DS Unlimited has the following transactions during August. August 6 Purchases 54 handheld game devices on...
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DS Unlimited has the following transactions during August. August 6 Purchases 54 handheld game devices on account from GameGirl, Incorporated, for $120 each, terms 1/10, n/60. August 7 Pays $320 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl four game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 34 game devices purchased on August 6 for $140 each to customers on account. The total cost of the 34 game devices sold is $4,257.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $2,003. Complete this question by entering your answers in the tabs below. Required Required 1 2 Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $2,003. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the period-end adjusting entry. Note: Enter debits before credits. Date General Journal Debit Credit August 31 Record entry View general journal Clear entry DS Unlimited has the following transactions during August. August 6 Purchases 54 handheld game devices on account from GameGirl, Incorporated, for $120 each, terms 1/10, n/60. August 7 Pays $320 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl four game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 34 game devices purchased on August 6 for $140 each to customers on account. The total cost of the 34 game devices sold is $4,257.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $2,003. Complete this question by entering your answers in the tabs below. Required Required 1 2 Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $2,003. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the period-end adjusting entry. Note: Enter debits before credits. Date General Journal Debit Credit August 31 Record entry View general journal Clear entry
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Journal entry Date Aug 6 Aug 7 Aug 10 Aug 14 Aug 23 account and exp... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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