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DS Unlimited has the following transactions during August. August 6 Purchases 56 handheld game devices on account from GameGirl, Incorporated, for $130 each, terms 1/10, n/60. August 7 Pays $330 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 36 game devices purchased on August 6 for $150 each to customers on account. The total cost of the 36 game devices sold is $4,871.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $1,894.

DS Unlimited has the following transactions during August. August 6 Purchases 56 handheld game devices on account from GameGirl, Incorporated, for $130 each, terms 1/10, n/60. August 7 Pays $330 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 36 game devices purchased on August 6 for $150 each to customers on account. The total cost of the 36 game devices sold is $4,871.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $1,894.

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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d es DS Unlimited has the following transactions during August. August 6 Purchases 56 handheld game devices on account from GameGirl, Incorporated, for $130 each, terms 1/10, n/60. August 7 Pays $330 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 36 game devices purchased on August 6 for $150 each to customers on account. The total cost of the 36 game devices sold is $4,871.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $1,894. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $1,894. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list
Transcribed Image Text:d es DS Unlimited has the following transactions during August. August 6 Purchases 56 handheld game devices on account from GameGirl, Incorporated, for $130 each, terms 1/10, n/60. August 7 Pays $330 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 36 game devices purchased on August 6 for $150 each to customers on account. The total cost of the 36 game devices sold is $4,871.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $1,894. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $1,894. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list
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