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lease read and answer journal entry questions using table.

lease read and answer journal entry questions using table.

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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Please read and answer journal entry questions using table.

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: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.
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
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
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