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 please check to see if i did the journal entries correctly?
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.
Oct. 2
Inventory
1,500
Accounts Payable
1,500
4
Accounts Payable
150
Inventory
150
6
Cash
750
Sales Revenue
750
7
Sales Returns & Allowances
50
Cash
50
10
Petty Cash
300
Cash
300
11
Accounts Payable
735
Cash
735
15
No entry required
0
No entry required
0
28
No entry required
0
No entry required
0
30
Accounts Payable
600
Cash
600
31
Petty Cash
20
Cash
20
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.
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