Could you give me the entry to these...?

Question

Jan 8 Purchase land and building with a lump sup price of 2,000,000. 45% of which will be allocated to the building.

Jan 9 Purchased 10,000 units of merchandise (CD) at $100 unit price (Cash Basis). Freight charges to this purchase amounts to P1,000.

Jan 21 Sold 4000 units CD at $330 per CD.(Periodic Method)

Feb 5 Sold 3,300 CDs at $350 per CD on Account.

Feb 10 Issued credit memo for the 100 units of merchandise returned to the sales on Feb 5.

Feb 14 Returned the merchandise received on Feb 10 to the supplier. This is related to the purchase on Jan 9.

Feb 23 Sold units of CDs at $290 unit price. (10% on cash basis and the remainder on account).

Please explain to me why....

Thanks....

Answer 1

Jan 8 Purchase land and building with a lump sum price of $2,000,000. 45% of which will be allocated to the building.
Dr Land 1,100,000
Dr Building 900,000
Cr Cash/Bank loan (whatever) 2,000,000

Jan 9 Purchased 10,000 units of merchandise (CD) at $100 unit price (Cash Basis). Freight charges to this purchase amounts to P1,000.
Dr Merchandise inventory 1,001,000
Cr Cash 1,001,000
(10,000 units x $100 plus freight of $1,000. Inwards freight is part of purchases)

Jan 21 Sold 4000 units CD at $330 per CD.(Periodic Method)
Dr Cash 1,320,000
Cr Sales 1,320,000

Feb 5 Sold 3,300 CDs at $350 per CD on Account.
Dr Accounts receivable 1,155,000
Cr Sales 1,155,000

Feb 10 Issued credit memo for the 100 units of merchandise returned to the sales on Feb 5.
Dr Sales returns and allowances 35,000
Cr Accounts receivable 35,000

Feb 14 Returned the merchandise received on Feb 10 to the supplier. This is related to the purchase on Jan 9.
Dr Cash 10,000
Cr Merchandise inventory 10,000
(I don't think the freight co. will refund freight, so you'd only get a refund on the 100 CDs)

Feb 23 Sold ? units of CDs at $290 unit price. (10% on cash basis and the remainder on account).
Dr Cash ? (10% of sales)
Dr Accounts receivable ? (90% of sales)
Cr Sales ? (no. of units x $290)
(You didn't mention how many units were sold)