On March 1, Wine Supply AS had an inventory of 30 bottles of wine at a cost of €212 each. The company uses a perpetual inventory system. During March, the following transactions occurred. #1: Purchased on account 90 bottles of wine at €200 each from Bordeaux Wine. # 2: Paid freight of €1,080 (cash) on wine purchased from Bordeaux. # 3: Returned 3 bottles to Bordeaux for €636 cash (including freight) because they did not meet specifications. # 4: Sold 28 bottles costing each €212 (including freight) for €313 each on account to Village Wine Store, terms n/30. #5: Granted credit of €313 to Village Wine Store for the return of one bottle that was not ordered. # 6: Sold 40 bottles costing each €212 for €350 each on account to Holiday Wine Shop, terms n/30. Instructions Journalize the transactions
On March 1, Wine Supply AS had an inventory of 30 bottles of wine at a cost of €212 each. The company uses a perpetual inventory system. During March, the following transactions occurred. #1: Purchased on account 90 bottles of wine at €200 each from Bordeaux Wine. # 2: Paid freight of €1,080 (cash) on wine purchased from Bordeaux. # 3: Returned 3 bottles to Bordeaux for €636 cash (including freight) because they did not meet specifications. # 4: Sold 28 bottles costing each €212 (including freight) for €313 each on account to Village Wine Store, terms n/30. #5: Granted credit of €313 to Village Wine Store for the return of one bottle that was not ordered. # 6: Sold 40 bottles costing each €212 for €350 each on account to Holiday Wine Shop, terms n/30. Instructions Journalize the transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On March 1, Wine Supply AS had an inventory of 30 bottles of wine at a cost of €212 each.
The company uses a perpetual inventory system. During March, the following transactions
occurred.
#1: Purchased on account 90 bottles of wine at €200 each from Bordeaux Wine.
# 2: Paid freight of €1,080 (cash) on wine purchased from Bordeaux.
# 3: Returned 3 bottles to Bordeaux for €636 cash (including freight) because they did not meet
specifications.
# 4: Sold 28 bottles costing each €212 (including freight) for €313 each on account to Village
Wine Store, terms n/30.
#5: Granted credit of €313 to Village Wine Store for the return of one bottle that was not
ordered.
# 6: Sold 40 bottles costing each €212 for €350 each on account to Holiday Wine Shop, terms
n/30.
Instructions
Journalize the transactions
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