**YBM Company Transactions - June 2018**1. **June 1**: Purchased Supplies on Account for $740.2. **June 3**: Purchased Inventory on Account from Dino Corp., amounting to $5,000. Payment terms were 3/15, n/30.3. **June 7**: Sold Goods for Cash totaling $2,000 (Cost of goods sold was $1,100).4. **June 10**: Discovered $200 worth of Inventory, bought on June 3, was damaged. Returned the damaged inventory.5. **June 13**: Sold Goods on Account to Fred Co. for $1,000, with terms of 2/10, n/30. The cost of goods sold was $550.6. **June 16**: Paid for Inventory purchased on June 3, adjusted for the return and applicable discount.7. **June 20**: Granted Fred Co. an allowance of $150 for damaged merchandise from the sale on June 13.8. **June 22**: Received Full Payment from Fred Co.9. **June 24**: Purchased Inventory on Account from Wilma Co. for $4,200, with an additional freight charge of $300.10. **June 28**: Returned Defective Merchandise worth $325 from the purchase on June 24.**Required:**a. **Journalize the above entries for YBM Corp.**

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1. YBM Company completed the following transactions in June of 2018 June 1 Purchased Supplies on Account, $740 June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 10 Sold goods on account to Fred Co., $1,000, terms 2/10, n/30. (Cost $550) June 13 June 16 Paid for Inventory purchased on June 3 minus the return and the discount. June 20 Fred Co. was given an allowance of $150 for damaged merchandise from sale of June 13. June 22 Received payment in full from Fred Co. June 24 Purchased Inventory on account from Wilma Co., $4,200 plus freight charges of $300. June 28 Returned defective merchandise of $325 from purchase of June 24. Required: a. Journalize above entries for YBM Corp.

1. YBM Company completed the following transactions in June of 2018 June 1 Purchased Supplies on Account, $740 June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 10 Sold goods on account to Fred Co., $1,000, terms 2/10, n/30. (Cost $550) June 13 June 16 Paid for Inventory purchased on June 3 minus the return and the discount. June 20 Fred Co. was given an allowance of $150 for damaged merchandise from sale of June 13. June 22 Received payment in full from Fred Co. June 24 Purchased Inventory on account from Wilma Co., $4,200 plus freight charges of $300. June 28 Returned defective merchandise of $325 from purchase of June 24. Required: a. Journalize above entries for YBM Corp.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Blossom Company's books. Blossom uses a perpetual inventory system. Mar. 12 13 14 21 Blossom purchased $20,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. The correct company paid freight costs of $175. Blossom returned $3,100 of the merchandise purchased on March 12 because it was damaged. Blossom paid the balance owing to Dalibor. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
r 个 O any purchased inventory for $2,500 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $500. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be (Assume a perpetual inventory system.) OA. $1,960 B. $2,060 OC. $2.400 S
Jun. 1 Sold merchandise inventory on account to Coyle Company, $1,510. Jun. 6 Sold merchandise inventory for cash, $450. Jun. 12 Received cash from Coyle Company in full settlement of its accounts receivable. Jun. 20 Sold merchandise inventory on account to Idetta Company, $675. Jun. 22 Sold merchandise inventory on account to Dafler Company, $180. Jun. 28 Received cash from Idetta Company in partial settlement of its accounts receivable, $550. 1. Journalize the transactions. Ignore cost of goods sold. Omit explanations. 2. Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0. 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.
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What is my Cost of Inventory?
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1. Prepare adjusting entries for inventory 2. Provide closing entries, balance sheet & income statement
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