Prepare an Excel spreadsheet of the journal entries for the first part of August 2014 for the Pit Bull Sings T-shirt Distributors, based on the following information:Assignment Template attached belowAUG 1 – Purchased merchandise from Aerotek Company for $7,500 under credit terms of 1/10, n/30, FOB destination; invoice dated August 1.AUG 4 – At Aerotek’s request, Pit Bull Sings paid $200 cash for freight charges on the August 1 purchase, reducing the amount owed to Aerotek.AUG 5 – Sold merchandise to Laird Corp. for $5,200 under credit terms of 2/10, n/60; invoice dated August 5. The merchandise had a cost of $4,000.AUG 8 – Paid Aerotek for purchase on August 1 within the discount period.AUG 9 – Received payment from Laird for sale on August 4 within the discount period.Instructions:Complete this assignment using an Excel spreadsheet, and date and explain each entry on your deliverable.Pit Bull Sings T-Shirt Retailers.
Option #2- Template
Q1:
Date
Merchandising activities during the month of August
Account Title
1-Aug Merchandise Inventory (T-shirts)
Accounts Payable to Arotek
Q2:
4-Aug Merchandise Inventory
Cash
Q3:
5-Aug Accounts Receivable
T-Shirt Sales
COGS
Merchandise Inventory
Q4:
8-Aug Accounts Payable
Merchandise Inventory (T-shirts)
Cash
Q5:
8-Sep Cash
Sales Discount
Account Receivable
Debit
Credit
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