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Date Por Ref Ne Deb Accou Tile 1-Jun Merchandse IventeryO000*) Accots Payule (Beie remd of pachase ncredi, tms 210w30) 1-m Merchandee Inventery Cred P 28,000 1.200 Caih 1,200 (Bety reced ef paymeni ef reighn changs-FOB Sleping puent) -n Merchandse Imventery 17500 Accouts Pavubie P 17,500 (Beg rnd uf pachase nek, tm. 210w30-FOR Deakatin) S-in Accemts Recehvatle 6250 Sales Revee 6,250 (Beg recnd of Sales revee en re10, s30-FOB Sleng Pe) Cost of Goods Soldi6250 (20*6250) 5,000 Merdhankse Ivertery (Beng reced of Cot ef Goods Sold 5,000 1-Jun Accamts Payalie 1,500 Merchande Inventery 1,500 Beng retun of Goda) Jin Accents Recetrable P. 9.750 Sales Revenue 9,730 (Beg rend of Sules revena nea0, w10FOR matim) Cost of Goods Seld9730-(209750) Medanshse lvesiery (Being reced of Cot of Ceat Sel 7,800 7,100 J hredu Charpes Cad (Being record of freighe Charges) 550 11-hm Accemts Payahle P2000 Merchandse Invertory(00*24) Cal(280009) (Berg reced of payment te eppler ater dicomt) 500 27,440 11-Jun Sales return and alewance Accnts receule 800 100 (Beire recrd of retm grods by cnteme) 11-Jn Mehakse lavestany(80080) Cot ef Geade Seld (Being record of cost of Goods Sold ef returred poods) 640 640 11-im Accums Payahii 7500-1 S0) Merchandse Imvectery(10000*) 16 000 320 15,680 (Betg reced of paymni te lir she dhemn) 11-Jn Acco Recealle Sales Reveme 650 Beng reced of Sales revere en cred 210, 30 FOB Destination Cost ef Geads Selds50-206550) Merchandse Invectery (Beig reced of Cost cof Goads Sold 5340 5,240 11Jin Freig Churges 480 Cash 480 (Beng reced of fregle Clarges) 11-hm Canhs0w Sales Discoaa(6250*2%) Aermnis Receale 6125 125 6,250 (Being reced of receipe from customer) 11-Jin Mehnke Iventy P 27.500 Acconts Payable (Being record of gachase on aredit, terms n30) 27,500 1-Jun Merchandise Inventery Accousts Pavuble 100 1.050

Date Por Ref Ne Deb Accou Tile 1-Jun Merchandse IventeryO000*) Accots Payule (Beie remd of pachase ncredi, tms 210w30) 1-m Merchandee Inventery Cred P 28,000 1.200 Caih 1,200 (Bety reced ef paymeni ef reighn changs-FOB Sleping puent) -n Merchandse Imventery 17500 Accouts Pavubie P 17,500 (Beg rnd uf pachase nek, tm. 210w30-FOR Deakatin) S-in Accemts Recehvatle 6250 Sales Revee 6,250 (Beg recnd of Sales revee en re10, s30-FOB Sleng Pe) Cost of Goods Soldi6250 (20*6250) 5,000 Merdhankse Ivertery (Beng reced of Cot ef Goods Sold 5,000 1-Jun Accamts Payalie 1,500 Merchande Inventery 1,500 Beng retun of Goda) Jin Accents Recetrable P. 9.750 Sales Revenue 9,730 (Beg rend of Sules revena nea0, w10FOR matim) Cost of Goods Seld9730-(209750) Medanshse lvesiery (Being reced of Cot of Ceat Sel 7,800 7,100 J hredu Charpes Cad (Being record of freighe Charges) 550 11-hm Accemts Payahle P2000 Merchandse Invertory(00*24) Cal(280009) (Berg reced of payment te eppler ater dicomt) 500 27,440 11-Jun Sales return and alewance Accnts receule 800 100 (Beire recrd of retm grods by cnteme) 11-Jn Mehakse lavestany(80080) Cot ef Geade Seld (Being record of cost of Goods Sold ef returred poods) 640 640 11-im Accums Payahii 7500-1 S0) Merchandse Imvectery(10000*) 16 000 320 15,680 (Betg reced of paymni te lir she dhemn) 11-Jn Acco Recealle Sales Reveme 650 Beng reced of Sales revere en cred 210, 30 FOB Destination Cost ef Geads Selds50-206550) Merchandse Invectery (Beig reced of Cost cof Goads Sold 5340 5,240 11Jin Freig Churges 480 Cash 480 (Beng reced of fregle Clarges) 11-hm Canhs0w Sales Discoaa(6250*2%) Aermnis Receale 6125 125 6,250 (Being reced of receipe from customer) 11-Jin Mehnke Iventy P 27.500 Acconts Payable (Being record of gachase on aredit, terms n30) 27,500 1-Jun Merchandise Inventery Accousts Pavuble 100 1.050

FINANCIAL ACCOUNTING
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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Prepare the Cost of Sales for June using the perpetual inventory method
Date Accoust Tide 1-Jim Merchandse Invertor(35000*0) Post Ref No Debik Credt P 2000 Accousts Payable P P 28,00 (Beig recnd of pachase on ndt, tem 21010) 1-Jin Merchandise Inventery P 1,200 Cach P 1,200 (Beig recrd ef paymei af reigh charga-FOB Slipping point) J-Im Merchandise Inventory Accousts Pavable (Beig recnd of pachase on reEi, tema 21010-FOB Deainatin) 5-Jun Acconts Receivable Sales Reverue P 17500 P 17,500 17,500 6250 P 6,250 (Beig recrd of Sales reverae on cred-210, w10-FOB Shepi Po) Cost of Goods Sold(6250-(20%"6250) P 5,000 Merdanise Ivertery P 5,000 Being record of Cost of Goods Sold 7-Jun Accomts Payalle Merchandise Inventery (Being retura of Goods) P 1,500 P 1,500 -Jun Accomts Receivable Sales Reverue P 9,750 P 9,750 (Beiu recnd of Sules severae en cre-100 30-FOB Detiatin Coct of Goods Sold9730 (20N9750) 7,800 Medankse lvestry P 7,800 (Being recrd of Cot of Goads Seld 9Jun Freigt Charges P S50 Cash 550 (Being record of freight Charges) 11-Jin Accomts Payahle Merchandise Invectory(28000*2) P 第0) P 500 Cash(2800093%) 27,440 (Being record of payment te pplier after discomt) 11-Jun Sales retn and alewance Accunts receivhle 800 P 300 (Being recard of retm prods by cantemer) 11-Jn Mehandie lvetory(80080%) 640 Cont ef Goads Solea 640 (Being record of cost of Goods Sold of retarred poods) 11-Jin Accamts Payahl17500-1500) Merchandise Invertory(16000*26) Casli100009) (Being reced of paymmt to ppier after discomi) 16 000 320 P 15,680 P 11-Jun Accounts Receivatle P 6.550 Sales Revee P 6,550 (Being recoed of Sales reverue en cred 210, 30 rOB Destination) Cost of Goods Selass0-(206550) Merchandise Inventory (Beig recond of Cost of Goods Sold P 5340 5,240 11-Jim Freigt Cheres 480 Cash P 480 (Being record of freiale Charges) 11-m Cash(250*98) 0,125 125 Sales Discoaa(6250*26) Accamts Receivatle 125 6250 (Being record of receipt from customer) 17-Jim Merchane Iveniory P 27,500 Accounts Payabile (Being recard of parchase on credt, terms n'30) P 27,500 P P 17-Jn Merchandise Inventory Accouts Payable (Being recrd of fright churges-FOB Shipping peirt) 1.00 P 1,050 LE Jun Accousts Recevatle 8,750 Sales Reverne P 8750 Being record of Sales revere en credir-110, 30-FOB Shioring Poit) Cnt of Goads Seda3750-(20"8750) 7,000 Merchandise Inventery P 7,000 (Being record of Cost of Goods Sold 18-Jm Cash9750-80y9. Sales Discoaa9750-800)*1% 90 Accunts Receivatle(9750-830) 8,950 (Being record of receipt frem customer) 19-Jun Mercharaise Ivertery P 11,400 P 11,400 Accounts Payahle (Being record of pachase on credit, terms 1'10, n'30 FOB Destinanion) P 19-Jun Cash P 2000 P 2,000 Accousts Receivable (Beie recrd of partial payme fiom cutamen) 20-Jun Acconts Payahle P P 1.400 P Merchandise Invectory 1,100 (Beig reced of disconi reccived fiom sppie) 25-Jim Accomts Payahle P 10 000 Cash P 10,000 (Bei teced of patial pay to suppier) 25-Jin Acramts Receivahle 3250 Sales Reverue P 3,250 (Beig record of Sales reverue en crei-210, s30-FOB Shping Pont) Cost of Goods Sold(3250 (20%*3250) 2,00 Merchanise Invertory P 2,600 (Beig record of Cost of Goods Sold 26-Jun Sales retun and alewance P 350 Acconts Receivalle (Being record of alowance tei cutemer) P 350 26-Jn Accumts Payalie(27500-10C00) 17,500 Mercharise Ivertery(27500) P 550 Cash P P 15,080 (Being record of paymet ta suppier afer discomi) 30-Jim Ca75ay9 Sales Discourt3750)*1% Accosts Recevatle (Beine rered of reee om rutomm) 88 P 8,750 30-Jun Accouts Pavalle P P I1.400 Merchurse Inveniery(114002) Cash(114009) (Being record of paymet to upplier alter discoat) P P 11,172 238
Transcribed Image Text:Date Accoust Tide 1-Jim Merchandse Invertor(35000*0) Post Ref No Debik Credt P 2000 Accousts Payable P P 28,00 (Beig recnd of pachase on ndt, tem 21010) 1-Jin Merchandise Inventery P 1,200 Cach P 1,200 (Beig recrd ef paymei af reigh charga-FOB Slipping point) J-Im Merchandise Inventory Accousts Pavable (Beig recnd of pachase on reEi, tema 21010-FOB Deainatin) 5-Jun Acconts Receivable Sales Reverue P 17500 P 17,500 17,500 6250 P 6,250 (Beig recrd of Sales reverae on cred-210, w10-FOB Shepi Po) Cost of Goods Sold(6250-(20%"6250) P 5,000 Merdanise Ivertery P 5,000 Being record of Cost of Goods Sold 7-Jun Accomts Payalle Merchandise Inventery (Being retura of Goods) P 1,500 P 1,500 -Jun Accomts Receivable Sales Reverue P 9,750 P 9,750 (Beiu recnd of Sules severae en cre-100 30-FOB Detiatin Coct of Goods Sold9730 (20N9750) 7,800 Medankse lvestry P 7,800 (Being recrd of Cot of Goads Seld 9Jun Freigt Charges P S50 Cash 550 (Being record of freight Charges) 11-Jin Accomts Payahle Merchandise Invectory(28000*2) P 第0) P 500 Cash(2800093%) 27,440 (Being record of payment te pplier after discomt) 11-Jun Sales retn and alewance Accunts receivhle 800 P 300 (Being recard of retm prods by cantemer) 11-Jn Mehandie lvetory(80080%) 640 Cont ef Goads Solea 640 (Being record of cost of Goods Sold of retarred poods) 11-Jin Accamts Payahl17500-1500) Merchandise Invertory(16000*26) Casli100009) (Being reced of paymmt to ppier after discomi) 16 000 320 P 15,680 P 11-Jun Accounts Receivatle P 6.550 Sales Revee P 6,550 (Being recoed of Sales reverue en cred 210, 30 rOB Destination) Cost of Goods Selass0-(206550) Merchandise Inventory (Beig recond of Cost of Goods Sold P 5340 5,240 11-Jim Freigt Cheres 480 Cash P 480 (Being record of freiale Charges) 11-m Cash(250*98) 0,125 125 Sales Discoaa(6250*26) Accamts Receivatle 125 6250 (Being record of receipt from customer) 17-Jim Merchane Iveniory P 27,500 Accounts Payabile (Being recard of parchase on credt, terms n'30) P 27,500 P P 17-Jn Merchandise Inventory Accouts Payable (Being recrd of fright churges-FOB Shipping peirt) 1.00 P 1,050 LE Jun Accousts Recevatle 8,750 Sales Reverne P 8750 Being record of Sales revere en credir-110, 30-FOB Shioring Poit) Cnt of Goads Seda3750-(20"8750) 7,000 Merchandise Inventery P 7,000 (Being record of Cost of Goods Sold 18-Jm Cash9750-80y9. Sales Discoaa9750-800)*1% 90 Accunts Receivatle(9750-830) 8,950 (Being record of receipt frem customer) 19-Jun Mercharaise Ivertery P 11,400 P 11,400 Accounts Payahle (Being record of pachase on credit, terms 1'10, n'30 FOB Destinanion) P 19-Jun Cash P 2000 P 2,000 Accousts Receivable (Beie recrd of partial payme fiom cutamen) 20-Jun Acconts Payahle P P 1.400 P Merchandise Invectory 1,100 (Beig reced of disconi reccived fiom sppie) 25-Jim Accomts Payahle P 10 000 Cash P 10,000 (Bei teced of patial pay to suppier) 25-Jin Acramts Receivahle 3250 Sales Reverue P 3,250 (Beig record of Sales reverue en crei-210, s30-FOB Shping Pont) Cost of Goods Sold(3250 (20%*3250) 2,00 Merchanise Invertory P 2,600 (Beig record of Cost of Goods Sold 26-Jun Sales retun and alewance P 350 Acconts Receivalle (Being record of alowance tei cutemer) P 350 26-Jn Accumts Payalie(27500-10C00) 17,500 Mercharise Ivertery(27500) P 550 Cash P P 15,080 (Being record of paymet ta suppier afer discomi) 30-Jim Ca75ay9 Sales Discourt3750)*1% Accosts Recevatle (Beine rered of reee om rutomm) 88 P 8,750 30-Jun Accouts Pavalle P P I1.400 Merchurse Inveniery(114002) Cash(114009) (Being record of paymet to upplier alter discoat) P P 11,172 238
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