July 2 Purchased 1500 Gizmos from T Co. @ $3 eạ for cash July 5 Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500 July 7 Received merchandise from Z Co. Paid $500 freight July 9 Returned 250 Gizmos to T Co. Refund to be received in two weeks July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300 July 12 Paid freight on sale to H Co. $300 July 15 Paid Z Co. for purchase of July 5 within the discount period July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea) July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30) July 20 Purchased $400 of supplies for cash July 21 Collect from H Co. within the discount period (less return on July 17) July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea) July 25 Received refund from T Co. for merchandise returned on July 9 July 29 Paid B Co. within the discount period (less return on July 23)

July 2 Purchased 1500 Gizmos from T Co. @ $3 eạ for cash July 5 Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500 July 7 Received merchandise from Z Co. Paid $500 freight July 9 Returned 250 Gizmos to T Co. Refund to be received in two weeks July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300 July 12 Paid freight on sale to H Co. $300 July 15 Paid Z Co. for purchase of July 5 within the discount period July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea) July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30) July 20 Purchased $400 of supplies for cash July 21 Collect from H Co. within the discount period (less return on July 17) July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea) July 25 Received refund from T Co. for merchandise returned on July 9 July 29 Paid B Co. within the discount period (less return on July 23)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

DOCUMENT FLOWCHART Prepare a flowchart that illustrates the sequence in which the following source documents are prepared.bill of materialswork ordersales forecastmaterials requisition move ticketproduction schedule route sheet
Describe a merchandising company's operational cycle.
Define Operating cycle of Merchandising Company, Represent (In Figure form) the Income Statement of Service and merchandising sector company.
67
Describe the operating cycle of a merchandising company.
What about journal entry for Macy company?
Describe a merchandising company, and give an example.
What is the distinction between service and merchandisingcompanies?
Understand the components of a merchandising company’s income statement.