Journalize the following transactions that occurred in September 2018 for Water Works, assuming the perpetual inventory...
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Journalize the following transactions that occurred in September 2018 for Water Works, assuming the perpetual inventory system is being used. No explanatio needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Water Works estimates sales returns at the end of each (Record debits first, then credits. Exclude explanations from journal entries) (Click the icon to view the transactions) Sep. 3: Purchased merchandise inventory on account from Sidecki Wholesalers $5.200. Terms 1/15, n/EOM. FOB shipping point Date Accounts Credit Sep 3 More Info Sep. Debit 3 Purchased merchandise inventory on account from Sidecki Wholesalers. $5.200 Terms 1/15, nEOM, FOB shipping point 4 Paid freight bill of $45 on September 3 purchase. 4 Purchase merchandise inventory for cash of $1,500. 6 Returned $900 of inventory from September 3 purchase. 8 9 Sold merchandise inventory to Hilton Company, $6.300, on account. Terms 2/15, 35. Cost of goods, $2.583. Purchased merchandise inventory on account from Tex Wholesalers, $7,500 Terms 2/10, 1/30, FOB destination 10 12 Received payment from Hilton Company, less discount 13 After negotiations, received a $300 allowance from Tex Wholesalers 15 Made payment to Sidecki Wholesalers for goods purchased on September 3, less return and discount Sold merchandise inventory to Jeeves Company: $2.900, on account Terms nEOM. Cost of goods, $1,334. 22 Made payment, less allowance, to Tex Wholesalers for goods purchased on September 9. 23 Jeeves Company returned $800 of the merchandise sold on September 15. Cost of goods, $368 25 Sold merchandise inventory to Smede for $2,100 on account that cost $903. Terms of 1/10, n/30 was offered FOB shipping point. As a courtesy to Smede, $85 of freight was added to the invoice for which cash was paid by Water Works Received payment from Smede, less discount 29 30 Received payment from Jeeves Company, less retur Print Done Journalize the following transactions that occurred in September 2018 for Water Works, assuming the perpetual inventory system is being used. No explanatio needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Water Works estimates sales returns at the end of each (Record debits first, then credits. Exclude explanations from journal entries) (Click the icon to view the transactions) Sep. 3: Purchased merchandise inventory on account from Sidecki Wholesalers $5.200. Terms 1/15, n/EOM. FOB shipping point Date Accounts Credit Sep 3 More Info Sep. Debit 3 Purchased merchandise inventory on account from Sidecki Wholesalers. $5.200 Terms 1/15, nEOM, FOB shipping point 4 Paid freight bill of $45 on September 3 purchase. 4 Purchase merchandise inventory for cash of $1,500. 6 Returned $900 of inventory from September 3 purchase. 8 9 Sold merchandise inventory to Hilton Company, $6.300, on account. Terms 2/15, 35. Cost of goods, $2.583. Purchased merchandise inventory on account from Tex Wholesalers, $7,500 Terms 2/10, 1/30, FOB destination 10 12 Received payment from Hilton Company, less discount 13 After negotiations, received a $300 allowance from Tex Wholesalers 15 Made payment to Sidecki Wholesalers for goods purchased on September 3, less return and discount Sold merchandise inventory to Jeeves Company: $2.900, on account Terms nEOM. Cost of goods, $1,334. 22 Made payment, less allowance, to Tex Wholesalers for goods purchased on September 9. 23 Jeeves Company returned $800 of the merchandise sold on September 15. Cost of goods, $368 25 Sold merchandise inventory to Smede for $2,100 on account that cost $903. Terms of 1/10, n/30 was offered FOB shipping point. As a courtesy to Smede, $85 of freight was added to the invoice for which cash was paid by Water Works Received payment from Smede, less discount 29 30 Received payment from Jeeves Company, less retur Print Done
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Solution Date Sep03 Sep04 Sep04 Merchandise Inventory Cash Sep08 Sep06 Accounts Payable Sep09 Sep10 ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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