At the beginning of June 2017, Sheffield Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,900,...
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At the beginning of June 2017, Sheffield Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,900, and D. Sheffield, Capital, $22,900. During the month of June, the company had the following selected transactions: June 1 Purchased $8,830 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination. 2 The correct company paid $240 cash for freight charges on the June 1 purchase. 5 Sold merchandise inventory to Moose Jaw Retailers for $11,000. The cost of the merchandise was $7,800 and the terms were 2/10, n/30, FOB destination. 6 Issued a $830 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $560 and was returned to inventory. 6 The correct company paid $290 freight on the June 5 sale. 7 Purchased $820 of supplies for cash. 10 Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $120 freight costs on the purchase from Fey Wholesalers. 12 Received a $320 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,500 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $520 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $325. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,300, terms n/30, FOB shipping point. Sheffield's cost for this merchandise was $2,800. A physical inventory count shows $3,800 of inventory on hand on June 30, 2017. Record the transactions assuming Sheffield uses a periodic inventory system. (Credit account titles are automatically indented when the Set up general ledger accounts for merchandise inventory and all of the temporary accounts used in the merchandising transactions. Enter beginning balances, and post the transactions. Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) At the beginning of June 2017, Sheffield Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,900, and D. Sheffield, Capital, $22,900. During the month of June, the company had the following selected transactions: June 1 Purchased $8,830 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination. 2 The correct company paid $240 cash for freight charges on the June 1 purchase. 5 Sold merchandise inventory to Moose Jaw Retailers for $11,000. The cost of the merchandise was $7,800 and the terms were 2/10, n/30, FOB destination. 6 Issued a $830 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $560 and was returned to inventory. 6 The correct company paid $290 freight on the June 5 sale. 7 Purchased $820 of supplies for cash. 10 Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $120 freight costs on the purchase from Fey Wholesalers. 12 Received a $320 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,500 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $520 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $325. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,300, terms n/30, FOB shipping point. Sheffield's cost for this merchandise was $2,800. A physical inventory count shows $3,800 of inventory on hand on June 30, 2017. Record the transactions assuming Sheffield uses a periodic inventory system. (Credit account titles are automatically indented when the Set up general ledger accounts for merchandise inventory and all of the temporary accounts used in the merchandising transactions. Enter beginning balances, and post the transactions. Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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