Using the information in Problem 3B, complete the requirements assuming a periodic inventory system
In Problem 3B,
Duncan Industries completed these transactions during July 2014. The terms of all credit sides tire 2/10, n/30
July 1 Purchased merchandise on credit from Beech Company, invoice dated June 30, terms 2/10, n/30, $14,500.
3 Issued cheque #300 to The Weekly journal for advertising expense, $1,075.
5 Sold merchandise on credit to Karen Harden, invoice #918, $35,000. Cost, $19,250
6 Sold merchandise on credit to Paul Kane, invoice #919, $16,000. Cost, $8,800
7 Purchased store supplies on credit from Blackwater Inc., $2,300. Invoice dated July 7, terms n/10 EOM.
8 Received a $300 credit memorandum from Blackwater Inc. for store supplies received on July 7 and returned for credit.
9 Purchased store equipment on credit from Poppe's Supply, invoice dated July 8, terms n/10 EOM, $72,500.
10 Issued cheque #301 to Beech Company in payment of its June 30 invoice.
13 Sold merchandise on credit to Kelly Grody, invoice #920, $1 7,200. Cost, $9,460
14 Sold merchandise on credit to Karen Harden, invoice #921, $8,200. Cost, $4,500
15 Received payment from Karen Harden for the July 5 sale.
15 Issued cheque #302, payable to Payroll, in payment of the sales salaries for the first half of the month, $60,400. For simplicity, we assume one cheque.
15 Cash sales for the first half of the month were $242,740. Cost, $1 33,500, Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions.