3. On November, Sicily Co. had an inventory of 15 heaters at a cost of $64...
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3. On November, Sicily Co. had an inventory of 15 heaters at a cost of $64 each. During November, the following transactions occurred. Nov 3 Nov 11 Nov 19 Nov 20 Nov 22 Nov 28 Nov 29 Nov 30 Nov 30 Purchased 655 heaters at $68 each from Sion, terms 2/15, net/45, FOB destination. Paid $550 for the freight charges. Sold 450 heaters costing $60 for $82 each to Jose Company, terms n/45, FOB destination. Paid $250 for the freight charges of Nov 19th transaction. Granted credit of $410 to Jose Company for the return of five heaters. Returned 8 heaters to Sion and received credit for the appropriate amount as there were defects. Paid the amount due to Sion. Received the amount due from Jose Company. Sold 50 heaters costing $60 for $92 each to Rossberg Co., terms n/45, FOB destination. (a) Journalise the November transactions using a perpetual inventory system. [12] 3. On November, Sicily Co. had an inventory of 15 heaters at a cost of $64 each. During November, the following transactions occurred. Nov 3 Nov 11 Nov 19 Nov 20 Nov 22 Nov 28 Nov 29 Nov 30 Nov 30 Purchased 655 heaters at $68 each from Sion, terms 2/15, net/45, FOB destination. Paid $550 for the freight charges. Sold 450 heaters costing $60 for $82 each to Jose Company, terms n/45, FOB destination. Paid $250 for the freight charges of Nov 19th transaction. Granted credit of $410 to Jose Company for the return of five heaters. Returned 8 heaters to Sion and received credit for the appropriate amount as there were defects. Paid the amount due to Sion. Received the amount due from Jose Company. Sold 50 heaters costing $60 for $92 each to Rossberg Co., terms n/45, FOB destination. (a) Journalise the November transactions using a perpetual inventory system. [12]
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Date Nov03 Inventory Accounts Payable To record Purchase Nov11 No Entry Nov19 Accoun... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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