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Accounting

Backflip Co.
GENERAL JOURNAL
Page 1

Date Account Titles and Explanations PR Debits Credits
2005
May
1 Rent Expense – Office Space 5120 680
Rent Expense – Selling Space 5050 2,720
Cash 1060 3,400
Issued Chq #3410 in payment of rent

2 Accounts Receivable – Essex Company 1200 6,800
Sales 4020 6,800
Sold Merchandise under terms of 2/10, net 30
2 Cost of Goods Sold 5010 3,960
Merchandise Inventory 1230 3,960
To record cost of goods actually sold

2 Sales Returns and Allowances 4030 125
Accounts Receivable – Nabors Inc. 1200 125
To record credit note issued to Nabors Inc for defective merchandise
2 Merchandise Inventory 1230 85
Cost of Goods Sold 5010 85
Returned goods to inventory
2 Cost of Goods Sold 5010 85
Merchandise Inventory 1230 85
To record discarded merchandise

3 Accounts Payable – Parkay Products 2200 748......


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Approximate Word Count: 4071
Approximate Pages: 17 (250 words per double-spaced page)

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