Diveston Inc. purchased 1 , 0 0 0 bags of insulation, on account, from Warmco, Inc. The
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Question:
Diveston Inc. purchased bags of insulation, on account, from Warmco, Inc. The bags of insulation cost $ each. Diveston paid Giacamini Transporation $ to have all bags of insulation shipped to its warehouse. Diveston returned bags that were defective and paid for the remainder. Assume that Diveston uses the perpetual inventory system and that Warmco did not offer a purchase discount.
Required:
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Prepare a journal entry to record the purchase of the bags of insulation. If an amount box does not require an entry, leave it blank.
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Prepare the entry to record the payment for shipping. If an amount box does not require an entry, leave it blank.
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Prepare the entry for the return of the defective bags. If an amount box does not require an entry, leave it blank. Round to the nearest cent.
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Prepare the entry to record the payment for the bags kept by Diveston. If an amount box does not require an entry, leave it blank. Round to the nearest cent.
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What is the total cost of this purchase? Round to the nearest cent.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: