Monty Home Electronics Corp. completed the following merchandising transactions in the month of July 2024. At...
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Monty Home Electronics Corp. completed the following merchandising transactions in the month of July 2024. At the beginning of July, Monty's ledger showed Cash $22,000; Accounts Receivable $9,900; Inventory $12,100; Common Shares $19.800; and Retained Earnings $24,200. Monty Home has experienced a return rate of 2% of sales and uses a perpetual inventory system. July 2 Sold merchandise on account to Home Security Ltd. for $9,900, terms n/45, FOB destination. The cost of the merchandise was $6,600. 2 Freight charges of $220 were paid by the appropriate party on the merchandise sold. 4 Purchased merchandise on account from Al Gadgets Inc. for $15,400, terms 2/10. n/30, FOB shipping point. 5 Freight charges of $550 were paid by the appropriate party on the merchandise purchased on July 4. 8 Collected $3,300 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. 9 Paid a $200 cash refund to customers for returned merchandise. The cost of the returned merchandise was $70. It was restored to inventory. Ou Ou Acco Vie Act Que Acco Que Acco 11 Received a $880 credit from Al Gadgets when merchandise was returned. 13 Sold merchandise to various customers for $7,700 cash. The cost of the merchandise was $2,200. 16 Purchased merchandise from Virtual Trainers Inc. for $13,200, terms n/30, FOB destination. 17 18 Freight of $220 was paid by the appropriate party on the July 16 purchase of merchandise. Paid Al Gadgets in full. Que Acco Monty Home Electronics Corp. completed the following merchandising transactions in the month of July 2024. At the beginning of July, Monty's ledger showed Cash $22,000; Accounts Receivable $9,900; Inventory $12,100; Common Shares $19.800; and Retained Earnings $24,200. Monty Home has experienced a return rate of 2% of sales and uses a perpetual inventory system. July 2 Sold merchandise on account to Home Security Ltd. for $9,900, terms n/45, FOB destination. The cost of the merchandise was $6,600. 2 Freight charges of $220 were paid by the appropriate party on the merchandise sold. 4 Purchased merchandise on account from Al Gadgets Inc. for $15,400, terms 2/10. n/30, FOB shipping point. 5 Freight charges of $550 were paid by the appropriate party on the merchandise purchased on July 4. 8 Collected $3,300 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. 9 Paid a $200 cash refund to customers for returned merchandise. The cost of the returned merchandise was $70. It was restored to inventory. Ou Ou Acco Vie Act Que Acco Que Acco 11 Received a $880 credit from Al Gadgets when merchandise was returned. 13 Sold merchandise to various customers for $7,700 cash. The cost of the merchandise was $2,200. 16 Purchased merchandise from Virtual Trainers Inc. for $13,200, terms n/30, FOB destination. 17 18 Freight of $220 was paid by the appropriate party on the July 16 purchase of merchandise. Paid Al Gadgets in full. Que Acco
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Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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