At the beginning of October, Bowser Company's inventory consists of 69 units with a cost per unit of $31. The following transactions Occur during the month of October. October 4 Purchase 111 units of inventory on account from Waluigi Company for $50 per unit, terms 2/10, ¹/30 - October 5 Pay cash for freight charges related to the October 4 purchase, $430. October 9 Return 25 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Company in full. October 15 Sell 141 units of inventory to customers on account, $11,280. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.) October 19 Receive full payment from customers related to the sale on October 15. Required: Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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At the beginning of October, Bowser Company's inventory consists of 69 units with a cost per unit of $31. The following transactions
occur during the month of October.
October 4 Purchase 111 units of inventory on account from Waluigi Company for $50 per unit, terms 2/10, 1/30 -
October 5 Pay cash for freight charges related to the October 4 purchase, $430.
October 9 Return 25 defective units from the October 4 purchase and receive credit.
October 12 Pay Waluigi Company in full.
October 15 Sell 141 units of inventory to customers on account, $11,280. (Hint: The cost of units sold from the October 4 purchase
includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.)
October 19 Receive full payment from customers related to the sale on October 15.
Required:
Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions.
Complete this question by entering your answers in the tabs below.
Required
Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions.
Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
<
2
3
4
Note: Enter debits before credits.
5
6
Record return 25 defective units from the October 4 purchase and receive
credit.
>
Transcribed Image Text:At the beginning of October, Bowser Company's inventory consists of 69 units with a cost per unit of $31. The following transactions occur during the month of October. October 4 Purchase 111 units of inventory on account from Waluigi Company for $50 per unit, terms 2/10, 1/30 - October 5 Pay cash for freight charges related to the October 4 purchase, $430. October 9 Return 25 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Company in full. October 15 Sell 141 units of inventory to customers on account, $11,280. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.) October 19 Receive full payment from customers related to the sale on October 15. Required: Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. Complete this question by entering your answers in the tabs below. Required Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 2 3 4 Note: Enter debits before credits. 5 6 Record return 25 defective units from the October 4 purchase and receive credit. >
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