Presented below are selected transactions for Brunton Business Solutions during April of the current year. Brunton...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Presented below are selected transactions for Brunton Business Solutions during April of the current year. Brunton Business Solutions uses a perpetual inventory system. April 1 Purchased merchandise on account from Grand Office Co. at a cost of $4,400, FOB shipping point, terms 1/15, n30. 1 Brunton Business Solutions sold $700 of merchandise to Captain Business Co. for cash that was paid immediately. The cost of sales was $350. 5 Returned for credit $400 of damaged goods purchased from Grand Office Co. on April 1. 12 Sold merchandise on account to Oshawa Fundamentals Corp. for $1150 terms 2/10, n30. The cost of sales was $500. 13 Paid for the purchase from Grand Office Co. on April 1, less the return on April 5th. 19 Issued Oshawa Fundamentals Corp a credit memo in the amount of $100 for incorrect merchandise. The merchandise was returned and put back into inventory (Cost $50). 21 Received payment from Oshawa Fundamentals Corp. for the April 12 sale less the return on the 19th Required: 1. Record the above transactions in the general journal provided on the following page. 2. Explanations are not required. Presented below are selected transactions for Brunton Business Solutions during April of the current year. Brunton Business Solutions uses a perpetual inventory system. April 1 Purchased merchandise on account from Grand Office Co. at a cost of $4,400, FOB shipping point, terms 1/15, n30. 1 Brunton Business Solutions sold $700 of merchandise to Captain Business Co. for cash that was paid immediately. The cost of sales was $350. 5 Returned for credit $400 of damaged goods purchased from Grand Office Co. on April 1. 12 Sold merchandise on account to Oshawa Fundamentals Corp. for $1150 terms 2/10, n30. The cost of sales was $500. 13 Paid for the purchase from Grand Office Co. on April 1, less the return on April 5th. 19 Issued Oshawa Fundamentals Corp a credit memo in the amount of $100 for incorrect merchandise. The merchandise was returned and put back into inventory (Cost $50). 21 Received payment from Oshawa Fundamentals Corp. for the April 12 sale less the return on the 19th Required: 1. Record the above transactions in the general journal provided on the following page. 2. Explanations are not required.
Expert Answer:
Answer rating: 100% (QA)
Date April 1 April 1 April 1 April 5 April 12 April 12 April 13 April 15 ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
Presented below are selected transactions of Pale Force Company. Pale Force sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise...
-
Presented below are selected transactions of Santos Company. Santos sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on...
-
Presented below are selected transactions of Menge Company. Menge sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account...
-
Determine whether the following taxpayers have gross income from the payment of their expenses: a. Julia's mother, Henrietta, is short of cash when it comes time to pay her property taxes. Julia pays...
-
Develop one or more control policies or procedures to alleviate the control weaknesses you identified in responding to Question 2. Data from Question 2 List the key internal control weaknesses that...
-
Rocket Man, Incorporated provided the following financial statement information for 2022: On January 1, 2022, Rocket Man changed its plant and equipment accounting for depreciation from the...
-
The standard state assigned for a thermodynamic property is (a) \(1 \mathrm{~atm}\) and \(273 \mathrm{~K}\) (b) \(1 \mathrm{~atm}\) and \(298 \mathrm{~K}\) (c) \(1 \mathrm{~atm}\) and \(300...
-
The owner of Bronx Restaurant is disappointed because the restaurant has been averaging 8,000 pizza sales per month, but the restaurant and wait staff can make and serve 10,000 pizzas per month. The...
-
Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash Accounts receivable, net $ 27,464 80,404 $ 31,779 56,181 $ 32,765 Merchandise inventory...
-
A spring with an unstrained length of 0.074 m and a spring constant of 2.4 N/m hangs vertically downward from the ceiling. A uniform electric field directed vertically upward fills the region...
-
Integrate along the following path.
-
After reading this article, what financial tips do you think you've learned from this? Discuss....
-
Sariah has just begun training for a half-marathon, which is 13.113.1 miles. Since she was on vacation, she started the training program later than the rest of her running club. There are 66 weeks of...
-
Anna wants to borrow $15,000 to buy a used sail boat. After looking at her financial situation, she realizes that she can only afford monthly payments of $300. The bank is offering financing at 6.1%....
-
Explain the strengths of Evergreen fibreboard company and Arauco company and associate the Evergreen Fibreboard company and Arauco company with a joint venture in manufacturing.||
-
Several countries in the European Economic Union (EU) have experienced difficulty paying their debts over the past decade. Greece almost defaulted (didn't make its monthly payments) during 2010 and...
-
You want your bank application to be generic enough and be able to satisfy the needs of all the banks with as few changes as possible. Consider the "Structural Patterns" for this assignment. For each...
-
A researcher reports a significant two-way between-subjects ANOVA, F(3, 40) = 2.96. State the decision to retain or reject the null hypothesis for this test.
-
The financial statements of The North West Company Inc. are presented in Appendix A followed by the financial statements for Sobeys Inc. in Appendix B. Instructions (a) Based on the information...
-
At the end of the year, Tunnel Mountain Resorts Ltd., a company that has a periodic inventory system, had the following account balances on its unadjusted trial balance: Inventory $75,000, Purchases...
-
Arrange the following accounts in their normal order in a chart of accounts: Accounts Payable, Accounts Receivable, Cash, Common Shares, Dividends Declared, Income Tax Expense, Prepaid Insurance,...
-
Describe what sexual harassment is and what forms it can take.
-
Discuss the employment-at-will doctrine.
-
Describe what is meant by retaliatory and constructive discharge and how to defend a claim for unfair discharge.
Study smarter with the SolutionInn App