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27 March, 05:28

Powell Company began the Year 2 accounting period with $20,000 cash, $60,400 inventory, $48,600 common stock, and $31,800 retained earnings. During Year 2, Powell experienced the following events: Sold merchandise that cost $37,900 for $74,600 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $310 cash. Received returned goods from Prentise. The goods cost Powell $1,910 and were sold to Prentise for $3,880. Granted Prentise a $1,160 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $53,300 cash from accounts receivable. Required a. Record the events in general journal format.

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  1. 27 March, 06:06
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    1

    Dr Accounts Receivable 74600

    Cr Sales Revenue 74600

    Dr Cost of Goods Sold 37900

    Cr Inventory 37900

    2

    Dr Freight Out 310

    Cr Cash 310

    3

    Dr Sales Revenue 3880

    Cr Accounts Receivable 3880

    Dr Inventory 1910

    Cr Cost of Goods Sold 1910

    4

    Dr Sales Revenue 1160

    Cr Accounts Receivable 1160

    5

    Dr Cash 53300

    Cr Accounts Receivable A/c 53300
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