Inventory PurchasesUse the following information and the t-accounts provided to record Sunflower Soccer Club's April purchase transactions, assuming it uses the perpetual inventory system.• Sunflower purchased 610 engraved medals on account from Evans Engraving for $2.440 total on April 8. The terms of the purchase were 1/10, n/30.• When Sunflower received the medals on April 12, it noticed the engraving was slightly crooked on 10 of the medals. Evans gave Sunflower a $32 purchase allowance related tothose medals.• Sunflower also noticed that 2 of the modals were incorrectly engraved. It retumed those medals to Evans and requested a refund of $8.• On April 16. Sunflower paid Evans for the full amount owed on accountEnter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box in each t-account relates to a separate transaction and every box needs an answer. If there isno dollar value for the box, put a "o" in the space provided.ASSETSLIABILITIESEQUITYCashAccounts PayableInventory

T- account is defined as the representation of general ledger graphically which keeps the financial…

nventory Purchases se the following information and the t-accounts provided to record Sunflower Soccer Club's April purchase transactions, assuming it uses the perpetual inventory system. • unflower purchased 610 engraved medals on account from Evans Engraving for $2.440 total on April 8. The terms of the purchase were1/10. n/30. • When Sunflower received the medals on April 12, it noticed the engraving was slightly crooked on 10 of the medals. Evans gave Sunflower a $32 purchase allowance related to those medals. • unflower also noticod that 2 of the medals wore incorroctly engraved. it rotumed those medals to Evans and requested a refund of S8 • On April 16. Sunflower paid Evans for the fll amount owed on account nter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box in each t-account relates to a separate transaction and every box needs an answer. If ther o dollar value for the box, put a "o" in the space provided. ASSETS LIABILITIES EQUITY

nventory Purchases se the following information and the t-accounts provided to record Sunflower Soccer Club's April purchase transactions, assuming it uses the perpetual inventory system. • unflower purchased 610 engraved medals on account from Evans Engraving for $2.440 total on April 8. The terms of the purchase were1/10. n/30. • When Sunflower received the medals on April 12, it noticed the engraving was slightly crooked on 10 of the medals. Evans gave Sunflower a $32 purchase allowance related to those medals. • unflower also noticod that 2 of the medals wore incorroctly engraved. it rotumed those medals to Evans and requested a refund of S8 • On April 16. Sunflower paid Evans for the fll amount owed on account nter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box in each t-account relates to a separate transaction and every box needs an answer. If ther o dollar value for the box, put a "o" in the space provided. ASSETS LIABILITIES EQUITY

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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Show all of your work 1. Sparrow Corporation uses the perpetual inventory system: 7-1: Sparrow purchases a diamond bracelet from DeBeers on account for $50,000. The payment terms are 2/10N/30. The shipping terms are FOB shipping point. 7-2: Sparrow pays the delivery charges in cash, $500. 7-5: Sparrow pays the DeBeers bill in cash. 7-10: Bella Barnes buys the bracelet for $70,000, cash Required: Prepare the appropriate journal entries and post them to the ledger.
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Sant Summa is a retailer that purchases merchandise inventory from Lee Co. Sant Summa record inventory purchases using the gross method and the perpetual inventory system. Sant Summa started the month of July with $2,000 in inventory. Required: Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information. 2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point. (Inventory cost Lee $4,000) 3-Jul Paid $350 for shipping charges for the May 2 purchase. 4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co. (inventory cost to Lee of $170) 13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts. (Lee…
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