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Submitted by miriam123 on December 1, 2006
Category: Business
Words: 4071 | Pages: 17
Views: 140
Popularity Rank: 70,819
Average Member Grade: N/A (Add a Comment / Grade this Paper)
Backflip Co.
GENERAL JOURNAL
Page 1
Date Account Titles and Explanations PR Debits Credits
2005
May
1 Rent Expense – Office Space 5120 680
Rent Expense – Selling Space 5050 2,720
Cash 1060 3,400
Issued Chq #3410 in payment of rent
2 Accounts Receivable – Essex Company 1200 6,800
Sales 4020 6,800
Sold Merchandise under terms of 2/10, net 30
2 Cost of Goods Sold 5010 3,960
Merchandise Inventory 1230 3,960
To record cost of goods actually sold
2 Sales Returns and Allowances 4030 125
Accounts Receivable – Nabors Inc. 1200 125
To record credit note issued to Nabors Inc for defective merchandise
2 Merchandise Inventory 1230 85
Cost of Goods Sold 5010 85
Returned goods to inventory
2 Cost of Goods Sold 5010 85
Merchandise Inventory 1230 85
To record discarded merchandise
3 Accounts Payable – Parkay Products 2200 748
Merchandise Inventory 1230 748
To record Credit Memo received
4 Merchandise Inventory 1230 39,125
Store Supplies 1250 611
Office Supplies 1240 105
Accounts Payable – Thompson Supply Co. 2200 39,841
Purchased Merchandise on Credit, terms N/10, EOM
Backflip Co
GENERAL JOURNAL
Page 2
Date Account Titles and Explanations PR Debits Credits
2005
May
5 Cash 1060 4,508
Sales Discount 4040 92
Accounts Receivable – Nabors Inc. 1200 4,600
Payment received within discount period – 2% disc. Taken
5 Temporary Investments 1100 3,600
Cash 1060 3,600
400 shares...
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