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Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April 7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June I CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance from the manufacturer of $8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 each on credit. Terms of the purchase are 5/15, n/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them, with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their accountin full, less purchase returns and allowances. Required Prepare journal entries by using periodic inventory system

Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April 7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June I CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance from the manufacturer of $8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 each on credit. Terms of the purchase are 5/15, n/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them, with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their accountin full, less purchase returns and allowances. Required Prepare journal entries by using periodic 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
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Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance from the manufacturer of $8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 each on credit. Terms of the purchase are 5/15, n/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them, with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their accountin full, less purchase returns and allowances. Required Prepare journal entries by using periodic inventory system 直 I
Transcribed Image Text:Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance from the manufacturer of $8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 each on credit. Terms of the purchase are 5/15, n/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them, with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their accountin full, less purchase returns and allowances. Required Prepare journal entries by using periodic inventory system 直 I
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