DS Unlimited has the following transactions during August. August 6 Purchases 82 handheld game devices on account from GameGirl, Incorporated, for $260 each, terms 3/10, n/60. August 7 Pays $460 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 62 game devices purchased on August 6 for $280 each to customers on account. The total cost of the 62 game devices sold is $16,017.00. 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 $3,358.
DS Unlimited has the following transactions during August. August 6 Purchases 82 handheld game devices on account from GameGirl, Incorporated, for $260 each, terms 3/10, n/60. August 7 Pays $460 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 62 game devices purchased on August 6 for $280 each to customers on account. The total cost of the 62 game devices sold is $16,017.00. 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 $3,358.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:DS Unlimited has the following transactions during August.
August 6 Purchases 82 handheld game devices on account from GameGirl, Incorporated, for $260 each, terms 3/10, n/60.
August 7 Pays $460 to Sure Shipping for freight charges associated with the August 6 purchase.
August 10 Returns to GameGirl seven game devices that were defective.
August 14 Pays the full amount due to GameGirl.
August 23 Sells 62 game devices purchased on August 6 for $280 each to customers on account. The total cost of the 62
game devices sold is $16,017.00.
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 $3,358.
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 $3,358. (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
<
1
Record the period-end adjusting entry.
Note: Enter debits before credits.
Date
August 31
General Journal
Debit
Credit
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