Nama : Roshita Desthi Nurimah

NIM : 22812141019
Kelas : A22
P5-2A
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beg
April, the ledger of Olaf showed Cash of $9,000 and M. Olaf, Capital of $9,000.
Apr. 2 Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30.
4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30.The cost of the merchandise sol
$4,100.
5 Paid $240 freight on April 4 sale.
6 Received credit from Dakota Supply Co. for merchandise returned $500.
11 Paid Dakota Supply Co. in full, less discount.
13 Received collections in full, less discounts, from customers billed on April 4.
12 Purchased merchandise for cash $3,800.
16 Received refund from supplier for returned goods on cash purchase of April 14, $500.
18 Purchased merchandise from Skywalker Distributors $4,500, FOB shipping point, terms 2/10, n/30.
20 Paid freight on April 18 purchase $100.
23 Sold merchandise for cash $6,400.The merchandise sold had a cost of $5,120.
26 Purchased merchandise for cash $2,300.
27 Paid Skywalker Distributors in full, less discount.
29 Made refunds to cash customers for defective merchandise $90. The returned merchandise had a scrap v
$30.
30 Sold merchandise on account $3,700, terms n/30.The cost of the merchandise sold was $2,800.
Olaf Company’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable,No. 120
Merchandise Inventory,No. 201 Accounts Payable,No. 301 M. Olaf, Capital, No. 401 Sales, No. 412 Sales Return
Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-out.

Instructions
(a) Journalize the transactions using a perpetual inventory system.
(b) Enter the beginning cash and capital balances, and post the transactions. (Use J1 for the journal reference.)
(c) Prepare the income statement through gross profit for the month of April 2010.

No. Akun Nama Akun

101 Cash
112 Account Receivable
120 Merchandise Inventory
201 Account Payable
301 M, Olaf, Capital
401 Sales
412 Sales Returns and Allowances
414 Sales Discounts
505 Cost of Goods Sold
644 Freight-out
he month of April. At the beginning of

1/10, n/30.
he cost of the merchandise sold was

l 14, $500.
g point, terms 2/10, n/30.

ed merchandise had a scrap value of

ise sold was $2,800.

ccounts Receivable,No. 120
1 Sales, No. 412 Sales Returns and
ight-out.

1 for the journal reference.)

(a) Journalize the transactions using a perpetual inventory system.

Olaf Distributing Company

GENERAL JOURNAL
April, 2010
J1
Date Account Titles and Explanation Ref. Debit Credit
2010
Apr. 2 Merchandise Inventrory 120 $ 6,900
Accounts Payable 201 $ 6,900
(Dakota Supply Co., 1/10,n/30)
4 Accounts Receivable 112 $ 5,500
Sales 401 $ 5,500
Cost of Goods Sold 505 $ 4,100
Merchandise Inventory 120 $ 4,100
(Sales, 1/10,n/30)
5 Freight-out 644 $ 240
Cash 101 $ 240
(Paid freight on April 4 sale)
6 Accounts Payable 201 $ 500
Merchandise Inventory 120 $ 500
(Purchase return Dakota Supply Co.)
11 Accounts Payable 201 $ 6,400
Cash 101 $ 6,336
Merchandise Inventory 120 $ 64
(Dakota Supply Co.)
13 Cash 101 $ 5,445
Sales Discounts 414 $ 55
Accounts Receivable 112 $ 5,500
(Receive customer billed on April 4)
14 Merchandise Inventrory 120 $ 3,800
Cash 101 $ 3,800
(Purchase on cash)
16 Cash 101 $ 500
Merchandise Inventory 120 $ 500
(Purchase Return of April 14)
18 Merchandise Inventrory 120 $ 4,500
Accounts Payable 201 $ 4,500
(Skywalker Distributors, 2/10, n/30)
20 Merchandise Inventrory 120 $ 100
Cash 101 $ 100
(Paid freight on April 18 purchase)
23 Cash 101 $ 6,400
Sales 401 $ 6,400
Cost of Goods Sold 505 $ 5,120
Merchandise Inventory 120 $ 5,120
 (Sales on cash)
26 Merchandise Inventrory 120 $ 2,300
Cash 101 $ 2,300
(Purchase on cash)
27 Accounts Payable 201 $ 4,500
Cash 101 $ 4,410
Merchandise Inventory 120 $ 90
(Skywalker Distributors)
29 Sales Returns and Allowances 412 $ 90
Cash 101 $ 90
Merchandise Inventrory 120 $ 30
Cost of Goods Sold 505 $ 30
(Sales return on cash sales)
30 Accounts Receivable 112 $ 3,700
Sales 401 $ 3,700
Cost of Goods Sold 505 $ 2,800
Merchandise Inventory 120 $ 2,800
(Sales, n/30)
AMOUNT $ 62,980 $ 62,980
(b) Enter the beginning cash and capital balances, and post the transactions. (Use J1 for the journal reference.)

Olaf Distributing Company

GENERAL LEDGER
April, 2010

Cash No. 101

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ 9,000
5 Paid Freight Out J1 $ 240 $ 8,760
11 Paid Acconts Payable J1 $ 6,336 $ 2,424
13 Receive Accounts Receivable J1 $ 5,445 $ 7,869
14 Purchase on Cash J1 $ 3,800 $ 4,069
16 Purchase Return J1 $ 500 $ 4,569
20 Paid Freight In J1 $ 100 $ 4,469
23 Cash Sales J1 $ 6,400 $ 10,869
26 Purchase on Cash J1 $ 2,300 $ 8,569
27 Paid Acconts Payable J1 $ 4,410 $ 4,159
29 Sales Return J1 $ 90 $ 4,069

Account Receivable No. 112

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
4 Sales J1 $ 5,500 $ 5,500
13 Receive Accounts Receivable J1 $ 5,500 $ -
30 Sales J1 $ 3,700 $ 3,700

Merchandise Inventory No. 120

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
2 Purchase J1 $ 6,900 $ 6,900
4 Sales J1 $ 4,100 $ 2,800
6 Purchase Return J1 $ 500 $ 2,300
11 Purchase Discounts J1 $ 64 $ 2,236
14 Purchase on Cash J1 $ 3,800 $ 6,036
16 Purchase Return J1 $ 500 $ 5,536
18 Purchase J1 $ 4,500 $ 10,036
20 Paid Freight In J1 $ 100 $ 10,136
23 Cash Sales J1 $ 5,120 $ 5,016
26 Purchase on Cash J1 $ 2,300 $ 7,316
27 Purchase Discounts J1 $ 90 $ 7,226
 29 Sales Return J1 $ 30 $ 7,256
30 Sales J1 $ 2,800 $ 4,456

Account Payable No. 201

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
2 Purchase J1 $ 6,900 $ 6,900
6 Purchase Return J1 $ 500 $ 6,400
11 Purchase Discounts J1 $ 6,400 $ -
18 Purchase J1 $ 4,500 $ 4,500
27 Purchase Discounts J1 $ 4,500 $ -

M. Olaf, Capital No. 301

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ 9,000

Sales No. 401

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
4 Sales J1 $ 5,500 $ 5,500
23 Sales J1 $ 6,400 $ 11,900
30 Sales J1 $ 3,700 $ 15,600

Sales Returns and Allowances No. 412

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
29 Sales Return J1 $ 90 $ 90

Sales Discounts No. 414

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
13 Receive Accounts Receivable J1 $ 55 $ 55

Cost of Goods Sold No. 505

 Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
4 Sales J1 $ 4,100 $ 4,100
23 Cash Sales J1 $ 5,120 $ 9,220
29 Sales Return J1 $ 30 $ 9,190
30 Sales J1 $ 2,800 $ 11,990

Freight-out No. 644

Date Explanation Ref. Debit Credit Balance
2010
Apr. 1 Balance ü $ -
5 Paid Freight Out J1 $ 240 $ 240
J1 for the journal reference.)
 (c) Prepare the income statement through gross profit for the month of April 2010.

Olaf Distributing Company

INCOME STATEMENT
For the Month Ended April 30, 2010

Revenue
Sales $ 15,600
Sales Returns and Allowances $ (90)
Sales Discounts $ (55)
Total Revenue $ 15,455

Expenses
Cost of Goods Sold $ (11,990)
Freight-out $ (240)
Total Expenses $ (12,230)
Gross Profit $ 3,225
Nama : Roshita Desthi Nurimah
NIM : 22812141019
Kelas : A22
P5-2B
Newman Hardware Store completed the following merchandising transactions in the month of May. At the beginn
May, the ledger of Newman showed Cash of $5,000 and Newman, Capital of $5,000.
May 1 Purchased merchandise on account from Jerry’s Wholesale Supply $4,200, terms 2/10, n/30.
2 Sold merchandise on account $2,100, terms 1/10, n/30.The cost of the merchandise sold was $1,300.
5 Received credit from Jerry’s Wholesale Supply for merchandise returned $300.
9 Received collections in full, less discounts, from customers billed on sales of $2,100 on May 2.
10 Paid Jerry’s Wholesale Supply in full, less discount.
11 Purchased supplies for cash $400.
12 Purchased merchandise for cash $1,400.
15 Received refund for poor quality merchandise from supplier on cash purchase $150.
17 Purchased merchandise from Cosmo Distributors $1,300, FOB shipping point, terms 2/10, n/30.
19 Paid freight on May 17 purchase $130.
24 Sold merchandise for cash $3,200.The merchandise sold had a cost of $2,000.
25 Purchased merchandise from Costanza, Inc. $550, FOB destination, terms 2/10, n/30.
27 Paid Cosmo Distributors in full, less discount.
29 Made refunds to cash customers for defective merchandise $60. The returned merchandise had a scrap v
$10.
31 Sold merchandise on account $900, terms n/30.The cost of the merchandise sold was $560.
Newman Hardware’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No.
Merchandise Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Newman, Capital, No. 401 Sales,
Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold.

Instructions
(a) Journalize the transactions using a perpetual inventory system.
(b) Enter the beginning cash and capital balances and post the transactions. (Use J1 for the journal reference.)
(c) Prepare an income statement through gross profit for the month of May 2010.

No. Akun Nama Akun

101 Cash
112 Account Receivable
120 Merchandise Inventory
126 Supplies
201 Account Payable
301 Newman, Capital
401 Sales
412 Sales Returns and Allowances
414 Sales Discounts
505 Cost of Goods Sold
month of May. At the beginning of

terms 2/10, n/30.

handise sold was $1,300.

f $2,100 on May 2.

nt, terms 2/10, n/30.

d merchandise had a scrap value of

sold was $560.

Accounts Receivable, No. 120
man, Capital, No. 401 Sales, No. 412
.

for the journal reference.)

(a) Journalize the transactions using a perpetual inventory system.

Newman Hardware Store

GENERAL JOURNAL
May, 2010
J1
Date Account Titles and Explanation Ref. Debit Credit
2010
May 1 Merchandise Inventory 120 $ 4,200
Accounts Payable 201 $ 4,200
(Jerry’s Wholesale Supply; 2/10,n/30)
2 Accounts Receivable 112 $ 2,100
Sales 401 $ 2,100
Cost of Goods Sold 505 $ 1,300
Merchandise Inventory 120 $ 1,300
(Sales; 1/10,n/30)
5 Accounts Payable 201 $ 300
Merchandise Inventory 120 $ 300
(Purchase Return Jerry’s Wholesale Supply)
9 Cash 101 $ 2,079
Sales Discounts 414 $ 21
Accounts Receivable 112 $ 2,100
(Receive customers billed on sales May 2)
10 Accounts Payable 201 $ 3,900
Cash 101 $ 3,822
Merchandise Inventory 120 $ 78
(Jerry’s Wholesale Supply)
11 Supplies 126 $ 400
Cash 101 $ 400
(Purchased supplies)
12 Merchandise Inventory 120 $ 1,400
Cash 101 $ 1,400
(Purchased merchandise)
15 Cash 101 $ 150
Merchandise Inventory 120 $ 150
(Purchase Return)
17 Merchandise Inventory 120 $ 1,300
Accounts Payable 201 $ 1,300
(Cosmo Distributors; 2/10,n/30)
19 Merchandise Inventory 120 $ 130
Cash 101 $ 130
(Paid Freight on May 17 purchase)
24 Cash 101 $ 3,200
Sales 401 $ 3,200
Cost of Goods Sold 505 $ 2,000
Merchandise Inventory 120 $ 2,000
 (Cash Sales)
25 Merchandise Inventory 120 $ 550
Accounts Payable 201 $ 550
(Costanza, Inc; 2/10,n/30)
27 Accounts Payable 201 $ 1,300
Cash 101 $ 1,274
Merchandise Inventory 120 $ 26
(Cosmo Distributors)
29 Sales Returns and Allowances 412 $ 60
Cash 101 $ 60
Merchandise Inventory 120 $ 10
Cost of Goods Sold 505 $ 10
(Sales Return)
31 Accounts Receivable 112 $ 900
Sales 401 $ 900
Cost of Goods Sold 505 $ 560
Merchandise Inventory 120 $ 560
(Sales; n/30)
AMOUNT $ 25,860 $ 25,860
(b) Enter the beginning cash and capital balances and post the transactions. (Use J1 for the journal reference.)

Newman Hardware Store

GENERAL LEDGER
May, 2010

Cash No. 101

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ 5,000
9 Receive Accounts Receivable J1 $ 2,079 $ 7,079
10 Paid Accounts Payable J1 $ 3,822 $ 3,257
11 Purchased Supplies J1 $ 400 $ 2,857
12 Purchased Merchandise J1 $ 1,400 $ 1,457
15 Purchase Return J1 $ 150 $ 1,607
19 Paid Freight In J1 $ 130 $ 1,477
24 Cash Sales J1 $ 3,200 $ 4,677
27 Paid Accounts Payable J1 $ 1,274 $ 3,403
29 Sales Return J1 $ 60 $ 3,343

Accounts Receivable No. 112

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
2 Sales J1 $ 2,100 $ 2,100
9 Receive Accounts Receivable J1 $ 2,100 $ -
31 Sales J1 $ 900 $ 900

Merchandise Inventory No. 120

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
1 Purchase J1 $ 4,200 $ 4,200
2 Sales J1 $ 1,300 $ 2,900
5 Purchase Return J1 $ 300 $ 2,600
10 Purchase Discounts J1 $ 78 $ 2,522
12 Purchase J1 $ 1,400 $ 3,922
15 Purchase Return J1 $ 150 $ 3,772
17 Purchase J1 $ 1,300 $ 5,072
19 Freight In J1 $ 130 $ 5,202
24 Cash Sales J1 $ 2,000 $ 3,202
25 Purchase J1 $ 550 $ 3,752
27 Purchase Discounts J1 $ 26 $ 3,726
29 Sales Return J1 $ 10 $ 3,736
 31 Sales J1 $ 560 $ 3,176

Supplies No. 126

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
11 Purchased J1 $ 400 $ 400

Accounts Payable No. 201

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
1 Purchase J1 $ 4,200 $ 4,200
5 Purchase Return J1 $ 300 $ 3,900
10 Paid Accounts Payable J1 $ 3,900 $ -
17 Purchase J1 $ 1,300 $ 1,300
25 Purchase J1 $ 550 $ 1,850
27 Paid Accounts Payable J1 $ 1,300 $ 550

Newman, Capital No. 301

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ 5,000

Sales No. 401

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
2 Sales J1 $ 2,100 $ 2,100
24 Sales J1 $ 3,200 $ 5,300
31 Sales J1 $ 900 $ 6,200

Sales Returns and Allowances No. 412

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
29 Sales Return J1 $ 60 $ 60

Sales Discounts No. 414

 Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
9 Sales Discounts J1 $ 21 $ 21

Cost of Goods Sold No. 505

Date Explanation Ref. Debit Credit Balance
2010
May 1 Balance ü $ -
2 Sales J1 $ 1,300 $ 1,300
24 Cash Sales J1 $ 2,000 $ 3,300
29 Sales Return J1 $ 10 $ 3,290
31 Sales J1 $ 560 $ 3,850
1 for the journal reference.)
 (c) Prepare an income statement through gross profit for the month of May 2010.

Newman Hardware Store

INCOME STATEMENT
For the Month Ended May 31, 2010

Sales Revenue
Sales $ 6,200
Sales Returns and Allowances $ (60)
Sales Discounts $ (21)
$ (81)
Net Sales $ 6,119
Cost of Goods Sold $ (3,850)
Gross Profit $ 2,269