Selected transactions follow for Pukalani Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 4 5 8 10 22 24 27 28 Sold $1,146 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Pukalani $765. Andrew Noren returned for credit $140 of the merchandise purchased on February 2. The goods had cost Pukalani $84 and they were returned to inventory. Sold $753 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Pukalani $495. Sold $838 of merchandise to Michael Collins for cash. The goods had cost Pukalani $618. Sold $922 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Pukalani $674. Dong Corporation paid its account in full. Andrew Noren purchased an additional $698 of merchandise on account, terms n/30. The goods had cost Pukalani $410. Sold $1,748 of merchandise to Batstone Corporation, terms n/30. The goods had cost Pukalani $1,113. Andrew Noren paid $1,006 on account. Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g. 5,275.)
Selected transactions follow for Pukalani Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 4 5 8 10 22 24 27 28 Sold $1,146 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Pukalani $765. Andrew Noren returned for credit $140 of the merchandise purchased on February 2. The goods had cost Pukalani $84 and they were returned to inventory. Sold $753 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Pukalani $495. Sold $838 of merchandise to Michael Collins for cash. The goods had cost Pukalani $618. Sold $922 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Pukalani $674. Dong Corporation paid its account in full. Andrew Noren purchased an additional $698 of merchandise on account, terms n/30. The goods had cost Pukalani $410. Sold $1,748 of merchandise to Batstone Corporation, terms n/30. The goods had cost Pukalani $1,113. Andrew Noren paid $1,006 on account. Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g. 5,275.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected transactions follow for Pukalani Sports Ltd. during the company's first month of business. The company expects a return rate
of 8% and uses a perpetual inventory system.
Feb.
2
Sold $1,146 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Pukalani $765.
4
Andrew Noren returned for credit $140 of the merchandise purchased on February 2. The goods had cost Pukalani
$84 and they were returned to inventory.
5
Sold $753 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Pukalani $495.
8
Sold $838 of merchandise to Michael Collins for cash. The goods had cost Pukalani $618.
10
Sold $922 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Pukalani $674.
22
Dong Corporation paid its account in full.
24
27
Andrew Noren purchased an additional $698 of merchandise on account, terms n/30. The goods had cost Pukalani
$410.
Sold $1,748 of merchandise to Batstone Corporation, terms n/30. The goods had cost Pukalani $1,113.
28 Andrew Noren paid $1,006 on account.
-Your answer is partially correct.
Prepare the journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g.
5,275.)
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