) 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
Related questions
Question

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.
Expert Solution

Step 1
Since you have posted a question with multiple sub-parts, we will solve first three subparts for you. To get remaining sub-part solved please repost the complete question and mention the sub-parts to be solved.
Note :
credit terms 3/15 n/30 means 3% discount if paid within 15 day's else full amount payable within 30 days
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education