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Sheffield Sports Equipment sells a variety of sports items. The following data relates to Sheffield's inventory of golf club sets. On March 1, 2024, Sheffield had 22 sets of clubs in inventory at a cost of $390 each. Management expects approximately 10% of sales to be returned. During March, the following transactions occurred: Mar. 2 Sold 7 sets of clubs on account to Flex Golf Club for $553 each, terms, n/30. 4 Flex Golf Club returned 2 sets of clubs. Fairway returned the clubs to inventory. 11 Flex Golf Club paid the account in full. 15 Purchased 8 sets of clubs from Taylor Sports Canada at $390, terms n/30. 17 Freight of $622 on the purchase from Taylor was FOB destination and was paid by the appropriate party. 18 Sold 6 sets of clubs at $532 each for cash. 22 Purchased 11 sets of clubs from Lopez Golf for $419 each, terms 3/10 n/30. 24 Returned 1 set of clubs to Lopez Golf because they were defective. 31 Paid the Lopez Golf account.

Sheffield Sports Equipment sells a variety of sports items. The following data relates to Sheffield's inventory of golf club sets. On March 1, 2024, Sheffield had 22 sets of clubs in inventory at a cost of $390 each. Management expects approximately 10% of sales to be returned. During March, the following transactions occurred: Mar. 2 Sold 7 sets of clubs on account to Flex Golf Club for $553 each, terms, n/30. 4 Flex Golf Club returned 2 sets of clubs. Fairway returned the clubs to inventory. 11 Flex Golf Club paid the account in full. 15 Purchased 8 sets of clubs from Taylor Sports Canada at $390, terms n/30. 17 Freight of $622 on the purchase from Taylor was FOB destination and was paid by the appropriate party. 18 Sold 6 sets of clubs at $532 each for cash. 22 Purchased 11 sets of clubs from Lopez Golf for $419 each, terms 3/10 n/30. 24 Returned 1 set of clubs to Lopez Golf because they were defective. 31 Paid the Lopez Golf account.

FINANCIAL ACCOUNTING
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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Date v v Account Titles and Explanation (To record sales made to Flex Golf Club) (To record cost of merchandise sold to Flex Gold Club.) (To record returned goods.) (To record cost of returned goods.) (To record sales) (To record cost of goods sold.) Debit Credit
Transcribed Image Text:Date v v Account Titles and Explanation (To record sales made to Flex Golf Club) (To record cost of merchandise sold to Flex Gold Club.) (To record returned goods.) (To record cost of returned goods.) (To record sales) (To record cost of goods sold.) Debit Credit
Sheffield Sports Equipment sells a variety of sports items. The following data relates to Sheffield's inventory of golf club sets. On March 1, 2024, Sheffield had 22 sets of clubs in inventory at a cost of $390 each. Management expects approximately 10% of sales to be returned. During March, the following transactions occurred: Mar. 2 Sold 7 sets of clubs on account to Flex Golf Club for $553 each, terms, n/30. 4 Flex Golf Club returned 2 sets of clubs. Fairway returned the clubs to inventory. 11 Flex Golf Club paid the account in full. 15 Purchased 8 sets of clubs from Taylor Sports Canada at $390, terms n/30. 17 Freight of $622 on the purchase from Taylor was FOB destination and was paid by the appropriate party. 18 Sold 6 sets of clubs at $532 each for cash. 22 Purchased 11 sets of clubs from Lopez Golf for $419 each, terms 3/10 n/30. 24 Returned 1 set of clubs to Lopez Golf because they were defective. 31 Paid the Lopez Golf account.
Transcribed Image Text:Sheffield Sports Equipment sells a variety of sports items. The following data relates to Sheffield's inventory of golf club sets. On March 1, 2024, Sheffield had 22 sets of clubs in inventory at a cost of $390 each. Management expects approximately 10% of sales to be returned. During March, the following transactions occurred: Mar. 2 Sold 7 sets of clubs on account to Flex Golf Club for $553 each, terms, n/30. 4 Flex Golf Club returned 2 sets of clubs. Fairway returned the clubs to inventory. 11 Flex Golf Club paid the account in full. 15 Purchased 8 sets of clubs from Taylor Sports Canada at $390, terms n/30. 17 Freight of $622 on the purchase from Taylor was FOB destination and was paid by the appropriate party. 18 Sold 6 sets of clubs at $532 each for cash. 22 Purchased 11 sets of clubs from Lopez Golf for $419 each, terms 3/10 n/30. 24 Returned 1 set of clubs to Lopez Golf because they were defective. 31 Paid the Lopez Golf account.
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