question archive William Evans began Evans Distributors, a sporting goods distribution company, in January 2019, and engaged in the transactions below

William Evans began Evans Distributors, a sporting goods distribution company, in January 2019, and engaged in the transactions below

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William Evans began Evans Distributors, a sporting goods distribution company, in January 2019, and engaged in the transactions below. Assume Evans Distributors and its customers take advantage of all cash discounts.

TRANSACTIONs

Jan. 1 william Evans started  vana Distributors with an investment of $54,000. He also invested personal basiness eguipment worth $6,000

2 Purchased merchandi e for cash, $10,500. Check 1

3 Sold nerchandise on account to Chu Corporation, $750, terms 2/10, n/30, Invoice 1001.

4 Purchased merchandise on account from Tsang Company, $1,900, terns 1/10, n/30, Invoice 1125

5 Received and paid freight charges related to January 4 purchase of nerchandise tron Tsang Company, $120, Check 101

10 Chu Corporation returned merchandise purchased on Janaary 2; issued credit memo #101 for S100

11 Received payment in tull from Chu Corporation

13 Paid anount due to Tsang Conpany tor purchase ot January4,

15 Recorded cash sales for the two-veck period ended January 15 of $6,250

15 Recorded sales on credit card for the two-week period ended January 15, $1,200; the bank charges a 3% fee on all credit card sales

15 Paid wages, $1,575. Check 103

16 Furchased equipaent (not for resale) ,750, Check 104

17 Paid freight for delivery of equipment purchased on January 16, $350, Check 105· (Note: Freight charges for purchase of equipnent should be debited to the Equipment account

18 Furchased merchandise on account trom Terri Manafacturing tor $4,500, subject to a trade discount of 408,terms 1/10. n/30, Invoice 2078

20 Sold nerchandise on account to Haloex Corp$2,500, erms

21 Furchased nerchandise on account Éram Schnidt Company, 3,000 1/10, n/30, Invoice 1002 terns 1/10, /30, Invoice 3204; treight prepaid by Schnidt Company and added to invoice, $70 (Total invoice anount,

27 Paid anount owed to Terri Manufacturing for purchase of January

29 Received amount due from?10t4 Corp. for the sale of January

30 Paid anount due to Schmidt Conpany for purchase of January 21,

31 Recorded cash sales for the perod Érom January 16-31, ,825 18, Check 106. Check 107 31 Recorded ales on the credit cards for the period from January 16-31, $2,200; the bank charges a 3% fee on all credit card

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Answer:

Journal of William Evams for the month of January 2019
Sr. No. Particulars   L.F Dr ($) Cr ($)
           
1 Cash A/c Dr   54000  
  Equipment A/c Dr   6000  
  To Capital A/c       60000
2 Purchase A/c Dr   10500  
  To Bank A/c       10500
3 Chu Corporation A/c Dr   750  
  To Sales A/c       750
4 Purchase A/c Dr   1900  
  To Tsang Co A/c       1900
5 Freight Charges A/c Dr   120  
  To Bank A/c       120
10 Return Inwards A/c Dr   100  
  To Chu Corporation A/c       100
11 Cash A/c Dr   637  
  Discount A/c Dr   13  
  To Chu Corporation A/c       650
13 Tsang Co A/c Dr   1900  
                  To Discount A/c       19
  To Bank A/c       1881
15 Cash A/c Dr   6250  
  To Sales A/c       6250
15 Bank A/c Dr   1200  
  To Sales A/c       1200
15 Bank Charges A/c Dr   36  
  To Bank A/c       36
15 Wages A/c Dr   1575  
  To Bank A/c       1575
16 Equipment A/c Dr   1750  
  To Bank A/c       1750
17 Equipment A/c Dr   350  
  To Bank A/c       350
18 Purchase A/c Dr   2700  
  To Terri Manufacturing A/c       2700
20 Molony Corp A/c Dr   2500  
  To Sales A/c       2500
21 Purchase A/c Dr   3000  
  Freight Charges A/c Dr   70  
  To Schmidt Company A/c       3070
27 Terri Manufacturing A/c Dr   2700  
               To Bank A/c       2673
  To Discount A/c       27
29 Bank A/c Dr   2475  
  Discount A/c Dr   25  
  To Molony Corp A/c       2500
30 Schmidt Company A/c Dr   3070  
               To Bank A/c       3040
  To Discount A/c       30
31 Cash A/c Dr   6825  
  To Sales A/c       6250
31 Bank A/c Dr   2200  
  To Sales A/c       2200
31 Bank Charges A/c Dr   66  
  To Bank A/c       66
           
           
           
           
        87081 87081

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