Accounting

Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory.

July 2 – Purchased inventory for cash, $800
July 5 – Purchased store supplies on credit terms of net eom, $600.
July 8 – Purchased inventory of $3,000, plus freight charges of $230. Credit terms are 3/15 n/30.
July 9 – Sold goods for cash $1,200, Hawkeye’s cost of these goods was $700.
July 11 – Returned $200 of the inventory purchased on July 8. It was damaged.
July 12 – Purchased inventory on credit terms of 3/10 n/30, $3,330.
July 14 – Sold inventory on credit terms of 2/10 n/30, $9,600(cost $5,000).
July 16 – Paid utilities expense, $275.
July 20 – Received returned inventory from July 14 sale, $400. Hawkeye shipped the wrong goods by mistake. Hawkeye’s cost of the inventory received was $250.
July 21 – Borrowed the amount owed on the July 8 purchase. Signed a note payable to the bank for $2,946, which takes into account the return of inventory on July 11.
July 23 – Received $6,860 cash in partial settlement of his account from the customer who purchased inventory on July 14. Granted the customer a 2% discount and credited his account receivable for $7,000.
July 30 – Paid for the store supplies purchased on July 5.

  1. 0
  2. 1
asked by Lissa

Respond to this Question

First Name

Your Response

Similar Questions

  1. accounting

    Question 2.) Hawkeye Electric Company engaged in the following transactions during July. July 2 – Purchased inventory for cash, $800 July 5 – Purchased store supplies on credit terms of net eom, $600. July 8 – Purchased
  2. Accounting

    Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the transactions. July 1 Invested $14,000 cash in the business 1 Purchased a used truck for $10,000 paying $3,000 cash and the
  3. Finance Math

    Yesterday, Castle Mountain Fashions had seven less than three-fourths of its sales transactions paid for by credit cards. If 209 transactions were charged, how many total transactions took place?
  4. math

    Average rating is 3.25 Total errors 65 If average transactions in sept. is 40. What is the average key error and then write the ration of key errors to the amount of transactions. If the same number of transactions happen in Oct.
  5. accounting

    A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the
  6. math

    How do i do this practice math problem? Julie Molony opened Julie’s Maids Catering Service on July 1, 2010. During July the company completed the following transactions: July 1 Invested $14,000 in common stocks in the business.
  7. Accountant II

    Journalize the transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank
  8. accounting

    imagine a business and its 50 transactions.. journalize it and also record it in subsidary books, post into ledger and prepare a trial balance... plzz help me...
  9. accounting

    The following was taken from the records of Smith Company in the year ending December 31, 2014. Journalize the following transactions in an Excel spreadsheet for year-end 2014 using the aging method. Assume that the allowance for
  10. finance

    Bristol Sales had the following transactions for DVD’s in 2012, its first year of operations. Jan. 20 Purchased 75 units @ $17 = $1,275 Apr. 21 Purchased 450 units @ $19 = $8,550 July 25 Purchased 200 units @ $23 = $4,600 Sept.

More Similar Questions