Sarahs Card and Supplies Shop is a retail card, novelty, and business supply store. Sarahs Card and
Question:
Sarah’s Card and Supplies Shop is a retail card, novelty, and business supply store. Sarah’s Card and Supplies Shop commenced business on April 1, 20X1. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during April 20X1 follow:
INSTRUCTIONS
Record the transactions in a general journal. Use 1 as the journal page number.
Analyze:
Assume 500 cards were received from Victoria’s Cards & Novelties on April 22. What was the cost per card?
Transcribed Image Text:
DATE 20X1 April 2 8 9 12 17 22 23 25 27 30 TRANSACTIONS Purchased copy paper for $2,400 plus a freight charge of $200 from Packing and Mailing Center, Invoice 3772, terms n/30. Purchased assorted holiday gift cards for $1,500 from Special Occasion Cards, Invoice 9516; terms 1/10, n/30. Received Credit Memorandum 155 for $250 from Packing and Mailing Center for return of copy paper that was water damaged. The copy paper was originally purchased April 2 on Invoice 3772. Purchased five boxes of novelty items for $1,400 from Victoria's Cards & Novelties, Invoice 4901, terms n/30. Issued Check 105 to Special Occasion Cards in payment of Invoice 9516, dated April 8, less the cash discount. Purchased tray of cards for $800 from Victoria's Cards & Novelties, Invoice 4921, terms n/30. Purchased supply of forms from Business Forms, Inc., for $2,200 plus shipping charges of $100 on Invoice 2020, terms n/30. Received Credit Memorandum 225 for $150 from Victoria's Cards & Novelties for return of defective cards; the cards were originally purchased April 22 on Invoice 4921. Purchased toner and other office supplies for $3,775 plus a freight charge of $125 from Business Forms, Inc., Invoice 2029, terms n/30. Issued Check 111 to Packing and Mailing Center in payment of Invoice 3772 of April 2, less the return of April 9.
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The cost per card was 160 The cost per card can be calc...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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