Please read and answer journal entry questions using table.
Transcribed Image Text: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 $15o 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.
Transcribed Image Text:View transaction list
.....:
>
1 Record purchase of 56 handheld game devices on
account from GameGirl, Incorporated, for $130 each,
terms 1/10, n/60.
Girl,
2 Record payment of $330 to Sure Shipping for freight
charges associated with the August 6 purchase.
Record return to GameGirl six game devices that were
defective.
3
Credit
4 Record payment of the full amount due to GameGirl.
5 Record the sale of 36 game devices purchased on August
6 for $150 each to customers on account.
= journal entry has been entered
Note :
Record entry
Clear entry
View general journal
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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