Ready-Set-Go,Ltd distribute suitcase to retail stories and extends credit terms of 1/10,n/30 to all of its customers. At the end of June,Ready-Set-Go's inventory consisted of suitcase costing of 1,200 birr. During the month of July, the following merchandising transactions occurred.

July 1.purchased suitcase on account for 1,620 birr from Trunk Manufactureers, FOB destination terms 2/10,n/30. The appropriate party also made a cash payment of 100birr for freight on this date
July 3. Sold suitcase on account to satchel world for 2,200 birr, the cost of suitcase sold was 1,400 birr.
July 9. Paid Trunk manufacturer in full
July 12. Received payment in full from satchel world
July 17. Sold suitcase on account to Lady GoGo for 1,400 birr. The cost of suitcase sold was 1,030birr
July 18. Purchased suitcase on account for 1,900 birr from holiday manufacturers ,FOB shipping points 1/10, n/30. The appropriate party also made a cash payment of 125 birr for freight on this date.
July 20. Received 300 birr credit(including freight) suitcase returned holiday manufacturer.
July 21. Received payment in full from Lady GoGo.
July 22. Sold suitcase on account to Vagabond for 2,400 birr. The cost of suitcase sold was 1,350 birr.
July 30. paid holiday manufacturer in full.
July 31. Granted Vagabond 300 birr crefit for suitcase returned costing 120 birr.
INSTRUCTIONS
Journalize the transaction for the month of July for Ready-Set-Go.Ltd,using perpetual inventory system

4 answers

July 1:
Purchases 1,620
Accounts Payable 1,620
(To record the purchase of suitcase from Trunk Manufacturers on account)

Transportation In 100
Cash 100
(To record payment of freight)

July 3:
Accounts Receivable 2,200
Sales 2,200
(To record the sale of suitcase on account to Satchel World)

Cost of Goods Sold 1,400
Inventory 1,400
(To record the cost of the goods sold)

July 9:
Accounts Payable 1,620
Cash 1,620
(To record payment to Trunk Manufacturer)

July 12:
Cash 2,200
Accounts Receivable 2,200
(To record the receipt of payment from Satchel World)

July 17:
Accounts Receivable 1,400
Sales 1,400
(To record the sale of suitcase on account to Lady GoGo)

Cost of Goods Sold 1,030
Inventory 1,030
(To record the cost of the goods sold)

July 18:
Purchases 1,900
Accounts Payable 1,900
(To record the purchase of suitcase from Holiday Manufacturers on account)

Transportation In 125
Cash 125
(To record payment of freight)

July 20:
Accounts Payable 300
Purchases 300
(To record the return of suitcase to Holiday Manufacturers)

July 21:
Cash 1,400
Accounts Receivable 1,400
(To record the receipt of payment from Lady GoGo)

July 22:
Accounts Receivable 2,400
Sales 2,400
(To record the sale of suitcase on account to Vagabond)

Cost of Goods Sold 1,350
Inventory 1,350
(To record the cost of the goods sold)

July 30:
Accounts Payable 1,725
Cash 1,725
(To record payment to Holiday Manufacturers)

July 31:
Sales Returns and Allowances 300
Accounts Receivable 300
(To record the return of suitcase from Vagabond)

Inventory 120
Cost of Goods Sold 120
(To record the return of suitcase from Vagabond)

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