Discount (2% of the 10,000) 200
Note: Net of a discount – indicates that the payment amount
has been calculated after deducting any applicable discounts.

18 Cash 2,500
Purchase Return and Allowances 2,500

19 Accounts Payable 20,500


Office Equipment 410
Cash 20,090

20 Accounts Payable 9,500


Purchase Discount 95
Cash 9,405

22 Purchases 45,000
Accounts Payable 45,000
No need to record for the freight yet (Freight Collect), since the
purchases has not been yet delivered to you as a BUYER.

24 Accounts Payable 22,500


Freight In 500
Cash 23,000

You might also like