Liabelity Management Essay Sample

Travel Warehouse distributes bags to retail shops and extends recognition term of 1/10. n/30. Travel’s stock list consists of 40 bags purchased at $ 30 each. During The month of July the undermentioned selling minutess occurred. July 1. Purchased 50 bags $ 30 each on history from Suitcases Manufacturer. FOB Destination. footings 1/15. n/30. The appropriate party paid $ 100 for the cargo.

3Sold 40 bags on history to Luggage universe for $ 50 each.
9Paid Bags Manufacturer in full.
12Received payment in full from luggage World.
17Sold 30 bags on history to Travel Spot for $ 50 each.
18Purchased 60 bags for $ 1700 on history from Vacation Manufacturer. FOB Shipping point. footings 1/15. n/30. The appropriate party paid $ 100 for the cargo. 20Received $ 300 recognition ( including cargo ) for 10 bags returned to Vacation Manufacturers.

21 Standard payment in full from Travel Spot.
22Sold 40 bags on history to Vacation-Are-Us for $ 50 each.
30 Paid Vacation Manufacturer in full.
31Granted $ 250 recognition for 5 bags returned bing 150.

Direction:
Journalize the minutess for the month of July utilizing a ageless stock list system.

Travel Warehouse
Journal
DateParticularRefDr. Cr.
1-Jul
Merchandise Inventory 1500
Histories Collectible 1500
3-Jul
Histories Receivable 2000
Gross saless 2000
3-Jul
Cost of Goods Sold 1200
Merchandise Inventory 1200
9-Jul

Histories Collectible 1500
Purchase Discount 15
Cash 1485
12-Jul

Cash 1980
Gross saless Discount 20
Histories Receivable 2000
17-Jul
Histories Receivable 1500
Gross saless 1500
17-Jul
Cost of Goods Sold 900
Merchandise Inventory 900
18-Jul
Merchandise Inventory 1800
Histories Collectible 1800
20-Jul
Histories Collectible 300
Merchandise Inventory 300
21-Jul

Cash 1485
Gross saless Discount 15
Histories Receivable 1500
22-Jul
Histories Receivable 2000
Gross saless 2000
22-Jul
Cost of Goods Sold 1200
Merchandise Inventory 1200
30-Jul

Histories Collectible 1500
Cash 1470
Purchase Discount 30
31-Jul
Gross saless Returned and Allowances 250
Histories Receivable 250
31-Jul
Merchandise Inventory 150
Cost of Goods Sold 150
Total1930019300