NorthWave Products has provided you with the following transactions for the month of September 2019. Sep 8 Purchased $230,700 of inventory on account, terms 2/10, net 30 Sep 10 A portion of the inventory from the above purchase was defective. NorthWave returned $800 worth of inventory to the supplier. Sep 12 Sold $96,400, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $38,560 for this transaction. Sep 14 Customer from Sep 12 purchase paid their amount owing and claimed their discount. Sep 21 A customer returned $940 of goods purchased on account. The cost of goods sold for the returned inventory is $564. Sep 22 Purchased goods from EastCoast Products on account for $16,700 with terms of 3/10, net 30. Sep 23 Made a cash sale of $8,100 The cost of goods sold for this transaction was $4,860. Sep 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from Sep 22 purchase Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

NorthWave Products has provided you with the following transactions for the month of September 2019. Sep 8 Purchased $230,700 of inventory on account, terms 2/10, net 30 Sep 10 A portion of the inventory from the above purchase was defective. NorthWave returned $800 worth of inventory to the supplier. Sep 12 Sold $96,400, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $38,560 for this transaction. Sep 14 Customer from Sep 12 purchase paid their amount owing and claimed their discount. Sep 21 A customer returned $940 of goods purchased on account. The cost of goods sold for the returned inventory is $564. Sep 22 Purchased goods from EastCoast Products on account for $16,700 with terms of 3/10, net 30. Sep 23 Made a cash sale of $8,100 The cost of goods sold for this transaction was $4,860. Sep 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from Sep 22 purchase Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

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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