Jorios Surf Shop is entering ils th›rd munth ut busineu» and is eXci\ed lo open theif retail operations, This will allow therr› to sell specialized sun equipment and acceu9oriea alo 10sIcIe lhelr lesson
offeririgu. This week we are goinu lo look al how addinq re@il sales will add to the financial processes of the company.
Jeremy placed an order for surfboards from him wholesaler. Create the journal entry that would need to be entered for the
following inventory purchase iransaclions.
On March 1. JoneS Surf Shop purchased 30 Surfb-odf de at a cost of 5100 per board. Cred I rurms were 4/10, I /30, with an Invoke
A. date of fVlarch 1.
B. On March 8 the invoice is paid in full, taking adv antage otlhe offered discount
C. On March 4, 80 wet suits were purchased with cash at a cost of $50 per suit.
D. On March 10, 8 at the wet suits were found to have defective zippen and were returned for a full refund
On March 10 a cash purchase *or a variety of turf accessories to stork the checkout stand in the store was placer!. The total fnr the
E. in ven to ry pur ch aged wai fi2@0
I'darch 1, Inventory 3,000 3
2025 Accounts Payable A
Show Rurchosed Surtboards
A 0
IViatch 8, Account Payable S J,OOO S 39 0
z025 Cash 120
Sales Discounts
Aoid /nvop/ce w/r/i 4R d/sco«nr
March 4, 2025 inwntory 4,0 IO S 4,0 0
Cash
80ugM80mmsuhmd SSDpecun#
C.
March 1O,Ju2s Accounts Payable 400 4 0
D.
Now that you have Inventory in place It Is tlme lo open lhe d¢ors of fhe new store. The folbw transactions are the. sales transactions from the fJr6t week the etail store Is open.
F. On Ma'rch 15. Jones Surf Shop sold three surfooard› for $750 cash. The cost on the surfboards is $100 each.
On March.17, Jones Surf Shop sold a package deal.witha surfboard and a wetsuit for $300. The cost for the surfboard was $100
G and the wetsult was $50
On March 19. Jones Surf Chop sold two surfboards for $500 and the cuiromer asked to be invoiced for the sale. You offered rhe
H. customer terms 3/TO, n/30. The cost of the surfboards was $200.
I. returned to inventory. The cast of the'Doard is $100. You give the customer a refund of $250 for the board:
J. On March 25 the customer from March 19 brought in cash to pay their balance with the sales discount
Journallze each of the above sales transactions from the first month of retail operations
H.
, ail operations, This will allow therr› to sell specialized sun equipment and acceu9oriea alo 10sIcIe lhelr lesson
ncial processes of the company.
at would need to be entered for the
d I rurms were 4/10, I /30, with an Invoke
urned for a full refund
in the store was placer!. The total fnr the
e. The folbw transactions are the. sales transactions from the fJr6t week the etail store Is open.
e surfboards is $100 each.
he cost for the surfboard was $100
be invoiced for the sale. You offered rhe
a refund of $250 for the board:
ce with the sales discount
ations
offeririgu. This week we are goinu lo look al how addinq re@il sales will add to the financial processes of the company.
Jeremy placed an order for surfboards from him wholesaler. Create the journal entry that would need to be entered for the
following inventory purchase iransaclions.
On March 1. JoneS Surf Shop purchased 30 Surfb-odf de at a cost of 5100 per board. Cred I rurms were 4/10, I /30, with an Invoke
A. date of fVlarch 1.
B. On March 8 the invoice is paid in full, taking adv antage otlhe offered discount
C. On March 4, 80 wet suits were purchased with cash at a cost of $50 per suit.
D. On March 10, 8 at the wet suits were found to have defective zippen and were returned for a full refund
On March 10 a cash purchase *or a variety of turf accessories to stork the checkout stand in the store was placer!. The total fnr the
E. in ven to ry pur ch aged wai fi2@0
I'darch 1, Inventory 3,000 3
2025 Accounts Payable A
Show Rurchosed Surtboards
A 0
IViatch 8, Account Payable S J,OOO S 39 0
z025 Cash 120
Sales Discounts
Aoid /nvop/ce w/r/i 4R d/sco«nr
March 4, 2025 inwntory 4,0 IO S 4,0 0
Cash
80ugM80mmsuhmd SSDpecun#
C.
March 1O,Ju2s Accounts Payable 400 4 0
D.
Now that you have Inventory in place It Is tlme lo open lhe d¢ors of fhe new store. The folbw transactions are the. sales transactions from the fJr6t week the etail store Is open.
F. On Ma'rch 15. Jones Surf Shop sold three surfooard› for $750 cash. The cost on the surfboards is $100 each.
On March.17, Jones Surf Shop sold a package deal.witha surfboard and a wetsuit for $300. The cost for the surfboard was $100
G and the wetsult was $50
On March 19. Jones Surf Chop sold two surfboards for $500 and the cuiromer asked to be invoiced for the sale. You offered rhe
H. customer terms 3/TO, n/30. The cost of the surfboards was $200.
I. returned to inventory. The cast of the'Doard is $100. You give the customer a refund of $250 for the board:
J. On March 25 the customer from March 19 brought in cash to pay their balance with the sales discount
Journallze each of the above sales transactions from the first month of retail operations
H.
, ail operations, This will allow therr› to sell specialized sun equipment and acceu9oriea alo 10sIcIe lhelr lesson
ncial processes of the company.
at would need to be entered for the
d I rurms were 4/10, I /30, with an Invoke
urned for a full refund
in the store was placer!. The total fnr the
e. The folbw transactions are the. sales transactions from the fJr6t week the etail store Is open.
e surfboards is $100 each.
he cost for the surfboard was $100
be invoiced for the sale. You offered rhe
a refund of $250 for the board:
ce with the sales discount
ations
