Question: Please help explain how you would get to an anwser. If possible, please use the 4 columns that they provide. Thank you! Prepare journal entries
Prepare journal entries to record the merchandising transactions below for January 2019, assuming that the perpetual inventory system is used: Check figure: Total Debits $287480. (a) TRANSACTONS FOR REQUIREMENT (1) Presented below are selected inventory transactions for Kauai Cookie Company. Inc. during January 2019 Jan. 2 Sold $10,500 of merchandise on account to Ke ki's Place, terms 2/10, n/30, FOB destination. Cost of merchandise, $7,360 5 Paid $200 of shipping costs to Island Freight Co. for the merchandise sold on January 2. 6 Keiki's Place returned $1,200 of merchandise sold on January 2 for credit on account. Cost of merchandise returned, $850 7 Purchased $88,000 of merchandise on account from Confectionary World Corporation, terms 1/10, n/30, FOB shipping point 8 Paid $450 of shipping costs to Island Freight Co. for the merchandise purchased on January 7 Received payment from Keiki's Place for the balance due from the January 2 sale, less the January 6 return (hint: payment is within the discount period) 11 13 Sold $14,700 of merchandise for cash to Hula Stores. Cost of merchandise, $10,320. 16 Paid Confectionary World Corporation the balance due from the January 7 purchase (hint payment is within the discount period) 25 Purchased $54,000 of merchandise on account from Chocolate Paradise Company, terms n/30 29 Returned, for credit on account, $2,600 of merchandise purchased from Chocolate Paradise Company on January 25 COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) Page 127 GENERAL JOURNAL DATE ACCOUNT TITLES DEBIT CREDIT 2019 REQUIREMENT)JOURNAL ENTRIES: Page 128 COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) GENERAL JOURNAL DATE DEBIT CREDIT ACCOUNT TITLES 2019
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