Question: Could i get help with those 3 problems I've been stuck on them all day. this is Probably why I'm not even understanding the question


During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,800 from Green with terms 2/10, n/30. 6 Purchased goods from Munoz for $1,200 with terms 2/10, n/30. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $650 from Reynolds with terms 2/10, n/30. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Cost of Inventory During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $2,600 from Green with terms 2/10, 1/30. 6 Purchased goods from Munoz for $2,300 with terms 2/10,n/30. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $1,050 from Reynolds with terms 2/10, 1/45. Required: Prepare journal entries to record the transactions, assuming Axe uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) os View transaction list During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: Sold goods for $260 to Wizard Inc. with terms 2/10,n/30. The goods cost Jan. 6 Solitare $78. Sold goods to Spyder Corp. for $104 with terms 1/10, 1/30. The goods cost 6 Solitare $68. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from Spyder Corp. Sold goods for $74 to Bridges with terms 1/10, 1/45. The goods cost Solitare 28 $46. Required: Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
