Certain merchandising transactions for Yule Park Gifts are listed below. November 2: Purchased 110 souvenir calendars at
Question:
Certain merchandising transactions for Yule Park Gifts are listed below.
November 2: Purchased 110 souvenir calendars at $9 each from Aloha Co. for cash
Nov 4: Paid shipping costs $38 for the souvenir calendars order.
Nov 5: Returned six calendars to Aloha for $56 (including shipping) because of printing errors.
Nov 10: Sold 30 souvenir calendars (costing $280 in total including shipping) for $14 each for cash.
Nov 20: Sold 40 additional souvenir calendars (costing 373 in total including shipping) for $14 each for cash.
Nov 27: Granted credit of $28 for two returned calendars which were defective on their printing.
Prepare journal entries for each transaction using
perpetual inventory accounting,
periodic inventory accounting.
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta