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JOURNAL Date Account Debit Credit 2019 Jan. 14 Inventory 45,000 Accounts Payable 45,000 (To record purchase of Inventory on account) Jan. 21 Accounts receivable 60,000 Sales 60,000 (To record Sales of Inventory on account) Cost of Goods sold 45,000 Inventory 45,000 (To record cost of goods Sold) Jan. 23 Accounts Payable 45,000 Inventory 900 Cash 44,100 (To record payment on account) Jan. 23 Cash 59,400 Sales Discount 600 Account receivable 60,000 (To record receipt of cash from account receivable) Document Preview:

Goulet Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2019, Goulet purchased merchandise inventory at a cost of $45,000. Credit terms were 2/10, n/30. The inventory was sold on account for $60,000 on January 21, 2019. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2019, and the accounts receivables were settled on January 30, 2019. Prepare journal entries to record each of these transactions

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question-18.docx