Whispering Winds Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $22,400, terms n/30, FOB shipping point. The appropriate company paid freight costs of $560 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,000. Returned merchandise to DeVito and received a credit of $2,800. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 8 30

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Whispering Winds Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:
April 3 Purchased merchandise from DeVito Ltd. for $22,400, terms n/30, FOB shipping point.
The appropriate company paid freight costs of $560 on the merchandise purchased on April 3.
7 Purchased supplies on account for $4,000.
Returned merchandise to DeVito and received a credit of $2,800. The merchandise was returned to inventory for
future resale.
Paid the amount due to DeVito in full.
6
8
30
Transcribed Image Text:Whispering Winds Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $22,400, terms n/30, FOB shipping point. The appropriate company paid freight costs of $560 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,000. Returned merchandise to DeVito and received a credit of $2,800. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 8 30
Record the above transactions in Whispering Winds's books. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter o for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Record the above transactions in Whispering Winds's books. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit
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