Pharmaceutical Supplies sells medical supplies to customers. July 9 A customer purchases 50 pairs of crutches at a sales price of $40 per pair. The cost to Pharmaceutical Supplies per pair is $16. The terms of the sale are 5/10, n/30, with an invoice date of July 9. July 12 The customer who made the July 9 purchase returns 8 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $16 per pair. July 18 The customer pays in full for the remaining crutches, less the return. A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. July 9 Sale on credit July 9 Cost on sale July 12 Sales return July 12 Cost of sale return July 18 B. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the periodic inventory system. If an amount box does not require an entry, leave it blank. July 9 July 12 July 18
Pharmaceutical Supplies sells medical supplies to customers. July 9 A customer purchases 50 pairs of crutches at a sales price of $40 per pair. The cost to Pharmaceutical Supplies per pair is $16. The terms of the sale are 5/10, n/30, with an invoice date of July 9. July 12 The customer who made the July 9 purchase returns 8 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $16 per pair. July 18 The customer pays in full for the remaining crutches, less the return. A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. July 9 Sale on credit July 9 Cost on sale July 12 Sales return July 12 Cost of sale return July 18 B. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the periodic inventory system. If an amount box does not require an entry, leave it blank. July 9 July 12 July 18
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Pharmaceutical Supplies sells medical supplies to customers.
| July 9 | A customer purchases 50 pairs of crutches at a sales price of $40 per pair. The cost to Pharmaceutical Supplies per pair is $16. The terms of the sale are 5/10, n/30, with an invoice date of July 9. |
| July 12 | The customer who made the July 9 purchase returns 8 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $16 per pair. |
| July 18 | The customer pays in full for the remaining crutches, less the return. |
A. Review the above transactions and prepare the
| July 9 Sale on credit | |||
| July 9 Cost on sale | |||
| July 12 Sales return | |||
| July 12 Cost of sale return | |||
| July 18 | |||
B. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the periodic inventory system. If an amount box does not require an entry, leave it blank.
| July 9 | |||
| July 12 | |||
| July 18 | |||
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