Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine...
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Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perpetual inventory system. Alpine Tours estimates a return rate of 5% based on past experience. Sept. 2 Purchased equipment on account for $62,300, terms n/30, FOB destination. Freight charges of $960 were paid by the appropriate party on the September 2 purchase of equipment. Purchased supplies for $4,400 cash. 6 Purchased inventory on account from Winterholt Company at a cost of $68,300, terms 1/15, n/30, FOB shipping point. Freight charges of $1,800 were paid by the appropriate party on the September 6 inventory purchase. Returned damaged goods costing $4,900 that were originally purchased from Winterholt Company on September 6. Received a credit on account. 3 4 7 8 9 10 17 20 21 22 23 28 Sold goods costing $14,300 to Fischer Limited for $21,400 on account, terms n/30, FOB destination. Freight charges of $410 were paid by the appropriate party on the September 9 sale of inventory. Received the balance due from Fischer. Paid Winterholt Company the balance due. Purchased inventory for $6,000 cash. Sold inventory costing $21,600 to Kun-Tai Inc. for $24,300 on account, terms n/30, FOB shipping point. Freight charges of $400 were paid by the appropriate party on the September 22 sale of inventory. Kun-Tai returned goods sold for $1,100 that cost $760. The merchandise was restored to inventory. Required Prepare journal entries Determine Alpine Tours's sales and cost of goods sold for September Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perpetual inventory system. Alpine Tours estimates a return rate of 5% based on past experience. Sept. 2 Purchased equipment on account for $62,300, terms n/30, FOB destination. Freight charges of $960 were paid by the appropriate party on the September 2 purchase of equipment. Purchased supplies for $4,400 cash. 6 Purchased inventory on account from Winterholt Company at a cost of $68,300, terms 1/15, n/30, FOB shipping point. Freight charges of $1,800 were paid by the appropriate party on the September 6 inventory purchase. Returned damaged goods costing $4,900 that were originally purchased from Winterholt Company on September 6. Received a credit on account. 3 4 7 8 9 10 17 20 21 22 23 28 Sold goods costing $14,300 to Fischer Limited for $21,400 on account, terms n/30, FOB destination. Freight charges of $410 were paid by the appropriate party on the September 9 sale of inventory. Received the balance due from Fischer. Paid Winterholt Company the balance due. Purchased inventory for $6,000 cash. Sold inventory costing $21,600 to Kun-Tai Inc. for $24,300 on account, terms n/30, FOB shipping point. Freight charges of $400 were paid by the appropriate party on the September 22 sale of inventory. Kun-Tai returned goods sold for $1,100 that cost $760. The merchandise was restored to inventory. Required Prepare journal entries Determine Alpine Tours's sales and cost of goods sold for September
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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