The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system: October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to the supplier. October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash. October 7 October 10 Accepted a return of one unit of inventory from an October 6th customer for a cash refund. Established a petty cash fund for $300. October 11 October 15 October 28 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Zapata received the inventory on November 2. October 30 October 31 Paid the remaining balance owed to the supplier from the October 2nd transaction. Replenished petty cash. Record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to October business. If no journal entry is needed, write the transaction date and NO ENTRY.
The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system: October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to the supplier. October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash. October 7 October 10 Accepted a return of one unit of inventory from an October 6th customer for a cash refund. Established a petty cash fund for $300. October 11 October 15 October 28 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Zapata received the inventory on November 2. October 30 October 31 Paid the remaining balance owed to the supplier from the October 2nd transaction. Replenished petty cash. Record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to October business. If no journal entry is needed, write the transaction date and NO ENTRY.
The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system: October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to the supplier. October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash. October 7 October 10 Accepted a return of one unit of inventory from an October 6th customer for a cash refund. Established a petty cash fund for $300. October 11 October 15 October 28 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Zapata received the inventory on November 2. October 30 October 31 Paid the remaining balance owed to the supplier from the October 2nd transaction. Replenished petty cash. Record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to October business. If no journal entry is needed, write the transaction date and NO ENTRY.
can you help me write journal entries for these transactions please...
The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system:
October 2
Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd.
October 4
Returned 5 units of inventory from the October 2nd transaction to the supplier.
October 6
Sold 15 of the units purchased on October 2nd for $50 each to customers for cash.
October 7
October 10
Accepted a return of one unit of inventory from an October 6th customer for a cash refund.
Established a petty cash fund for $300.
October 11
October 15
October 28
Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns.
Used $20 out of petty cash to pay for stamps (postage expense).
Purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Zapata received the inventory on November 2.
October 30
October 31
Paid the remaining balance owed to the supplier from the October 2nd transaction.
Replenished petty cash.
Record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to October business. If no journal entry is needed, write the transaction date and NO ENTRY.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
