Suppose Winter Wind Air Conditioner Company engaged in the folowing transactions during June of the current...
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Suppose Winter Wind Air Conditioner Company engaged in the folowing transactions during June of the current year: O (Cick the loon to view the transactions) Requirement Journalize the transacions. Assume Winter Wind uses a perpetual invenlory systern. The company esimates sales returns at the end of each month. (Record debits first, then credits. Select the explanation on the last line of the juurnal entry lable. Assume the compeny uses the net amcunt lo recurd saies.) Jun. 3: Purchased iventory on account with credit lerms of 3/10, nEOM, $2,000. O More Info Date Accounts and Explanation Debit Credit Jun. 3 Jun. 3 Purchased inventory on account with credit terms of 3/10, VEOM, 52,000. 9 Returned 30% of the inventory purchased on June 3. It was defective. 12 Sold goods for cash, $980 (cost, $588) 15 Purchased goods for $3..000 on acceunt. Credit terms were 3/15, oa0 16 Paid a 5150 freight bill on goods purchased. 17 Sold imventory for $4,500 cash (cost S3,420) 18 Sold imventory for $2,400 on account with credit terms of 210, n/30 (cost, $1,440). Jun. 9: Returned 30% of the inventery purchased on June 3. It was delective. 22 Recelved retumed goods from the customer of the June 17 sale, $1,200 (cost, $720) 24 Paid supplier for goods purchased on June 15. Date Accounts and Explanation Debit Credit Jun. 9 d cash in full settlement of the account from the customer who purchased inventory 20 Received on June 18. 29 Paid the amount owed an account from the purchase of June 3. 30 The company estimated that $450 of merchandise sold will be returned with a cost of $220. Print Done Jun. 12: Sold goods for cash, $980 (cost. 5588). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the folowing step Date Accounts and Explanation Debit Credit Jun. 12 Now joumalize the expense reiated to the June 12 sale-Sold goods for cash, 5980 (cost. 5588). Date Accounts and Explanation Debit Credit Jun. 12 Jun. 15: Purchased goods for $3,000 an account. Credit tems were 3/15, n/30. Date Accounts and Explanation Debit Credit Jun. 15 Jun. 16: Paid a $150 fraight bil an goods purchaned. Date Accounts and Explanation Debit Credit Jun. 16 Jun. 17: Sold invantory for $4,500 cash (cost, $3,420). Begin by preparing the antry to jaurnalize the sale portian at the transaction. Do not necord the expensa ralated to the sala. Wa will da that in the folowing step Date Accounts and Explanation Debit Credit Jun. 17 Suppose Winter Wind Air Conditioner Company engaged in the folowing transactions during June of the current year: O (Cick the loon to view the transactions) Requirement Journalize the transacions. Assume Winter Wind uses a perpetual invenlory systern. The company esimates sales returns at the end of each month. (Record debits first, then credits. Select the explanation on the last line of the juurnal entry lable. Assume the compeny uses the net amcunt lo recurd saies.) Jun. 3: Purchased iventory on account with credit lerms of 3/10, nEOM, $2,000. O More Info Date Accounts and Explanation Debit Credit Jun. 3 Jun. 3 Purchased inventory on account with credit terms of 3/10, VEOM, 52,000. 9 Returned 30% of the inventory purchased on June 3. It was defective. 12 Sold goods for cash, $980 (cost, $588) 15 Purchased goods for $3..000 on acceunt. Credit terms were 3/15, oa0 16 Paid a 5150 freight bill on goods purchased. 17 Sold imventory for $4,500 cash (cost S3,420) 18 Sold imventory for $2,400 on account with credit terms of 210, n/30 (cost, $1,440). Jun. 9: Returned 30% of the inventery purchased on June 3. It was delective. 22 Recelved retumed goods from the customer of the June 17 sale, $1,200 (cost, $720) 24 Paid supplier for goods purchased on June 15. Date Accounts and Explanation Debit Credit Jun. 9 d cash in full settlement of the account from the customer who purchased inventory 20 Received on June 18. 29 Paid the amount owed an account from the purchase of June 3. 30 The company estimated that $450 of merchandise sold will be returned with a cost of $220. Print Done Jun. 12: Sold goods for cash, $980 (cost. 5588). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the folowing step Date Accounts and Explanation Debit Credit Jun. 12 Now joumalize the expense reiated to the June 12 sale-Sold goods for cash, 5980 (cost. 5588). Date Accounts and Explanation Debit Credit Jun. 12 Jun. 15: Purchased goods for $3,000 an account. Credit tems were 3/15, n/30. Date Accounts and Explanation Debit Credit Jun. 15 Jun. 16: Paid a $150 fraight bil an goods purchaned. Date Accounts and Explanation Debit Credit Jun. 16 Jun. 17: Sold invantory for $4,500 cash (cost, $3,420). Begin by preparing the antry to jaurnalize the sale portian at the transaction. Do not necord the expensa ralated to the sala. Wa will da that in the folowing step Date Accounts and Explanation Debit Credit Jun. 17
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03Jun Purchase Ac Inventory Ac 220000 To Accounts Payable 220000 09Jun Accounts Payable 66000 To ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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