Question

Nawazish. Imports distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of
Its customers. At the end of December, Nawazish Jmports.s inventory consisted of suitcases costing
$1,200. During the month of July, the following merchandising transactions occurred.
July 1 Purchased suitcases on account for S1,500 from Trunk Manufacturers, FOB destination,
terms 2/10, n/30. The appropriate party also made a cash payment of $100 tor freight on this date.
3 Sold suitcases on account to Satchel World for $2,200. The cost of suitcases sold is
400.
Paid Trunk Manufacturers in ful.
12 Received payment in full from Satchel Wortd.
17 Sold suitcases on accOunt to Lady GOGo tor $1,400. The cost of the suitcases sold was
$1,010.
18 Purchased suitcases on account for $1,900 from Holiday Manufacturers, FOB shipping
point, terms 1/10, n30. The appropriate party also made a cash payment of S125 for freight on this
date.
20
Received S300 credit (including freight) for suitcases returned to Holiday Manufacturers
21 Received payment in full from Lady GoGo.
22 Sold suitcases on account to vagabond tor $2,250. The cost ot suitcases sold was
350.
30 Paid Holiday Manufacturers in full.
31 Granted Vagabond $200 credit for suitcases returned costing S120.
Nawazisb. Import's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts
Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales
Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.
Instructions
1) Journalize the transactions for the month of July for Nawazisb Imports using a periodic
inventory system.
2) Post the transactions in T accounts
3) Prepare a Trial EBalanc
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Answer 1

Answer:

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Explanation:

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Answer 2

Don’t know sorry for that