Question

Journalize the below entries.

Jul. 2 Sold merchandise inventory on credit, terms n/30, to Intelimate, Inc., $1,900 (cost, $300).
Jul. 3 Sold office supplies to an employee at cost, $55, receiving cash.
Jul. 7 Cash sales for the week totaled $2,100 (cost, $1,640).
Jul. 9 Sold merchandise inventory on account, terms n/30, to A. C. Malloy, $7,000 (cost, $5,600).
Jul. 10 Sold land that cost $11,000 for cash of the same amount.
Jul. 11 Sold merchandise inventory on account, terms n/30, to Super Electric, $5,300 (cost, $3,520).
Jul. 12 Received cash from Intelimate in full settlement of its account receivable from July 2.
Jul. 14 Cash sales for the week were $2,200 (cost, $1,600).
Jul. 15 Sold merchandise inventory on credit, terms n/30, to the partnership of Westin

Answer 1

Journal Entries:

Jul. 2 Debit Accounts Receivable (Intelimate, Inc.) $1,900

Credit Sales Revenue $1,900

To record the sales on credit, terms n/30

Debit Cost of goods sold $300

Credit Inventory $300

To record the cost of goods sold.

Jul. 3 Debit Cash $55

Credit Office supplies $55

To record the sale of office supplies to a staff.

Jul. 7 Debit Cash $2,100

Credit Sales Revenue $2,100

To record a cash sale.

Debit Cost of goods sold $1,640

Credit Inventory $1,640

To record the cost of goods sold.

Jul. 9 Debit Accounts Receivable (A.C. Malloy) $7,000

Credit Sales Revenue $7,000

To record the sale of goods on account, terms n/30

Debit Cost of goods sold $5,600

Credit Inventory $5,600

To record the cost of goods sold.

Jul. 10 Debit Cash $11,000

Credit Land $11,000

To record the sale of land for cash.

Jul. 11 Debit Accounts Receivable (Super Electric) $5,300

Credit Sales Revenue $5,300

To record the sale of goods on account, terms n/30

Debit Cost of goods sold $3,520

Credit Inventory $3,520

To record the cost of goods sold.

Jul. 12 Debit Cash $1,900

Credit Accounts Receivable (Intelimate, Inc.) $1,900

To record the receipt of cash in full settlement.

Jul. 14 Debit Cash $2,200

Credit Sales Revenue $2,200

To record the sale of goods for cash.

Debit Cost of goods sold $1,600

Credit Inventory $1,600

To record the cost of goods sold.

Jul. 15 Debit Accounts Receivable (Westin Partnership) $5,000

Credit Sales Revenue $5,000

To record the sale of goods on credit, terms n/30

Debit Cost of goods sold $3,000

Credit Inventory $3,000

To record the cost of goods sold.

Step-by-step explanation:

a) Data and Analysis:

Jul. 2 Accounts Receivable (Intelimate, Inc.) $1,900 Sales Revenue $1,900 on credit, terms n/30

Cost of goods sold $300 Inventory $300

Jul. 3 Cash $55 Office supplies $55

Jul. 7 Cash $2,100 Sales Revenue $2,100

Cost of goods sold $1,640 Inventory $1,640

Jul. 9 Accounts Receivable (A.C. Malloy) $7,000 Sales Revenue $7,000 on account, terms n/30 Cost of goods sold $5,600 Inventory $5,600

Jul. 10 Cash $11,000 Land $11,000

Jul. 11 Accounts Receivable (Super Electric) $5,300 Sales Revenue $5,300 on account, terms n/30

Cost of goods sold $3,520 Inventory $3,520

Jul. 12 Cash $1,900 Accounts Receivable (Intelimate, Inc.) $1,900

Jul. 14 Cash $2,200 Sales Revenue $2,200

Cost of goods sold $1,600 Inventory $1,600

Jul. 15 Accounts Receivable (Westin Partnership) $5,000 Sales Revenue $5,000 on credit, terms n/30

Cost of goods sold $3,000 Inventory $3,000 ($5,000 and $3,000 imagined).