1. On April 20, KidsWare Co. purchased 200 T-shirts at $3 each from Fine Thread Co., credit terms 3/10, n/30.2- On April 22, KidsWear Co. and Fine Thread Co. agreed for reduction of $1 per unit in the price of 10 T-shirts that had a small defect but were not returned.3. On April 25, KidsWare Co.returned to FineThreads Co. 30 T-shirts, because they were of a different color.☝️I put this questions because i think it’s connected 4. On May 13, GDC Bookstore receivedfull payment from Little TweetsKindergarten (less any discounts ifapplicable).Before preparing the journal entry for thistransaction answer the following questions:Compute the Accounts Receivablebalance on May 13? (Type the amount) $Compute the discount applicable if any(Leave it blank if there is no discount) $Compute the cash received on May13 (Type the amount) $Use the above answers to complete thejournal entryDATEACCOUNT TITLESMay 13 4. On April 29, KidsWare Co. paid FineThreads Co. for its balance due (lessdiscounts if applicable).Before preparing the journal entry for thistransaction answer the following questions:Compute the Accounts Payable balanceon April 29? (Type the amount) $Compute the discount applicable if any(Leave it blank if there is no discount) $Compute the cash payment on April29 (Type the amount) $Use the above answers to complete thejournal entryACCOUNT TITLES$DATEApril 29

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: 1. On April 20, KidsWare Co. purchased…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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1. On April 20, KidsWare Co. purchased 200 T-shirts at $3 each from Fine Thread Co., credit terms 3/10, n/30. 2- On April 22, KidsWear Co. and Fine Thread Co. agreed for reduction of $1 per unit in the price of 10 T-shirts that had a small defect but were not returned. 3. On April 25, KidsWare Co.returned to FineThreads Co. 30 T-shirts, because they were of a different color. ☝️I put this questions because i think it’s connected

4. On May 13, GDC Bookstore received
full payment from Little Tweets
Kindergarten (less any discounts if
applicable).
Before preparing the journal entry for this
transaction answer the following questions:
Compute the Accounts Receivable
balance on May 13? (Type the amount) $
Compute the discount applicable if any
(Leave it blank if there is no discount) $
Compute the cash received on May
13 (Type the amount) $
Use the above answers to complete the
journal entry
DATE
ACCOUNT TITLES
May 13

4. On April 29, KidsWare Co. paid Fine
Threads Co. for its balance due (less
discounts if applicable).
Before preparing the journal entry for this
transaction answer the following questions:
Compute the Accounts Payable balance
on April 29? (Type the amount) $
Compute the discount applicable if any
(Leave it blank if there is no discount) $
Compute the cash payment on April
29 (Type the amount) $
Use the above answers to complete the
journal entry
ACCOUNT TITLES
$
DATE
April 29

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