The following transactions took place at Grow-Right Garden Center during June 20X1. Grow-Right Garden Center uses a
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The following transactions took place at Grow-Right Garden Center during June 20X1. Grow-Right Garden Center uses a perpetual inventory system. Record the transactions in a general journal. Use 10 as the page number for the general journal.
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Assume 20 lawn mowers were purchased from Mow Down Corporation on June 1. What was the average cost per lawn mower?
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DATE 20X1 June 1 5 7 9 10 15 TRANSACTIONS Purchased lawn mowers for $6,080 plus a freight charge of $320 from Mow Down Corporation, Invoice 201, dated June 1; the terms are 2/10, n/30. Sold garden supplies on account to Art Garcia, terms 1/10, n/30; issued Sales Slip 888 for $1,500. The cost of the merchandise sold was $750. Received Credit Memorandum 310 for $550 from Mow Down Corporation for defective lawn mowers returned; the goods were purchased on Invoice 201, dated June 1. Accepted a return of various garden supplies from Art Garcia; the items were originally sold on Sales Slip 888 of June 5. Issued Credit Memorandum 89 for $200. The cost of the returned items was $100. Issued Check 1555 to pay the amount due to Mow Down Corporation for Invoice 201, dated June 1, less the return of June 7 and less the cash discount. Received payment from Art Garcia for the sale of June 5, less the return of June 9 and less the cash discount.
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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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