General Journal

Date Transaction Ref Debit Credit

Apr
2 Inventory £ 6,200
Account Payable £ 6,200
(to record purchase)
4 Account Receivable £ 5,500
Sales £ 5,500
COGS £ 3,400
Inventory £ 3,400
(to record sales)
5 Freight Out £ 240
Cash £ 240
(to record freight out)
6 Account Payable £ 500
Inventory £ 500
(to record purchase return)
11 Account Payable £ 5,700
Cash £ 5,643
Inventory £ 57
(to record paymet)
13 Cash £ 5,445
Sales Discount £ 55
Account Receivable £ 5,500
(to record receive)
14 Inventory £ 3,800
Cash £ 3,800
(to record purchase)
16 Cash £ 500
Inventory £ 500
(to record purchase return)
18 Cash £ 4,500
inventory £ 4,500
(to record purchase)
20 Inventory £ 160
Cash £ 160
(to record freight in)
23 Cash £ 7,400
Sales £ 7,400
COGS £ 4,120
Inventory £ 4,120
(to record sales)
26 Inventory £ 2,300
Cash £ 2,300
(to record purchase)
27 Account Payable £ 4,500
Cash £ 4,410
Inventory £ 90
 (to record payment)
29 Sales Return and Alowance £ 90
Cash £ 90
Inventory £ 30
COGS £ 30
(to record sales return)
30 Account Receivable £ 3,400
Sales Revenue £ 3,400
COGS £ 1,900
Inventory £ 1,900
(to record sales)
£ 59,740 £ 59,740
 Income Statement

Net Sales :
Sales £ 16,300
Sales Discount -£ 55
Sales Return and Allowance -£ 90
£ 16,155
Cost of Good Sold £ 9,390

Gross Profit £ 6,765

 Sales Operating
COGS Gross Profit Net Income
Revenue Expense
£ 78,000 £ 48,000 £ 30,000 £ 19,200 £ 10,800
£ 108,000 £ 55,000 £ 55,000 £ 25,500 £ 29,500
£ 163,500 £ 83,900 £ 79,600 £ 39,500 £ 40,100