Assume the following transactions for Jennifers Fix-It-Up, Inc., took place during March. Jennifers uses a perpetual inventory
Question:
Assume the following transactions for Jennifer’s Fix-It-Up, Inc., took place during March. Jennifer’s uses a perpetual inventory system. Enter each of the transactions into the accounting equation.
March 3 Purchased televisions from Sanyo on account at a total cost of $650,000, terms 2/10, n/25
March 8 Paid freight of $1,000 on televisions purchased from Sanyo
March 16 Returned televisions to Sanyo because they were damaged. Received a credit of $15,000 from Sanyo.
March 22 Sold televisions costing $125,000 for $225,000 to Joe’s Sports Bar & Grille on account, terms n/15
March 28 Gave a credit of $2,800 to Joe’s Sports Bar & Grille for the return of a television not ordered. Jennifer’s cost was $1,600.
Step by Step Answer:
Total Assets March 03 650000 Inventory March 08 1000 Cash 1000 Inventory March 16 ...View the full answer
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
