At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 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 $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 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 $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 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 $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 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 $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B
Expert Answer:
Answer rating: 100% (QA)
Journal Entries 8 Date Account titles andExplamation Debit c... View the full answer
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
Posted Date:
Students also viewed these accounting questions
-
At the beginning of June 2017, Willingham Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $5,900, and D. Willingham, Capital, $23,900. During the month of June, the company...
-
The following chart was prepared at the beginning of a HRM (Human Resource Management) crash hiring project. The project begins with two activities: Assemble interview team (A) and Budget resources...
-
The inventory for BCS, Inc. at the beginning of the year was $158,752,000. During the year, the company purchased $5,731,600,300 of inventory. At the year-end, the value of inventory, after...
-
DAT, Inc., needs to develop an aggregate plan for its product line. Relevant data are The forecast for next year is Management prefers to keep a constant workforce and production level, absorbing...
-
Top managers of Manion Industries predicted the following years sales of 145,000 units of its product at a unit price of $8. Actual sales for the year were 140,000 units at $9.50 each. Variable...
-
DeTurris Office Supplies presently carries reams of printer paper in three different grades: recycled, satin white, and glossy white. Three wholesalers offer special purchase packages consisting of...
-
Find an example of a spaghetti plot and click on the image. You can answer the following questions using either the default variables and cases, or else use the menu on the left to select variables...
-
Which type of unemployment would be affected with the following changes? Would it go up or down? a. Increased employment benefits b. Heavy snowfall in Minnesota c. Online job search becomes more...
-
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses...
-
Complete the statement of cash flow for January through June on the CashFlow worksheet by completing the following tasks. As part of the process, you will need to use a circular reference. You will...
-
A single-phase motor takes 8.3 A at a power factor of 0.866 lagging when connected to a 230 V, 50 Hz supply. Two similar capacitors are connected in parallel with each other to form a capacitance...
-
Which of the following statements are true? A. Oracle database licenses are free in OCI. B. On-premises Oracle database licenses may be used on OCI. C. Oracle database licenses are not required on...
-
What teaching methods most effectively motivate elementary school students to successfully accomplish academic tasks?
-
How do psychologists study the degree to which development is an interaction of hereditary and environmental factors?
-
What are the advantages of the government reporting on a modified accrual or accrual basis compared to a cash flow basis?
-
Chan Can Corporation (CCC), a Canadian corporation, engaged in the following transactions in late 2004 and early 2005: Required: Prepare journal entries for these transactions, including any...
-
Compute the summation. 0 j=0 (j+1).2 (0+1)(2^1) = 2 (1+1)(2^0) = 1 (1 + 1)(2^1) = 4 (0+1)(2^0) = 1
-
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
-
Presented below is information from the statements of owner's equity for Kerkan Consulting for the first three years of operation. Determine the missing amounts: 2015 2016 2017 $ 0 $68,000 (c) J....
-
The partial trial balance for Wildwood Company is presented in BE3-15. The balance in D. Wood, Capital is the balance as of January 1. Prepare a statement of owner's equity for the year assuming...
-
The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30, 2017: Instructions Prepare a trial balance at June 30, sorting each account into the debit or...
-
How does the firms WACC (with taxes) change with leverage?
-
Assume that Microsoft has no debt, a total market value of $2 trillion, and a marginal tax rate of 21%. If it permanently changes its leverage from no debt by taking on new debt in the amount of 13%...
-
In your view does transport add value in the supply chain?
Study smarter with the SolutionInn App