Purchased merchandise inventory on account from Shallin Wholesalers, $3,500. Terms 1/15, n/EOM, FOB shipping point. Sep....
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Purchased merchandise inventory on account from Shallin Wholesalers, $3,500. Terms 1/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $40 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $1,800. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Hollingshead Company, $6,300, on account. Terms 1/15, n/35. Cost of goods, $2,520. Purchased merchandise inventory on account from Teddy Wholesalers, $10,000. Terms 2/10, n/30, FOB destination. Sep. 8 Sep. 9 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Sep. 10 Sep. 12 Received payment from Hollingshead Company, less discount. After negotiations, received a $100 allowance from Teddy Wholesalers. Sold merchandise inventory to Johnson Company, $2,600, on account. Terms n/EOM. Cost of goods, $1,222. Made payment, less allowance, to Teddy Wholesalers for goods purchased on September 9. Johnson Company returned $700 of the merchandise sold on September 15. Cost of goods, $329. Sep. 13 Sep. 15 Sep. 22 Sep. 23 Sold merchandise inventory to Shelton for $1,300 on account that cost $533. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Shelton, $45 of freight was added to the invoice for which cash was paid by Purple Haze. Sep. 25 Sep. 29 Received payment from Shelton, less discount. Sep. 30 Received payment from Johnson Company, less return. Sep. 3: Purchased merchandise inventory on account from Shallin Wholesalers, $3,500. Terms 1/15, n/EC Date Accounts Debit Credit Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $3,500. Terms 1/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $40 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $1,800. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Hollingshead Company, $6,300, on account. Terms 1/15, n/35. Cost of goods, $2,520. Purchased merchandise inventory on account from Teddy Wholesalers, $10,000. Terms 2/10, n/30, FOB destination. Sep. 8 Sep. 9 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Sep. 10 Sep. 12 Received payment from Hollingshead Company, less discount. After negotiations, received a $100 allowance from Teddy Wholesalers. Sold merchandise inventory to Johnson Company, $2,600, on account. Terms n/EOM. Cost of goods, $1,222. Made payment, less allowance, to Teddy Wholesalers for goods purchased on September 9. Johnson Company returned $700 of the merchandise sold on September 15. Cost of goods, $329. Sep. 13 Sep. 15 Sep. 22 Sep. 23 Sold merchandise inventory to Shelton for $1,300 on account that cost $533. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Shelton, $45 of freight was added to the invoice for which cash was paid by Purple Haze. Sep. 25 Sep. 29 Received payment from Shelton, less discount. Sep. 30 Received payment from Johnson Company, less return. Sep. 3: Purchased merchandise inventory on account from Shallin Wholesalers, $3,500. Terms 1/15, n/EC Date Accounts Debit Credit Sep. 3
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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