This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Select Retailer/Merchandiser-Related Transactions: 1-Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises $25,000 Input instructions: Terms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45 Journal Entries: If cash is received, make it the first debit in the entry COGS: $10,250 If cash is paid, make it the last credit in the entry 2-Jan Monsters Inc. pays freight $575 Debits are listed first, credits are listed second 3-Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises $4,500 Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45 COGS: $2,300 7-Jan Star Trek Enterprises pays freight $125 10-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 1st. 22-Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the 3rd $225 31-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 3rd.
This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the
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