At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B At the beginning of June 2021, Swifty Distributing Company's ledger showed Cash $17.000, Merchandise Inventory $5,800, and D. Swifty, Capital $22,800. During the month of June, the company had the following selected transactions: June Purchased $8.800 of merchandise inventory from Sun Supply Co, terms 1/15, n/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Modke Jaw Retailers. The merchandise originally cost $511 and was returned to inventory. 6 6. The correct company paid $290 freight on the June 5 sale. 7. Purchased $840 of supplies for cash. 10 Purchased $4,250 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,200 cash. The cost of this merchandise was $4,500. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $480 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $300. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer & Company for $4,100, terms n/30, FOB shipping point. Swifty's cost for this merchandise. was $2,800. Record the transactions assuming Swifty uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) MacBook Pro (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) MacBook Pro (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) MacBook Pro (Paymert on account (To record cash retund for goods turmed (Torecad sales on a t (To record costef aodsoid AttemptaOuf ued Suh A MacBook Pro 7. Y G K H. C N M command option V- 30 1B
Expert Answer:
Answer rating: 100% (QA)
Journal Entries 8 Date Account titles andExplamation Debit c... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
At the beginning of June 2017, Willingham Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $5,900, and D. Willingham, Capital, $23,900. During the month of June, the company...
-
The following chart was prepared at the beginning of a HRM (Human Resource Management) crash hiring project. The project begins with two activities: Assemble interview team (A) and Budget resources...
-
The inventory for BCS, Inc. at the beginning of the year was $158,752,000. During the year, the company purchased $5,731,600,300 of inventory. At the year-end, the value of inventory, after...
-
DAT, Inc., needs to develop an aggregate plan for its product line. Relevant data are The forecast for next year is Management prefers to keep a constant workforce and production level, absorbing...
-
Refer to Exercise and prepare the appropriate journal entries for Radica Co. to record the May 5 purchase and each of the three separate transactions a through c. Radica is a retailer that uses a...
-
Solve, finding all solutions. Express the solutions in both radians and degrees. sin x 3 2
-
Green Gnome Ltd produces garden fertilisers. The fertilisers are made into pellets which are sold in 5-kilogram packets. The fertilisers are based on a basic mix of minerals and nutrients that make...
-
You are the manager of a local bank where three tellers provide services to customers. On average, each teller takes three minutes to serve a customer. Customers arrive, on average, at a rate of 50...
-
Customer Service SL is a company dedicated to providing telephone services and customer service to other telephone companies. Its headquarters are located in an industrial estate on the outskirts of...
-
Dry methane is supplied by a compressor and precooling system to the cooler of a Linde liquid-methane system (Fig. 9.6) at 180 bar and 300 K. The low -pressure methane leaves the cooler at a...
-
4. Prepare a multiple-step income statement for the period ended January 31, 2024. BIG BLAST FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024 Total operating expenses...
-
Write a library of static methods RawPicture with read() and write() methods for saving and reading pictures from a file. The write() method takes a Picture and the name of a file as arguments and...
-
Describe what happens if you apply binary search to an unordered array. Why shouldn't you check whether the array is sorted before each call to binary search? Could you check that the elements binary...
-
Create a data type Chemi ca1Element for entries in the Periodic Table of Elements. Include data-type values for element, atomic number, symbol, and atomic weight, and accessor methods for each of...
-
Develop profiling strategies for sound and pictures, and use them to discover interesting similarities among songs in the music library and photos in the photo album on your computer.
-
Add to Graph a method degree() that takes a string argument and returns the degree of the specified vertex. Use this method to find the performer in the file movies. txt who has appeared in the most...
-
A certain radioactive isotope is a by - product of some nuclear reactors. Due to an explosion, a nuclear reactor experiences a massive leak of this radioactive isotope. Fortunately, the isotope has a...
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
Presented below is information from the statements of owner's equity for Kerkan Consulting for the first three years of operation. Determine the missing amounts: 2015 2016 2017 $ 0 $68,000 (c) J....
-
The partial trial balance for Wildwood Company is presented in BE3-15. The balance in D. Wood, Capital is the balance as of January 1. Prepare a statement of owner's equity for the year assuming...
-
The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30, 2017: Instructions Prepare a trial balance at June 30, sorting each account into the debit or...
-
The two transistors in Figure P32.26 are connected to each other by wires and also connected to input wires at terminals \(\mathrm{A}\) and \(\mathrm{B}\). The output of this combination depends on...
-
Is the light bulb in Figure P32.27 lit? Data from Figure P32.27 (e)
-
Which circuit in Figure P32.25 produces the greatest current in the emitter? Data from Figure P32.25 A B n-type p-type n-type n-type p-type n-type C n-type p-type n-type HHHHH
Study smarter with the SolutionInn App