Vancouver Canucks Co. (VCC) sels hockey bags to merchandisers. As at November 30, 2020, VCC's inventory...

 

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Vancouver Canucks Co. (VCC) sels hockey bags to merchandisers. As at November 30, 2020, VCC's inventory consisted of $3,000 of hockey bags. VCC uses a perpetual inventory system. During the month of December, the following transactions Qu occurred: t of Date Transaction Dec 2 Purchased bags that cost $3,000 in total from Calgary Flames Co. Terms of the purchase were 2/10, n/30 11 16 Returned $240 worth of bags to Calgary Flames Co. because they were damaged 3) Finish Sold bags worth $4,200 on account to Winnipeg Jets Co with terms 2/15, n/45 The cost of the bags was $2,400. VCC expects that 5% of the total sale will be returned. 6. Time le Winnipeg Jets Co. did not like all of the bags and returned 5% of their purchase. The bags were returned to inventory 7. 6. Sold additional bags to Winnipeg Jets Co., on acount, terms 2/15, n/45, for $400. The cost of these bags was $200. These were sold "final sale' and therefore no returns are expected 11 Paid Calgary Flames Co. the balance owing Sold bags to Maple Leafs Co for $2,000 on account, terms 2/15, n30. The cost of the bags was $1,200 it is expected that 2N of the total sale wil be returned 13 15 Purchased bags that cost $4,340 from Wayne Gretzky Co, terms n45 Maple Leafs Co. retumed 2% of their purchase. VCC determined the goods were damaged, could not be recycled, and therefore sent them to the recyciers 18 120 Received payment for the full amount owing from Winnipeg Jets Co. Required: Record the December transactions for Vancouver Canucks Co. Note - round transactions to the nearest whole dollar (For example, $12.49 = $12, or $12.50 = $13). Journal entry descriptions are NOT required, Vancouver Canucks Co. (VCC) sels hockey bags to merchandisers. As at November 30, 2020, VCC's inventory consisted of $3,000 of hockey bags. VCC uses a perpetual inventory system. During the month of December, the following transactions Qu occurred: t of Date Transaction Dec 2 Purchased bags that cost $3,000 in total from Calgary Flames Co. Terms of the purchase were 2/10, n/30 11 16 Returned $240 worth of bags to Calgary Flames Co. because they were damaged 3) Finish Sold bags worth $4,200 on account to Winnipeg Jets Co with terms 2/15, n/45 The cost of the bags was $2,400. VCC expects that 5% of the total sale will be returned. 6. Time le Winnipeg Jets Co. did not like all of the bags and returned 5% of their purchase. The bags were returned to inventory 7. 6. Sold additional bags to Winnipeg Jets Co., on acount, terms 2/15, n/45, for $400. The cost of these bags was $200. These were sold "final sale' and therefore no returns are expected 11 Paid Calgary Flames Co. the balance owing Sold bags to Maple Leafs Co for $2,000 on account, terms 2/15, n30. The cost of the bags was $1,200 it is expected that 2N of the total sale wil be returned 13 15 Purchased bags that cost $4,340 from Wayne Gretzky Co, terms n45 Maple Leafs Co. retumed 2% of their purchase. VCC determined the goods were damaged, could not be recycled, and therefore sent them to the recyciers 18 120 Received payment for the full amount owing from Winnipeg Jets Co. Required: Record the December transactions for Vancouver Canucks Co. Note - round transactions to the nearest whole dollar (For example, $12.49 = $12, or $12.50 = $13). Journal entry descriptions are NOT required,

Answer rating: 100% (QA)

Date Particulars Dr Cr Dec2 Inventory Ac Dr To Accounts pa... View the full answer