General Journal

Date Account title debit credit

Dec-01 Inventory(30,000*5*98%=147,000) 147,000
Account payable 147,000
Dec-02 inventory(29,500*10*98%=289,100 289,100
account payable 289,100
Dec-03 inventory(24,000*12=288,000) 288,000
Cash 288,000
Dec-04 Account receivable(50,000*12=600,000) 600,000
sales 600,000
Dec-04 cost of goods sold 349,370
inventory 349,370
Dec-05 Account receivable(8*51000=408,000) 408,000
sales 408,000
Dec-05 cost of goods sold 206,730
inventory 206,730
Dec-07 Cash 24,000
inventory 24,000
Dec-09 sales return 50000
Account receivable 50000
Dec-09 inventory 29,400
cost of goods sold 29,400
Dec-10 Account payable 147,000
Cash 147,000
Dec-11 cash 539,000 AR=600,000-50,000=550
sales discount given 11,000
account receivable 550,000
Dec-21 account payable 289,100
purchase discount lost 5,900
cash 295,000
Dec-22 Cash 408,000
Account receivable 408,000
 Merchandising inventory
First in First out method
Date purchases cost of goods sold
unit per unit total unit per unit total
Dec-01 5 29,400 147,000
Dec-02 10 28,910 289,100

Dec-03 12 24000 288000

Dec-04 5 29,400 147,000

7 28,910 202,370
Dec-05 3 28,910 86,730
5 24,000 120,000
Dec-07 -1 24000less less24000
Dec-09 1 29400 29400

AR=600,000-50,000=550,000
IN DECEMBER 7 WE HAVE RETURNED ONE UNIT OF MOBBILE FROM THE CASH
THERE WERE 12 UNITS PURCHASED OUT OUT OF WHICH 5 ARE SOLD BY FIRST
7 UNITS ARE REMAINING AND WE HAVE RETURNED ONE UNIT WE HAVE RETUR
IN DECEMBER 9 WE HAVE A SALES RETURN AGAINST THE SALES OF DECEMBER
FIRST IN FIRST OUT SO WE CONSIDER IT THROUGH A 5 MOBILE COST WHICH IS
entory
ethod
balance
unit per unit total
5 29,400 147,000 147,000
5 29,400 147,000 202,370
10 28,910 289,100 349,370
5 29,400 147,000
10 28,910 289,100
12 24000 288000
3 28,910 86,730
12 24,000 288000

7 24,000 168,000
6 24,000 144,000
6 24,000 144,000
1 29,400 29,400

MOBBILE FROM THE CASH PURCHASE OF DECEMBER 3

HICH 5 ARE SOLD BY FIRST IN FIRST OUT ASSSUMPTION
ONE UNIT WE HAVE RETURNED TO APPLE SO 6 ARE REMAINING
THE SALES OF DECEMBER 4 SUPPOSE WE ARE USING AN ASSUMPTION
5 MOBILE COST WHICH IS 29,400 PER MOBILE