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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On August 31, Pharoah Supply had an inventory of 20 backpacks at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sep. 3 Purchased 66 backpacks at $25 each from Janzen, terms n/30. Received a 10% quantity discount. 6 Received credit of $90 for the return of four backpacks purchased on September 3 that were defective. Paid for the September 3 purchase, 7 9 Sold 20 backpacks for $35 each to McGill Books, terms n/30. The cost of each backpack was $18 each. 13 Cash sales of 15 backpacks for $35 each to Calvin Office Supply. 21 Purchased 27 backpacks at $18 each from Coleman Company, terms 2/10, n/30. 30 A physical inventory count indicated an ending inventory balance of $830.
Transcribed Image Text:On August 31, Pharoah Supply had an inventory of 20 backpacks at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sep. 3 Purchased 66 backpacks at $25 each from Janzen, terms n/30. Received a 10% quantity discount. 6 Received credit of $90 for the return of four backpacks purchased on September 3 that were defective. Paid for the September 3 purchase, 7 9 Sold 20 backpacks for $35 each to McGill Books, terms n/30. The cost of each backpack was $18 each. 13 Cash sales of 15 backpacks for $35 each to Calvin Office Supply. 21 Purchased 27 backpacks at $18 each from Coleman Company, terms 2/10, n/30. 30 A physical inventory count indicated an ending inventory balance of $830.
Journalize the September transactions for Stanton Supply, using a perpetual inventory system (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If ne entry is required, select "No Entry for the account titles and enter for the amounts, List all debit entries before credit entries) Account Titles and Explanation Date (To record sales to McGill Books) (To record cost of goods sold) (To record cash sales of Calvin Office Supply) (To record cost of goods sold) Debit ||| Credit DOBD 00:00:00 000
Transcribed Image Text:Journalize the September transactions for Stanton Supply, using a perpetual inventory system (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If ne entry is required, select "No Entry for the account titles and enter for the amounts, List all debit entries before credit entries) Account Titles and Explanation Date (To record sales to McGill Books) (To record cost of goods sold) (To record cash sales of Calvin Office Supply) (To record cost of goods sold) Debit ||| Credit DOBD 00:00:00 000
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