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Record the following transactions for Sparkyâs Pet Shop.

August 1 Purchased $6,000 of merchandise on account, terms 2/10, n/30.
3 Returned $1,500 of merchandise purchased on August 1 due to defects.
7 Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000.
10 Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200.
11 Paid for the merchandise purchased on August 1, less return.

Required:
Journalize the above transactions.

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Answer:

August 1

Dr Finished goods inventory $6,000

Cr Accounts Payable $6,000

Aug 3

Dr Accounts Payable $1,500

Cr Finished goods inventory $1,500

Aug 7

Dr Cash $9,750

Cr Sales Revenue$9,750

Aug 7

Dr Costs of goods sold $4,000

Cr Finished goods inventory $4,000

Aug 10

Dr Accounts receivable $500

Cr Sales revenue $500

Aug 10

Dr Costs of goods sold $200

Cr Finished goods inventory $200

Aug 11

Dr r Accounts receivable $4,500

Cr Finished goods inventory $90

Cr Cash $4,410

Aug 20

Dr Cash $495

Dr Sales discount $5

Cr Accounts receivable $500

Explanation:

August 1

Dr Finished goods inventory$6000

Cr Accounts Payable $6,000

Aug 3

Dr Accounts Payable $1,500

Cr Finished goods inventory $1,500

Aug 7

Dr Cash$9,750

Cr Sales Revenue$9,750

Aug 7

Dr Costs of goods sold $4000

Cr Finished goods inventory $4000

Aug 10

Dr Accounts receivable $500

Cr Sales revenue $500

Aug 10

Dr Costs of goods sold $200

Cr Finished goods inventory $200

Aug 11

Dr r Accounts receivable $4,500

Cr Finished goods inventory $90

[($6,000-$1,500)*2%]

Cr Cash $4,410

($4,500-$90)

Aug 20

Dr Cash $495

(99%*500)

Dr Sales discount $5

(1%*$500)

Cr Accounts receivable $500

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