) On the 1" day of 1)_december2) madi 's shoe store ordered inventory. They purchased 100 pairs of tennis shoes at $25 each on account, terms 3/15, n/30. E) On the 3rd of the month, they returned 10_ pairs that were the wrong style for credit. 3) On the 22 of the month, they paid for the purchase. (note discount period) ) The first week, the store sold 12 pairs for $ 60 each in cash sales. 5) On the 10th, a sale of 30 pairs of shoes for $50 each was made to the 6)_razorbackss basketball teams on account, terms 2/10, n/30. 5) 2 4 pairs of shoes were returned from a previous month sale that had a sales price of $50 per pair and a cost of $25 per pair. 7) The school paid for the purchase on the s1_ 22 th of the month. Record the receipt of cash. (note discount period) B) 91_razorbacks 's purchased an additional 50 pairs of tennis shoes on the 20th from 1o) browns on account at a cost of $25 per pair with terms 2/10, net 30. 9) On the 22nd, they paid $m__70 cash for freight in on the latest purchase. 10) The company recorded cash sales for an additional 2) 20 pairs of shoes for $65 each on the 24th of the month. 11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above) Prepare the appropriate journal entries for each transaction under a perpetual inventory system.
) On the 1" day of 1)_december2) madi 's shoe store ordered inventory. They purchased 100 pairs of tennis shoes at $25 each on account, terms 3/15, n/30. E) On the 3rd of the month, they returned 10_ pairs that were the wrong style for credit. 3) On the 22 of the month, they paid for the purchase. (note discount period) ) The first week, the store sold 12 pairs for $ 60 each in cash sales. 5) On the 10th, a sale of 30 pairs of shoes for $50 each was made to the 6)_razorbackss basketball teams on account, terms 2/10, n/30. 5) 2 4 pairs of shoes were returned from a previous month sale that had a sales price of $50 per pair and a cost of $25 per pair. 7) The school paid for the purchase on the s1_ 22 th of the month. Record the receipt of cash. (note discount period) B) 91_razorbacks 's purchased an additional 50 pairs of tennis shoes on the 20th from 1o) browns on account at a cost of $25 per pair with terms 2/10, net 30. 9) On the 22nd, they paid $m__70 cash for freight in on the latest purchase. 10) The company recorded cash sales for an additional 2) 20 pairs of shoes for $65 each on the 24th of the month. 11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above) Prepare the appropriate journal entries for each transaction under a perpetual inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting Inventory Mad Libs
1) On the 1st day of 1).
december
's shoe store ordered inventory. They purchased 100 pairs of tennis shoes at $25 each on account, terms 3/15, n/30.
madi
2) On the 3rd of the month, they returned 3)_10
pairs that were the wrong style for credit.
3) On the 4_22__of the month, they paid for the purchase. (note discount period)
4) The first week, the store sold 12 pairs for $5) 60 each in cash sales.
5) On the 10th, a sale of 30 pairs of shoes for $50 each was made to the 6)_razorbacks 's basketball teams on account, terms 2/10, n/30.
6) 7)4_pairs of shoes were returned from a previous month sale that had a sales price of $50 per pair and a cost of $25 per pair.
7) The school paid for the purchase on
the
22
th of the month. Record the receipt of cash. (note discount period)
8)
8) 9)
razorbacks
s purchased an additional 50 pairs of tennis shoes on the 20th from 10) browns
on account at a cost of $25 per pair with terms 2/10, net 30.
9) On the 22nd, they paid $1 70
cash for freight in on the latest purchase.
10) The company recorded cash sales for an additional 12) 20
pairs of shoes for $65 each on the 24th of the month.
11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above)
Prepare the appropriate journal entries for each transaction under a perpetual inventory system.
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credit terms 3/15 n/30 means 3% discount if paid within 15 day's else full amount payable within 30 days
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