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Rebecca's Equestrian Supplies sells riding saddles. On July 1, 2008, Rebecca had 9 saddles in inventory at a cost of $900 each. During July, the following transactions occurred. Jul. 1 Purchased 5 saddles at $900 each from North Country Equipment on account, terms net 30. 4 Returned 1 of the saddles purchased from North Country because it was defective. 9 Paid the balance due on the North Country account payable 12 Sold 8 saddles for $1,250 each, terms n/30 13 Paid freight of $250 on the Jul 12th sale 16 Purchased 7 saddles from Anders Tack Suppliers for $825 each, terms n/30 17 Sold 6 of the saddles purchased from Anders for cash, $1,080 each 19 Customer returned 2 of the saddles purchased on July 17th. Provided a cash refund. The saddles were returned to inventory 31 Counted the saddles on hand and determined the total cost of the remaining inventory was $6,975 Calculate the July cost of goods sold.

Rebecca's Equestrian Supplies sells riding saddles. On July 1, 2008, Rebecca had 9 saddles in inventory at a cost of $900 each. During July, the following transactions occurred. Jul. 1 Purchased 5 saddles at $900 each from North Country Equipment on account, terms net 30. 4 Returned 1 of the saddles purchased from North Country because it was defective. 9 Paid the balance due on the North Country account payable 12 Sold 8 saddles for $1,250 each, terms n/30 13 Paid freight of $250 on the Jul 12th sale 16 Purchased 7 saddles from Anders Tack Suppliers for $825 each, terms n/30 17 Sold 6 of the saddles purchased from Anders for cash, $1,080 each 19 Customer returned 2 of the saddles purchased on July 17th. Provided a cash refund. The saddles were returned to inventory 31 Counted the saddles on hand and determined the total cost of the remaining inventory was $6,975 Calculate the July cost of goods sold.

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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Rebecca's Equestrian Supplies sells riding saddles. On July 1, 2008, Rebecca had 9 saddles in inventory at a cost of $900 each. During July, the following transactions occurred. Jul. 1 Purchased 5 saddles at $900 each from North Country Equipment on account, terms net 30. 4 Returned 1 of the saddles purchased from North Country because it was defective. 9 Paid the balance due on the North Country account payable 12 Sold 8 saddles for $1,250 each, terms n/30 13 Paid freight of $250 on the Jul 12th sale 16 Purchased 7 saddles from Anders Tack Suppliers for $825 each, terms n/30 17 Sold 6 of the saddles purchased from Anders for cash, $1,080 each 19 Customer returned 2 of the saddles purchased on July 17th. Provided a cash refund. The saddles were returned to inventory 31 Counted the saddles on hand and determined the total cost of the remaining inventory was $6,975 Calculate the July cost of goods sold.
Transcribed Image Text:Rebecca's Equestrian Supplies sells riding saddles. On July 1, 2008, Rebecca had 9 saddles in inventory at a cost of $900 each. During July, the following transactions occurred. Jul. 1 Purchased 5 saddles at $900 each from North Country Equipment on account, terms net 30. 4 Returned 1 of the saddles purchased from North Country because it was defective. 9 Paid the balance due on the North Country account payable 12 Sold 8 saddles for $1,250 each, terms n/30 13 Paid freight of $250 on the Jul 12th sale 16 Purchased 7 saddles from Anders Tack Suppliers for $825 each, terms n/30 17 Sold 6 of the saddles purchased from Anders for cash, $1,080 each 19 Customer returned 2 of the saddles purchased on July 17th. Provided a cash refund. The saddles were returned to inventory 31 Counted the saddles on hand and determined the total cost of the remaining inventory was $6,975 Calculate the July cost of goods sold.
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