Purchase and Sales Transactions March 1 Walmart purchased 100 Dairyland Sour Cream 200 ml for...
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Accounting
Purchase and Sales Transactions
March 1 Walmart purchased 100 Dairyland Sour Cream 200 ml for $2.50 each on account from Dairyland, a manufacturing company.
March 2 Walmart returned 10 Sour Cream products to Dairyland and received a full refund the same day. March 2 Walmart sold 15 Sour Cream products for $3.99 cash.
March 8 Walmart paid for the purchase made on March 1.
March 22 Walmart purchased 50 Dairyland Sour Cream 500 ml for $2.55 each on account from Dairyland, from a manufacturing company. Terms for payment is 7 days.
March 25 Walmart sold 30 Sour Cream products for $3.99 cash. Unit cost $2.50.
March 26 Walmart sold 45 Sour Cream products for $3.99 on account. Unit cost $2.55
March 28 Walmart received cash from the February 26th sale.
Required: 1.Journalize the above transactions in the General Journal document.
2.What is gross profit for March? 3.How many Sour Cream products remain in inventory?
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