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 $2,950 of 3D printing accessories. The following transactions occur during the month of July. July 3 Purchase inventory on account from Wholesale 3D for $1,850, terms 2/10, ¹/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale 3D, $110. July 9 Return incorrectly ordered 3D printing accessories to Wholesale 3D and receive credit, $200. July 11 Pay Wholesale 3D in full. July 12 Sell 3D printing accessories to customers on account, $4,900, that had a cost of $2,550. 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 $2,650, terms 2/10, ¹/30. July 22 Sell 3D printing accessories to customers for cash, $3,750, that had a cost of $2,050. July 28 Return 3D printing accessories to 3D Supply and receive credit of $210. 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.

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 $2,950 of 3D printing accessories. The following transactions occur during the month of July. July 3 Purchase inventory on account from Wholesale 3D for $1,850, terms 2/10, ¹/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale 3D, $110. July 9 Return incorrectly ordered 3D printing accessories to Wholesale 3D and receive credit, $200. July 11 Pay Wholesale 3D in full. July 12 Sell 3D printing accessories to customers on account, $4,900, that had a cost of $2,550. 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 $2,650, terms 2/10, ¹/30. July 22 Sell 3D printing accessories to customers for cash, $3,750, that had a cost of $2,050. July 28 Return 3D printing accessories to 3D Supply and receive credit of $210. 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.

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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 $2,950 of 3D printing accessories. Thefollowing transactions occur during the month

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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