The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands). Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000. 4 Purchased supplies for cash \80. 4 Sold merchandise on account to Wei W5,250, invoice no. 371, terms 1/10, n/30. 5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling \3,150. 8 Purchased merchandise on account from Pang Co. \4,500. 9 Sold merchandise on account to Loeng Corp. ¥5,400, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Che Co. ¥3,700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling \6,260. 15 Received payment from Loeng Corp. for invoice no. 372. 15 Paid semi-monthly salaries of \14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Ziu Corp. \5,500. 20 Cash sales for the week totaled \3,200.

The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands). Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000. 4 Purchased supplies for cash \80. 4 Sold merchandise on account to Wei W5,250, invoice no. 371, terms 1/10, n/30. 5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling \3,150. 8 Purchased merchandise on account from Pang Co. \4,500. 9 Sold merchandise on account to Loeng Corp. ¥5,400, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Che Co. ¥3,700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling \6,260. 15 Received payment from Loeng Corp. for invoice no. 372. 15 Paid semi-monthly salaries of \14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Ziu Corp. \5,500. 20 Cash sales for the week totaled \3,200.

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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