P 6-03 Name :

Section :

Enter appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Ignore "$" sign in your responses.
Leave no cells blank. Ensure to enter "0" wherever applicable.
Enter transactions following the order provided in the Question.

Merchandising Transactions: Perpetual Inventory System

1.
General Journal
Date Description Debit Credit
2014
Mar.

Sold merchandise to James William, terms n/30,

FOB shipping point

To transfer cost of merchandise sold to

Cost of Goods Sold account

Purchased merchandise from Leverage Company,

terms n/30, FOB shipping point

Paid shipping charges to Leverage Company for

March 8 purchase

Purchased merchandise from Rourke Company, terms n/30,

FOB shipping point; Rourke Company paid freight costs

Sold merchandise to Deepak Soni, terms n/30,

FOB shipping point
To transfer cost of merchandise sold to
Cost of Goods Sold account

Returned damaged merchandise to Leverage Company

for credit

Received check from James William

Sold merchandise for cash

To transfer cost of merchandise sold to

Cost of Goods Sold account

Made payment on account to Rourke Company for

purchase of March 10

Made payment on account to Leverage

Company for purchase of March 8, net of return on March 14

Accepted return from Deepak Soni

To transfer cost of merchandise returned to

Merchandise Inventory account