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Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and M. Olaf, Capital of $9,000. April 2 Purchased merchandise on from Dakota Supply Co. $6,900, 1/10, n/30. 4 Sold merchandise on $5,500, FOB destination, 1/10, n/30. The cost of the merchandise sold was $4,100. 5 Paid $240 freight on April 4 sale. 6 Received credit from Dakota Supply Co. for merchandise returned $500. 11 Paid Dakota Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, $500. 18 Purchased merchandise from Skywalker Distributors $4,500, FOB shipping point, 2/10, n/30. 20 Paid freight on April 18 purchase $100. 23 Sold merchandise for cash $6,400.The merchandise sold had a cost of $5,120. 26 Purchased merchandise for cash $2,300. 27 Paid Skywalker Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $90. The returned merchandise had a scrap value of $30. 30 Sold merchandise on $3,700, n/30.The cost of the merchandise sold was $2,800. Olaf Company's chart of s includes the following: No. 101 Cash, No. 112 s Receivable, No. 120 Merchandise Inventory, No. 201 s Payable, No. 301 M. Olaf, Capital, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-out. (a) General Journal Date Apr. 2
4
5
6
Titles and Explanation Merchandise Inventory......................................... s Payable........................................
Ref. 120 201
Debit 6,900
s Receivable............................................. Sales.............................................................. Cost of Goods Sold................................................ Merchandise Inventory..............................
112 401 505 120
5,500
Freight-out............................................................. Cash..............................................................
644 101
240
s Payable.................................................. Merchandise Inventory..............................
201 120
500
Credit 6,900
5,500 4,100 4,100
240
500
11
13
14
16
18
20
s Payable ($6,900 – $500)......................... Merchandise Inventory.............................. ($6,400 X 1%) Cash..............................................................
201 120
6,400
Cash Sales Discounts ($5,500 X 1%)............................. s Receivable...................................
101 414 112
5,445 55
Merchandise Inventory........................................ Cash..............................................................
120 101
3,800
Cash
500
Merchandise Inventory..............................
101 120
Merchandise Inventory........................................ s Payable........................................
120 201
4,500
Merchandise Inventory........................................ Cash..............................................................
120 101
100
Titles and Explanation Cash Sales.............................................................. Cost of Goods Sold................................................ Merchandise Inventory..............................
Ref. 101 401 505 120
Debit 6,400
Merchandise Inventory........................................ Cash..............................................................
120 101
2,300
s Payable.................................................. Merchandise Inventory.............................. ($4,500 X 2%) Cash..............................................................
201 120
4,500
Sales Returns and Allowances............................. Cash.............................................................. Merchandise Inventory........................................
412 101 120
64
101
6,336
5,500
3,800
500
4,500
100
General Journal Date Apr. 23
26
27
29
Credit 6,400
5,120 5,120
2,300
90
101
4,410 90 90 30
30
Cost of Goods Sold......................................
505
s Receivable............................................. Sales.............................................................. Cost of Goods Sold................................................ Merchandise Inventory..............................
112 401 505 120
30 3,700 3,700 2,800 2,800
(b) Cash Date Apr.
Explanation 1 5 11 13 14 16 20 23 26 27 29
Balance
Ref. J1 J1 J1 J1 J1 J1 J1 J1 J1 J1
Debit
Credit
Balance
2,300 4,410 90
9,000 8,760 2,424 7,869 4,069 4,569 4,469 10,869 8,569 4,159 4,069
Credit
Balance
5,500
5,500 0 3,700
Credit
Balance
240 6,336 5,445 3,800 500 100 6,400
s Receivable Date Apr.
Explanation 4 13 30
Ref.
Debit
J1 J1 J1
5,500
Ref.
Debit
J1 J1 J1 J1 J1 J1 J1
6,900
3,700
Merchandise Inventory Date Apr.
Explanation 2 4 6 11 14 16 18
4,100 500 64 3,800 500 4,500
6,900 2,800 2,300 2,236 6,036 5,536 10,036
20 23 26 27 29 30 s Payable
J1 J1 J1 J1 J1 J1
100
Date
Ref.
Debit
Apr.
Explanation 2 6 11 18 27
J1 J1 J1 J1 J1
2,800
10,136 5,016 7,316 7,226 7,256 4,456
Credit
Balance
6,900
6,900 6,400 0 4,500 0
5,120 2,300 90 30
500 6,400 4,500 4,500
Common Stock Date Apr.
Explanation 1
Balance
Ref.
Debit
Credit
Balance 9,000
Sales Date Apr.
Explanation 4 23 30
Ref.
Debit
J1 J1 J1
Credit
Balance
5,500 6,400 3,700
5,500 11,900 15,600
Credit
Balance
Sales Returns and Allowances Date Apr.
Explanation 29
Ref.
Debit
J1
90
Ref.
Debit
J1
55
90
Sales Discounts Date Apr.
Explanation 13
Cost of Goods Sold
Credit
Balance 55
Date Apr.
Explanation 4 23 29 30
Ref.
Debit
J1 J1 J1 J1
4,100 5,120
Credit
Balance 4,100 9,220 9,190 11,990
30 2,800
Freight-out Date Apr.
(c)
Explanation 5
Ref.
Debit
J1
240
Credit
Balance 240
OLAF DISTRIBUTING COMPANY Income Statement (Partial) For the Month Ended April 30, 2008 Sales revenues Sales............................................................................................. $15,600 Less: Sales returns and allowances......................................... Sales discounts.............................................................
145 Net sales....................................................................................... 15,455 Cost of goods sold................................................................................. 11,990 Gross profit........................................................................................... $ 3,465
$90 55
4
5
6
Titles and Explanation Merchandise Inventory......................................... s Payable........................................
Ref. 120 201
Debit 6,900
s Receivable............................................. Sales.............................................................. Cost of Goods Sold................................................ Merchandise Inventory..............................
112 401 505 120
5,500
Freight-out............................................................. Cash..............................................................
644 101
240
s Payable.................................................. Merchandise Inventory..............................
201 120
500
Credit 6,900
5,500 4,100 4,100
240
500
11
13
14
16
18
20
s Payable ($6,900 – $500)......................... Merchandise Inventory.............................. ($6,400 X 1%) Cash..............................................................
201 120
6,400
Cash Sales Discounts ($5,500 X 1%)............................. s Receivable...................................
101 414 112
5,445 55
Merchandise Inventory........................................ Cash..............................................................
120 101
3,800
Cash
500
Merchandise Inventory..............................
101 120
Merchandise Inventory........................................ s Payable........................................
120 201
4,500
Merchandise Inventory........................................ Cash..............................................................
120 101
100
Titles and Explanation Cash Sales.............................................................. Cost of Goods Sold................................................ Merchandise Inventory..............................
Ref. 101 401 505 120
Debit 6,400
Merchandise Inventory........................................ Cash..............................................................
120 101
2,300
s Payable.................................................. Merchandise Inventory.............................. ($4,500 X 2%) Cash..............................................................
201 120
4,500
Sales Returns and Allowances............................. Cash.............................................................. Merchandise Inventory........................................
412 101 120
64
101
6,336
5,500
3,800
500
4,500
100
General Journal Date Apr. 23
26
27
29
Credit 6,400
5,120 5,120
2,300
90
101
4,410 90 90 30
30
Cost of Goods Sold......................................
505
s Receivable............................................. Sales.............................................................. Cost of Goods Sold................................................ Merchandise Inventory..............................
112 401 505 120
30 3,700 3,700 2,800 2,800
(b) Cash Date Apr.
Explanation 1 5 11 13 14 16 20 23 26 27 29
Balance
Ref. J1 J1 J1 J1 J1 J1 J1 J1 J1 J1
Debit
Credit
Balance
2,300 4,410 90
9,000 8,760 2,424 7,869 4,069 4,569 4,469 10,869 8,569 4,159 4,069
Credit
Balance
5,500
5,500 0 3,700
Credit
Balance
240 6,336 5,445 3,800 500 100 6,400
s Receivable Date Apr.
Explanation 4 13 30
Ref.
Debit
J1 J1 J1
5,500
Ref.
Debit
J1 J1 J1 J1 J1 J1 J1
6,900
3,700
Merchandise Inventory Date Apr.
Explanation 2 4 6 11 14 16 18
4,100 500 64 3,800 500 4,500
6,900 2,800 2,300 2,236 6,036 5,536 10,036
20 23 26 27 29 30 s Payable
J1 J1 J1 J1 J1 J1
100
Date
Ref.
Debit
Apr.
Explanation 2 6 11 18 27
J1 J1 J1 J1 J1
2,800
10,136 5,016 7,316 7,226 7,256 4,456
Credit
Balance
6,900
6,900 6,400 0 4,500 0
5,120 2,300 90 30
500 6,400 4,500 4,500
Common Stock Date Apr.
Explanation 1
Balance
Ref.
Debit
Credit
Balance 9,000
Sales Date Apr.
Explanation 4 23 30
Ref.
Debit
J1 J1 J1
Credit
Balance
5,500 6,400 3,700
5,500 11,900 15,600
Credit
Balance
Sales Returns and Allowances Date Apr.
Explanation 29
Ref.
Debit
J1
90
Ref.
Debit
J1
55
90
Sales Discounts Date Apr.
Explanation 13
Cost of Goods Sold
Credit
Balance 55
Date Apr.
Explanation 4 23 29 30
Ref.
Debit
J1 J1 J1 J1
4,100 5,120
Credit
Balance 4,100 9,220 9,190 11,990
30 2,800
Freight-out Date Apr.
(c)
Explanation 5
Ref.
Debit
J1
240
Credit
Balance 240
OLAF DISTRIBUTING COMPANY Income Statement (Partial) For the Month Ended April 30, 2008 Sales revenues Sales............................................................................................. $15,600 Less: Sales returns and allowances......................................... Sales discounts.............................................................
145 Net sales....................................................................................... 15,455 Cost of goods sold................................................................................. 11,990 Gross profit........................................................................................... $ 3,465
$90 55
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