Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please Do Not Give Solution In Image Format And explain proper steps by Step and Fast Answering Please 

Date MB Jul 10 3812 Previous page JM12 JU 14 bun 3021 122 REPY Purchased Inventory of account izer Account Tie and Explanation A 25 med detective goods econdsaks on account Record cost of good so Record ses distint Customer and good Pecard cost of goods Purchased goods or account card out of goods sold for above se # Paid amoure langt Debit -Credit
Transcribed Image Text:Date MB Jul 10 3812 Previous page JM12 JU 14 bun 3021 122 REPY Purchased Inventory of account izer Account Tie and Explanation A 25 med detective goods econdsaks on account Record cost of good so Record ses distint Customer and good Pecard cost of goods Purchased goods or account card out of goods sold for above se # Paid amoure langt Debit -Credit
stion 6 yet wered rked out of 00 Flag estion NorthWave Products has provided you with the following transactions for the month of July 2019. Jul 8 Purchased $234,100 of inventory on account, terms 2/10, net 30 Jul 10 A portion of the inventory from the above purchase was defective. NorthWave returned $700 worth of inventory to the supplier. Jul 12 Sold $91,600, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $36,640 for this transaction. Jul 14 Customer from Jul 12 purchase paid their amount owing and claimed their discount. Jul 21 A customer returned $1,260 of goods purchased on account. The cost of goods sold for the returned inventory is $756. Jul 22 Purchased goods from East Coast Products on account for $17,000 with terms of 3/10, net 30. Jul 23 Made a cash sale of $9,600 The cost of goods sold for this transaction was $5,760. Jul 25 Took advantage of discount offered and paid up amount owing to East Coast Products from Jul 22 purchase. Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order.
Transcribed Image Text:stion 6 yet wered rked out of 00 Flag estion NorthWave Products has provided you with the following transactions for the month of July 2019. Jul 8 Purchased $234,100 of inventory on account, terms 2/10, net 30 Jul 10 A portion of the inventory from the above purchase was defective. NorthWave returned $700 worth of inventory to the supplier. Jul 12 Sold $91,600, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $36,640 for this transaction. Jul 14 Customer from Jul 12 purchase paid their amount owing and claimed their discount. Jul 21 A customer returned $1,260 of goods purchased on account. The cost of goods sold for the returned inventory is $756. Jul 22 Purchased goods from East Coast Products on account for $17,000 with terms of 3/10, net 30. Jul 23 Made a cash sale of $9,600 The cost of goods sold for this transaction was $5,760. Jul 25 Took advantage of discount offered and paid up amount owing to East Coast Products from Jul 22 purchase. Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS