Josh Parker owns Parker's Sneaker Shop. (Balances as of December 1 are provided for the accounts receivable and general

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Josh Parker Owns Parker S Sneaker Shop Balances As Of December 1 Are Provided For The Accounts Receivable And General 1 (26.44 KiB) Viewed 12 times

Josh Parker Owns Parker S Sneaker Shop Balances As Of December 1 Are Provided For The Accounts Receivable And General 2 (61.33 KiB) Viewed 12 times

Josh Parker Owns Parker S Sneaker Shop Balances As Of December 1 Are Provided For The Accounts Receivable And General 3 (37.25 KiB) Viewed 12 times

Josh Parker owns Parker's Sneaker Shop. (Balances as of December 1 are provided for the accounts receivable and general ledger accounts as follows: Drew, $500 Dr.; Laurel, $950 Dr.; Pry, $850 Dr.; Zimmerman, $600 Dr.; Cash, $18,000 Dr.; Accounts Receivable, $2,900 Dr.; Sneaker Rack Equipment, $1,300 Dr.; J. Parker, Capital, $40,000 Cr.; Sales, $2,800 Cr. The balance of Merchandise Inventory is $18,000.) The following transactions occurred in December. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions using the perpetual method of inventory valuation. (Record debits first, then credits. Exclude explanations from journal entries.) December 1: Josh Parker invested an additional $10,000 in the store. Date Dec 1 Journal Entry Account Titles CETT PR Dr. Cr. E

December T Josh Parker invested an additional $10,000 in the store. 3 Sold $1,000 of merchandise on account to B. Drew, sales ticket no. 50; terms 3/10, n/30. The cost of the merchandise was $700. 4 Sold $900 of merchandise on account to Ron Laurel, sales ticket no. 51; terms 3/10, n/30. The cost of the merchandise was $720. 9 Sold $800 of merchandise on account to Jim Zimmerman, sales ticket no. 52; terms 3/10, n/30. The cost of the merchandise was $320. 10 20 Sold $2,000 of merchandise on account to Paula Pry, sales ticket no. 53; terms 3/10, n/30. The cost of the merchandise was $1,400. 22 23 Received cash from B. Drew in payment of December 3 transaction, sales ticket no. 50, less discount. 30 30 31 Received cash payment from Ron Laurel in payment of December 4 transaction, sales ticket no. 51. Collected cash sales, $4,400. The cost of the merchandise was $3,080. 24 Issued credit memorandum no. 1 to Paula Pry for $600 of merchandise returned from December 201 sales on account. The cost of the merchandise was $420. 26 Received cash from Paula Pry in payment of December 20, sales ticket no. 53. (Don't forget about the credit memo and discount.) 28 Collected cash sales, $7,000. The cost of the merchandise was $4,900. Sold sneaker rack equipment for $400 cash. (Beware, sold at cost.) Sold merchandise priced at $4,900, on account to Ron Laurel, sales ticket no. 54; terms 3/10, n/30. The cost of the merchandise was $3,920. Issued credit memorandum no. 2 to Ron Laurel for $980 of merchandise returned from December 30 transaction, sales ticket no. 54. The cost of the merchandise was $686.

es Requirements 1. Journalize the transactions using the perpetual method of inventory valuation. 2. Record to the accounts receivable subsidiary ledger and post to the general ledger as needed. 3. Prepare a schedule of accounts receivable for the end of December. Print Done - X expla