Question

Dixon Company experienced the following transactions during the month of November 2010:
3 Purchased $ 90,200 in merchandise from Maris Manufacturing Company; terms 2 10, n 30, FOB shipping point.
11 Paid $ 350 freight charges to Intercontinental Transit for merchandise purchased from Maris Manufacturing Company on November 3.
15 Bought inventory items totaling $ 65,400 from Massoth, Inc.; terms 2 10, n 30, FOB destination.
20 Returned $ 8,000 ( gross price) of merchandise to Massoth, Inc.
25 Sent amount due to Massoth, Inc.
28 Paid Maris Manufacturing Company amount due for inventory items purchased on November 3.
Required
A. Make the journal entries to record the events assuming Dixon Company uses the perpetual inventory system and the net price method for recording inventory.
B. Make the journal entries to record the events assuming Dixon Company uses the perpetual inventory system and the gross price method for recording inventory.
C. Make the journal entries to record the events assuming Dixon Company uses the periodic inventory system and the net price method for recording inventory.
D. Make the journal entries to record the events assuming Dixon Company uses the periodic inventory system and the gross price method for recording inventory.


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  • CreatedMarch 25, 2015
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