Required: 1. Assuming Fick 3D uses a perpetual Inventory system, determine the financial statement effects for each of the transactions.
Required: 1. Assuming Fick 3D uses a perpetual Inventory system, determine the financial statement effects for each of the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of July, Fick_3D Corporation has a balance in inventory of $2,900 of 3D printing accessories. The
following transactions occur during the month of July.
July 3. Purchase inventory on account from Wholesale 3D for $1,800, terms 2/10, "/30.
July 4
Pay cash for freight charges related to the July 3 purchase from Wholesale 3D, $100.
July 9 Return incorrectly ordered 3D printing accessories to Wholesale 30 and receive credit, $300.
July 11 Pay Wholesale 3D in full.
July 12 Sell 3D printing accessories to customers on account, $4,800, that had a cost of $2,500.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase 3D printing accessories on account from 3D Supply for $2,600, terms 1/10, 1/30.
July 22 Sell 30 printing accessories to customers for cash, $3,700, that had a cost of $2,000.
July 28 Return 3D printing accessories to 3D Supply and receive credit of $200.
July 30 Pay 3D Supply in full.
Required:
1. Assuming Fick 3D uses a perpetual inventory system, determine the financial statement effects for each of the transactions.
Complete this question by entering your answers in the tabs below.
July 3
July 4
July 9
Assets
July 11
July 12
July 15
Purchase inventory on account from Wholesale 3D for $1,800, terms 2/10, n/30.
Note: Amounts to be deducted should be indicated with a minus sign.
Balance Sheet
July 18
Liabilities.
< Prev
July 22
July 28
Stockholders' Equity
Retained Earnings
Common Stock
6 of 10
July 30
www
www
<July 3
Next >
July 4 >
Revenues
Income Statement
Expenses](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5e95ccb-20b0-47bf-809e-22f2d8888bee%2F2fd5f784-207c-4e11-a41e-432f3ef750b7%2Ffuovitw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
At the beginning of July, Fick_3D Corporation has a balance in inventory of $2,900 of 3D printing accessories. The
following transactions occur during the month of July.
July 3. Purchase inventory on account from Wholesale 3D for $1,800, terms 2/10, "/30.
July 4
Pay cash for freight charges related to the July 3 purchase from Wholesale 3D, $100.
July 9 Return incorrectly ordered 3D printing accessories to Wholesale 30 and receive credit, $300.
July 11 Pay Wholesale 3D in full.
July 12 Sell 3D printing accessories to customers on account, $4,800, that had a cost of $2,500.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase 3D printing accessories on account from 3D Supply for $2,600, terms 1/10, 1/30.
July 22 Sell 30 printing accessories to customers for cash, $3,700, that had a cost of $2,000.
July 28 Return 3D printing accessories to 3D Supply and receive credit of $200.
July 30 Pay 3D Supply in full.
Required:
1. Assuming Fick 3D uses a perpetual inventory system, determine the financial statement effects for each of the transactions.
Complete this question by entering your answers in the tabs below.
July 3
July 4
July 9
Assets
July 11
July 12
July 15
Purchase inventory on account from Wholesale 3D for $1,800, terms 2/10, n/30.
Note: Amounts to be deducted should be indicated with a minus sign.
Balance Sheet
July 18
Liabilities.
< Prev
July 22
July 28
Stockholders' Equity
Retained Earnings
Common Stock
6 of 10
July 30
www
www
<July 3
Next >
July 4 >
Revenues
Income Statement
Expenses
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