Question

Piesik Company had the following transactions during May 2010:
3 Purchased direct materials from Holtman Company, $ 8,600; terms 1 10, n 30, FOB destination.
10 Purchased direct materials from Lambson Company with a price of $ 7,200; terms n 30, FOB shipping point.
12 Paid Holtman Company for the purchase of May 3.
13 Paid $ 150 freight and $ 60 for insurance on shipment from Lambson Company.
15 Returned $ 1,000 list prices of direct materials purchased from Lambson Company because the items were damaged.
16 Purchased direct materials from Allan Company for $ 8,300; terms 2 10, n 60, FOB destination.
28 Paid Allan Company the amount due on the purchase of May 16.
Required
A. Make the journal entries to record these events assuming Piesik uses the perpetual inventory sys-tem and the gross price method to record purchases.
B. Make the journal entries to record these events assuming Piesik uses the perpetual inventory system and the net price method to record purchases.
C. Make the journal entries to record these events assuming Piesik uses the periodic inventory system and the gross price method to record purchases.
D. Make the journal entries to record these events assuming Piesik uses the periodic inventory system and the net price method to record purchases.


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  • CreatedMarch 25, 2015
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