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er $400 60 60 ne inter 100 Isactions onia Business Solution purchases 10 electronie

er $400 60 60 ne inter 100 Isactions onia Business Solution purchases 10 electronie

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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Question No.1 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer Price per Unit $400 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of S620 cach by paying April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of S400 cach. The credit terms are n/15 with an cash invoice date of April 7. April CBS makes full payment on the amount due from the April 7 purchase 17 May 1 CBS purchases 67 tablet computers at a cost of S60 cach on credit. The payment terms are S/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in fll. June 1 CBS purchased 300 landline telephones with cash at a cost of $60 cach. On June 3, CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund. June 8 CBS discovers that 60 more phones from the June I purchase are slightly damaged, CBS decides to keep the phones but reccives a purchase allowance from the manufacturer of $8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 cach on credit. Terms of the purchase are 5/15, n/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them, with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their account in fll, less purchase returns and allowances. Required Prepare journal entries by using periodic inventory system 588
Transcribed Image Text:Question No.1 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer Price per Unit $400 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of S620 cach by paying April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of S400 cach. The credit terms are n/15 with an cash invoice date of April 7. April CBS makes full payment on the amount due from the April 7 purchase 17 May 1 CBS purchases 67 tablet computers at a cost of S60 cach on credit. The payment terms are S/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in fll. June 1 CBS purchased 300 landline telephones with cash at a cost of $60 cach. On June 3, CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund. June 8 CBS discovers that 60 more phones from the June I purchase are slightly damaged, CBS decides to keep the phones but reccives a purchase allowance from the manufacturer of $8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 cach on credit. Terms of the purchase are 5/15, n/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them, with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their account in fll, less purchase returns and allowances. Required Prepare journal entries by using periodic inventory system 588
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