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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Inventory Purchases
Use 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 to
those 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 account
Enter 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 is
no dollar value for the box, put a "o" in the space provided.
ASSETS
LIABILITIES
EQUITY
Cash
Accounts Payable
Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ffdff5d-353b-4cb2-8c1e-c94de7a249e0%2F1388d8f0-93c0-4f14-9707-b4b2180abef4%2Fxw2aj51_processed.png&w=3840&q=75)
Transcribed Image Text:Inventory Purchases
Use 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 to
those 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 account
Enter 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 is
no dollar value for the box, put a "o" in the space provided.
ASSETS
LIABILITIES
EQUITY
Cash
Accounts Payable
Inventory
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