Recording Purchases and Sales Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were 225 cartridges on hand that cost $62 each. During the year, Printer Supply purchased 1,475 cartridges at $62 each. After inspection, Printer Supply determined that 15 cartridges were defective and returned them to the supplier. Printer Supply also sold 830 cartridges at $95 each and sold an additional 710 cartridges at $102 each after a midyear selling price increase. Customers returned 20 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system. Required: 1. Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume that all purchases and sales are on credit but no discounts were offered. Question Content Area Record the entry for the purchases during the year. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the return, by Printer Supply, of the cartridges to its supplier. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the sales during the year. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the cost of goods sold related to the sales during the year. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the return, by customers, of the cartridges to Printer Supply. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - (Recorded the sales return of defective cartridges) blank - Select - - Select - - Select - - Select - (Recorded the inventory returned of defective cartridges) Question Content Area 2. What is the cost of ending inventory, cost of goods sold, and gross profit? Cost of ending inventory $fill in the blank f27005f85010f90_1 Cost of goods sold $fill in the blank f27005f85010f90_2 Gross profit $fill in the blank f27005f85010f90_3

Recording Purchases and Sales Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were 225 cartridges on hand that cost $62 each. During the year, Printer Supply purchased 1,475 cartridges at $62 each. After inspection, Printer Supply determined that 15 cartridges were defective and returned them to the supplier. Printer Supply also sold 830 cartridges at $95 each and sold an additional 710 cartridges at $102 each after a midyear selling price increase. Customers returned 20 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system. Required: 1. Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume that all purchases and sales are on credit but no discounts were offered. Question Content Area Record the entry for the purchases during the year. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the return, by Printer Supply, of the cartridges to its supplier. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the sales during the year. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the cost of goods sold related to the sales during the year. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area Record the entry for the return, by customers, of the cartridges to Printer Supply. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - (Recorded the sales return of defective cartridges) blank - Select - - Select - - Select - - Select - (Recorded the inventory returned of defective cartridges) Question Content Area 2. What is the cost of ending inventory, cost of goods sold, and gross profit? Cost of ending inventory $fill in the blank f27005f85010f90_1 Cost of goods sold $fill in the blank f27005f85010f90_2 Gross profit $fill in the blank f27005f85010f90_3

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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Question Content Area

Recording Purchases and Sales

Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were 225 cartridges on hand that cost $62 each. During the year, Printer Supply purchased 1,475 cartridges at $62 each. After inspection, Printer Supply determined that 15 cartridges were defective and returned them to the supplier. Printer Supply also sold 830 cartridges at $95 each and sold an additional 710 cartridges at $102 each after a midyear selling price increase. Customers returned 20 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system.

Required:

1. Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume that all purchases and sales are on credit but no discounts were offered.

Question Content Area

Record the entry for the purchases during the year. If an amount box does not require an entry, leave it blank.

blank		- Select -	- Select -
		- Select -	- Select -

Question Content Area

Record the entry for the return, by Printer Supply, of the cartridges to its supplier. If an amount box does not require an entry, leave it blank.

blank		- Select -	- Select -
		- Select -	- Select -

Question Content Area

Record the entry for the sales during the year. If an amount box does not require an entry, leave it blank.

blank		- Select -	- Select -
		- Select -	- Select -

Question Content Area

Record the entry for the cost of goods sold related to the sales during the year. If an amount box does not require an entry, leave it blank.

blank		- Select -	- Select -
		- Select -	- Select -

Question Content Area

Record the entry for the return, by customers, of the cartridges to Printer Supply. If an amount box does not require an entry, leave it blank.

blank		- Select -	- Select -
		- Select -	- Select -
	(Recorded the sales return of defective cartridges)
blank		- Select -	- Select -
		- Select -	- Select -
	(Recorded the inventory returned of defective cartridges)

Question Content Area

2. What is the cost of ending inventory, cost of goods sold, and gross profit?

Cost of ending inventory	$fill in the blank f27005f85010f90_1
Cost of goods sold	$fill in the blank f27005f85010f90_2
Gross profit	$fill in the blank f27005f85010f90_3

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