Can someone please help me regarding this. Direction: Prepare the journal entries of Wah Lei for the month of January. Follow the proper format using the periodic inventory system. And prepare the general ledger after. TRANSACTIONS: January 1 - Purchased goods from May Company with list price of 600,000 less 10% purchase discount, paid cash January 6 - Returned 40,000 of defective goods and replaced with cash January 9 - Cash sales, 145,000 (cost 78,000) January 13 - Purchased goods from Feh Enterprises worth 75,000 on account. Terms 2/15, n/30 January 16 - Paid 9,000 freight on goods purchased. January 17 - Sold goods to Bet Trading on credit. Term: 1/10, n/30, 240,000 (cost 130,000) January 20 - Received returned goods from January 17 sale worth 100,000 (cost 60,000) January 22 - Received cash in full settlement of the account from Bet Trading January 25 - Full settlement from the purchase of January 13 January 28 - Purchases on account, 130,000, terms: 2/10, n/30
Can someone please help me regarding this.
Direction: Prepare the
TRANSACTIONS:
January 1 - Purchased goods from May Company with list price of 600,000 less 10% purchase discount, paid cash
January 6 - Returned 40,000 of defective goods and replaced with cash
January 9 - Cash sales, 145,000 (cost 78,000)
January 13 - Purchased goods from Feh Enterprises worth 75,000 on account. Terms 2/15, n/30
January 16 - Paid 9,000 freight on goods purchased.
January 17 - Sold goods to Bet Trading on credit. Term: 1/10, n/30, 240,000 (cost 130,000)
January 20 - Received returned goods from January 17 sale worth 100,000 (cost 60,000)
January 22 - Received cash in full settlement of the account from Bet Trading
January 25 - Full settlement from the purchase of January 13
January 28 - Purchases on account, 130,000, terms: 2/10, n/30
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
