P 6-09 Name :

Section :

Enter appropriate amount or item in the shaded cells. Use the drop-down lists when available.
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Ignore "$" sign in your responses.
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Enter transactions following the order provided in the Question.

Merchandising Transactions: Perpetual Inventory System

1.
General Journal
Date Description Debit Credit
2014
July

Sold merchandise to Lina Lopez, terms n/30,

FOB shipping point

To transfer cost of merchandise sold to

Cost of Goods Sold account

Purchased merchandise from Ruff Company,

terms n/30, FOB shipping point

Paid freight charges to Craft Freight

Purchased merchandise from Kansas Supply Company,

terms n/30, FOB shipping point; freight paid by supplier

Returned some of merchandise purchased

from Ruff Company
Sold merchandise to Peter Watts, terms n/30,
FOB shipping point

To transfer cost of merchandise sold to

Cost of Goods Sold account

Sold merchandise for cash

To transfer cost of merchandise sold to

Cost of Goods Sold account

Accepted return of merchandise for full

credit from Lina Lopez

To transfer cost of merchandise returned to

Merchandise Inventory account

Made payment on account to Ruff Company

Received check from Lina Lopez