Assignment 8 acc201
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Feb 20, 2024
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ACC 201
Chapter 8 Open-Ended Assignment
Required:
A
Date
Account Name Debit Credit March 1, 20X1
Inventory 1,000 Account Payable 1,000 B
Date
Account Name Debit Credit 3-Mar Transportation cost 40 Cash 40 Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below.
Kringle's Castle sells all types of Christmas decorations. On March 1, 20X1, Kringle's Castle purchased 600 ornaments from a supplier for $1,000. On March 3, it spent $40 transporting the ornaments to its store and an additional $20 for setting up the ornaments around the store for shoppers to see. On March 15, 20X1, Kringle's received an invoice from the supplier with the terms 2/10 n/30 and paid the invoice on March 24, 20X1. Kringle's Castle uses a perpetual inventory system and the gross method of recording purchase discounts. A. Prepare the journal entry to record the purchase of inventory.
B. Prepare the journal entry to record the transportation costs. C. Prepare the journal entry to record the set-up costs. D. Prepare the journal entry to record the payment of the invoice from the supplier. Your answers to this open-ended assignment should be placed in the space below this line.
C
Date
Account Name Debit Credit 24-Mar Accounts Payable 1,000 Cash 980 2/10, n/30 Discount 20 D
Date
Account Name Debit Credit
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