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Whispering Winds Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 1. 2. 3. 3 Purchased merchandise from Ayayai Ltd. for $25,300, terms n/30, FOB shipping point. The appropriate company paid freight costs of $690 on the merchandise purchased on April 3. Purchased supplies on account for $5,090. Returned damaged merchandise to Ayayai received a credit of $3,700. The merchandise was returned to inventory for future resale. Paid the amount due to Ayayai in full. 6 7 8 30 The cost of the merchandise sold on April 3 was $18,270. Ayayai expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,300. Ayayai uses a periodic inventory system.

Whispering Winds Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 1. 2. 3. 3 Purchased merchandise from Ayayai Ltd. for $25,300, terms n/30, FOB shipping point. The appropriate company paid freight costs of $690 on the merchandise purchased on April 3. Purchased supplies on account for $5,090. Returned damaged merchandise to Ayayai received a credit of $3,700. The merchandise was returned to inventory for future resale. Paid the amount due to Ayayai in full. 6 7 8 30 The cost of the merchandise sold on April 3 was $18,270. Ayayai expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,300. Ayayai uses a periodic inventory system.

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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Whispering Winds Corp. Date Account Titles and Explanation Apr. 3 Apr. 3 Apr. 8 Apr.8 Apr. 30 V V V > V Accounts Receivable Sales Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Receivable Inventory Cost of Goods Sold Cash Accounts Receivable 4 Debit 25 300 Credit 25 300
Transcribed Image Text:Whispering Winds Corp. Date Account Titles and Explanation Apr. 3 Apr. 3 Apr. 8 Apr.8 Apr. 30 V V V > V Accounts Receivable Sales Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Receivable Inventory Cost of Goods Sold Cash Accounts Receivable 4 Debit 25 300 Credit 25 300
Whispering Winds Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Ayayai Ltd. for $25,300, terms n/30, FOB shipping point. The appropriate company paid freight costs of $690 on the merchandise purchased on April 3. Purchased supplies on account for $5,090. Returned damaged merchandise to Ayayai received a credit of $3,700. The merchandise was returned to inventory for future resale. Paid the amount due to Ayayai in full. 1. 2. 3. a 7 8 30 The cost of the merchandise sold on April 3 was $18,270. Ayayai expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,300. Ayayai uses a periodic inventory system.
Transcribed Image Text:Whispering Winds Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Ayayai Ltd. for $25,300, terms n/30, FOB shipping point. The appropriate company paid freight costs of $690 on the merchandise purchased on April 3. Purchased supplies on account for $5,090. Returned damaged merchandise to Ayayai received a credit of $3,700. The merchandise was returned to inventory for future resale. Paid the amount due to Ayayai in full. 1. 2. 3. a 7 8 30 The cost of the merchandise sold on April 3 was $18,270. Ayayai expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,300. Ayayai uses a periodic inventory system.
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