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. Thefollowing transactions occur during the month of July.July 3. Purchase inventory on account from Wholesale 3D for $1,800, terms 2/10, "/30.July 4Pay 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 3July 4July 9AssetsJuly 11July 12July 15Purchase 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 SheetJuly 18Liabilities.< PrevJuly 22July 28Stockholders' EquityRetained EarningsCommon Stock6 of 10July 30wwwwwwJuly 4 >RevenuesIncome StatementExpenses

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Description: 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. Thefollowing transactions occur during the month

Profit and loss account, balance sheet and cash flow statement are the three main financial…

Answered: Required: 1. Assuming Fick 3D uses a…

Business

Accounting

Required: 1. Assuming Fick 3D uses a perpetual Inventory system, determine the financial statement effects for each of the transactions.

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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