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E5-18
PrintTYK
Test Your Knowledge
Student Name
Course Name
Student ID:
Date:
Requirements
1.
Students please fill-in areas that are shaded
Req. 1
DEBIT
CREDIT
Journal
DATE
POST.REF.
On June 30, 2012, Hayes Jewelers purchased inventory of $5,800 on account from
Slater Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Hayes
paid freight charges of $400. Upon receiving the goods, Hayes checked the order and
found $800 of unsuitable merchandise, which was returned to Slater on July 4. Then,
on July 14, Hayes paid the invoice.
ACCOUNTS AND EXPLANATIONS
June 30
E5-18
Journalizing sales transactions – perpetual systems
LO 3 [10-15 minutes]
Refer to the facts presented in Exercise 5-15.
Exercise 5-15 presented here for your convenience.
Journalize the transactions of the seller, Slater Diamonds. Slater’s cost of goods
sold was 45% of the sales price. Explanations are not required.
Jul 4
Accounting, 9e
Good student April 23
30.00
4.00
14.00
Print Test Your Knowledge
E5-18
PrintTYK
Test Your Knowledge
Student Name
Course Name
Student ID:
Date:
Requirements
1.
Students please fill-in areas that are shaded
Req. 1
DEBIT
CREDIT
Journal
DATE
POST.REF.
On June 30, 2012, Hayes Jewelers purchased inventory of $5,800 on account from
Slater Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Hayes
paid freight charges of $400. Upon receiving the goods, Hayes checked the order and
found $800 of unsuitable merchandise, which was returned to Slater on July 4. Then,
on July 14, Hayes paid the invoice.
ACCOUNTS AND EXPLANATIONS
June 30
E5-18
Journalizing sales transactions – perpetual systems
LO 3 [10-15 minutes]
Refer to the facts presented in Exercise 5-15.
Exercise 5-15 presented here for your convenience.
Journalize the transactions of the seller, Slater Diamonds. Slater’s cost of goods
sold was 45% of the…