During Sept, the last month of the fiscal year, the following transactions were completed:
Journalize the transactions for September. For each journal entry, show the impact on the accounting equation. (Hint: you can just use lined paper as your journal. At the top of each page, create the following columns: Date; Description; Post Ref.; Debit, Credit; Accounting Equation-Assets Liabilities + Stockholders' Equity)
Sept 1. Paid rent for Sept, $6,000.
2. Sold merchandise on account to Grogan Co., terms n/15, FOB shipping point, $69,500. The cost of the goods sold was $42,000.
3. Purchased merchandise on account from Taylor Co., terms 2/10, n/30, FOB shipping point, $37,000.
4. Paid freight on purchase of Sept 3, 5650.
7. Received $22,300 cash from Hutton Co. on account.
10. Sold merchandise with a list price of $63,000 to customers who used Visa and who redeemed $8,500 of point-of-sale coupons. The cost of the goods sold was $33,500.
13. Paid for merchandise purchased on Sept 3.
15. Paid advertising expense for last half of Sept, $11,000.
17. Received cash from sale of Sept 2.
19. Purchased merchandise for cash, $18,700.
19. Paid $33,450 to Zipper Co. on account.
20. Paid Grogan Co. a cash refund of $12,320 for returned merchandise from sale of Sept 2. The cost of the returned merchandise was $8,100.
21. Sold merchandise on account to Brookings Co., terms n'eom, FOB shipping point, $120,000. The
cost of the goods sold was $80,000.
21. For the convenience of Brookings Co., paid freight on sale of Sept 21, $3,200.
21. Received $42,900 cash from Whiz Co. on account.
22. Purchased merchandise on account from Lieberman Co., terms 1/10, n/30, FOB destination, $96,000.
25. Returned merchandise purchased on Sept 22, receiving a credit memo from the seller for $5,500.
26. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
28. Paid sales salaries of $56,000 and office salaries of $29,000.
29. Purchased store supplies for cash, $2,400.
30. Sold merchandise on account to Gary Co., terms n/30, FOB shipping point, $79,750. The cost of goods sold was $48,000.
31. Received cash from sale of Sept 21 plus freight.
31. Paid for purchase of Sept 22