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Sagot :
Let's prepare the journal entries for Sydney Retailing (the buyer) for the transactions that took place on May 11, May 12, and May 20.
### Transaction on May 11
Sydney accepts delivery of [tex]$35,000 worth of merchandise and pays $[/tex]470 for shipping. The journal entries would be:
1. For the purchase of merchandise:
- Debit: Merchandise Inventory [tex]$35,000 - Credit: Accounts Payable $[/tex]35,000
2. For the payment of shipping charges:
- Debit: Merchandise Inventory [tex]$470 - Credit: Cash $[/tex]470
### Transaction on May 12
Sydney returns [tex]$1,200 worth of merchandise to Troy. The journal entry would be: 3. For the return of merchandise: - Debit: Accounts Payable $[/tex]1,200
- Credit: Merchandise Inventory [tex]$1,200 ### Transaction on May 20 Sydney pays the amount owed to Troy, taking advantage of the 3% discount for early payment. The journal entries would be: 4. For the payment to Troy: - Debit: Accounts Payable $[/tex]33,800 (this is the amount after deducting the returned goods from the initial amount)
- Credit: Cash [tex]$32,786 - Credit: Merchandise Inventory $[/tex]1,014 (this is the discount amount, 3% of [tex]$33,800) Combining these entries into the format you provided: \[ \begin{array}{|c|c|c|c|c|c|} \hline I & No. & Date & General Journal & Debit & Credit \\ \hline \multirow{3}{*}{$[/tex]1[tex]$} & 1 & May 11 & Merchandise Inventory & 35,000 & \\ \cline{2-6} & & & Accounts Payable & & 35,000 \\ \cline{2-6} & & & & & \\ \hline \multirow{3}{*}{1} & 2 & May 11 & Merchandise Inventory & 470 & \\ \cline{2-6} & & & Cash & & 470 \\ \cline{2-6} & & & & & \\ \hline \multirow{3}{}{$[/tex]1$} & 3 & May 12 & Accounts Payable & 1,200 & \\
\cline{2-6}
& & & Merchandise Inventory & & 1,200 \\
\cline{2-6}
& & & & & \\
\hline
\multirow{2}{}{1} & 4 & May 20 & Accounts Payable & 33,800 & \\
\cline{2-6}
& & & Cash & & 32,786 \\
\cline{2-6}
& & & Merchandise Inventory & & 1,014 \\
\hline
\end{array}
\]
These entries conform to the perpetual inventory system and gross method, reflecting the cost of goods and respective discounts applied.
### Transaction on May 11
Sydney accepts delivery of [tex]$35,000 worth of merchandise and pays $[/tex]470 for shipping. The journal entries would be:
1. For the purchase of merchandise:
- Debit: Merchandise Inventory [tex]$35,000 - Credit: Accounts Payable $[/tex]35,000
2. For the payment of shipping charges:
- Debit: Merchandise Inventory [tex]$470 - Credit: Cash $[/tex]470
### Transaction on May 12
Sydney returns [tex]$1,200 worth of merchandise to Troy. The journal entry would be: 3. For the return of merchandise: - Debit: Accounts Payable $[/tex]1,200
- Credit: Merchandise Inventory [tex]$1,200 ### Transaction on May 20 Sydney pays the amount owed to Troy, taking advantage of the 3% discount for early payment. The journal entries would be: 4. For the payment to Troy: - Debit: Accounts Payable $[/tex]33,800 (this is the amount after deducting the returned goods from the initial amount)
- Credit: Cash [tex]$32,786 - Credit: Merchandise Inventory $[/tex]1,014 (this is the discount amount, 3% of [tex]$33,800) Combining these entries into the format you provided: \[ \begin{array}{|c|c|c|c|c|c|} \hline I & No. & Date & General Journal & Debit & Credit \\ \hline \multirow{3}{*}{$[/tex]1[tex]$} & 1 & May 11 & Merchandise Inventory & 35,000 & \\ \cline{2-6} & & & Accounts Payable & & 35,000 \\ \cline{2-6} & & & & & \\ \hline \multirow{3}{*}{1} & 2 & May 11 & Merchandise Inventory & 470 & \\ \cline{2-6} & & & Cash & & 470 \\ \cline{2-6} & & & & & \\ \hline \multirow{3}{}{$[/tex]1$} & 3 & May 12 & Accounts Payable & 1,200 & \\
\cline{2-6}
& & & Merchandise Inventory & & 1,200 \\
\cline{2-6}
& & & & & \\
\hline
\multirow{2}{}{1} & 4 & May 20 & Accounts Payable & 33,800 & \\
\cline{2-6}
& & & Cash & & 32,786 \\
\cline{2-6}
& & & Merchandise Inventory & & 1,014 \\
\hline
\end{array}
\]
These entries conform to the perpetual inventory system and gross method, reflecting the cost of goods and respective discounts applied.
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