ACC – The Berry Merchandising Company

Accounting Principles IThe Berry Merchandising Company had the following transactions for the month of January. Berry’s cost of all merchandise sold was 65% of the sales price.Required: Journalize each transaction in a General Journal.Jan. 1 – Purchased merchandise on account from Kimberly Supply Co., $3,900, terms 2/10, n/30.Jan. 4 – Sold merchandise on account $5,000 to Able Inc., shipped FOB Destination, terms 1/10, n/30.Jan. 6 – Paid $250 freight on January 1 purchase from Kimberly Supply.Jan. 7 – Returned merchandise to Kimberly Supply that was defective and received a $400 credit.Jan. 8 – Paid $350 freight on January 4th sale to Able.Jan. 10 – Paid Kimberly Supply in full, less allowable discount. (Hint – Remember the return of merchandise on January 7.)Jan. 12 – Purchased merchandise for cash, $5,900.Jan. 13 – Sold merchandise on account, $8,500, to Willow Company, terms 1/10, n/30 Jan. 14 – Collected on account in full, less allowable discount, from Able Inc. sold on January 4th.Jan. 15 – Merchandise sold to Willow Company was returned as defective. Issued a credit for $700.Jan. 17 – Sold merchandise for cash, $4,500.Jan. 20 – Made refund to cash customer for defective merchandise, $200.Jan. 28 – Collected on account in full, less allowable discount, from Willow Company sold on January 13th. (Hint – Remember the return of merchandise on January 15th.)General JournalDateAccount Titles and ExplanationDebit

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