Record each transaction, assuming that Company uses a perpetual inventory system. Step 1: Jan 1 Purchased merchandise

Record each transaction, assuming that Company uses a perpetual inventory system.
 

Transcribed Image Text:

Step 1: Jan 1 Purchased merchandise on account from Kimberly Supply Co 3900 terms 210 n30 Jan 4 Sold merchandise on account 5000 to Able Inc shipped FOB Destination terms 110 n30 Jan 6 Paid 250 freight on January 1 purchase from Kimberly Supply Jan 7 Returned merchandise to Kimberly Supply that was defective and received a 400 credit. Step 2: On April 12, Blakely Company purchased 8,000 units of raw materials at $6 per unit. On April 21, raw materials were requisitioned for production as follows: 750 units for Job 50 at $4 per unit and 600 units for Job 51 at $6 per unit. Journalize the entry on April 12 to record the purchase and on April 21 to record the requisition from the materials storeroom. Step 3: Jan 14 Sold 68 units at unit sales price of 35 on open account April 9 Purchased 53 additional units at unit cost of 20 on open account Sept 2 Sold 143 units at sales price of 45 on open account. Step 1: Jan 1 Purchased merchandise on account from Kimberly Supply Co 3900 terms 210 n30 Jan 4 Sold merchandise on account 5000 to Able Inc shipped FOB Destination terms 110 n30 Jan 6 Paid 250 freight on January 1 purchase from Kimberly Supply Jan 7 Returned merchandise to Kimberly Supply that was defective and received a 400 credit. Step 2: On April 12, Blakely Company purchased 8,000 units of raw materials at $6 per unit. On April 21, raw materials were requisitioned for production as follows: 750 units for Job 50 at $4 per unit and 600 units for Job 51 at $6 per unit. Journalize the entry on April 12 to record the purchase and on April 21 to record the requisition from the materials storeroom. Step 3: Jan 14 Sold 68 units at unit sales price of 35 on open account April 9 Purchased 53 additional units at unit cost of 20 on open account Sept 2 Sold 143 units at sales price of 45 on open account.

Answer rating: 100% (QA)

Step 1 Date Details Debit Credit Jan 1 Purchases 3900 Accounts payable 3900 To record purchase of me... View the full answer