P5-1A. O'Quinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P5-1A. O'Quinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, O’Quinn's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred. P5-2A. Pace Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Pace showed Cash of $9,000 and Owner'sCapital of $9,000. hase and sales P5-1A O'Quinn Co. distributes suiteases to retail stores and extends credit terms of 1/10, n/30 der a perpetual to all of its customers At the end of June, O'Quinn's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Emerson Manufacturers, FOB desti- nation, terms 2/10, n/30, The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Straume Satchels for $2,000. The cost of suitcases sold is S1,200. 9. Paid Emerson Manufacturers in full. 12 Received payment in full from Straume Satchels. 17 Sold suiteases on account to The Going Concern for $1,800. The cost of the suitcases sold was $1,080. 18 Purchased suitcases on account for $1.900 from Hume Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date. 20 Received $300 credit (including freight) for suitcases returned to Hume Manufacturers. 21 Received payment in full from The Going Concern. Sold suitcases on account to Desmond's for $2.250. The cost of suiteases sold was S1.350. 22 30 Paid Hume Manufacturers in full. 31 Granted Desmond's $200 credit for suitcases returned costing $120. o'Quinn's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable. No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions Journalize the transactions for the month of July for O'Quinn using a perpetual inventory system. P5-2A Pace Distributing Company completed the following merchandising transactions in the and prepare a Jatement. month of April. At the beginning of April. the ledger of Pace showed Cash of $9.000 and Owner's Capital of $9,000. Apr. 2 Purchased merchandise on account from Monaghan Supply Co. $6,900, terms 1/10, n/30. 4 Sold merchandise on account $6,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was $3.900. 5 Paid $240 freight on April 4 sale. 6 Received credit from Monaghan Supply Co. for merchandise returned $500. 11 Paid Monaghan Supply Co, in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, $500. 18 Purchased merchandise from Dominic Distributors $4,500, FOB shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase $100. 23 Sold merchandise for cash $7,400. The merchandise sold had a cost of $4,120. 26 Purchased merchandise for cash $2,300. 27 Paid Dominic Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $90. The returned mer- chandise had a fair value of $30. Sold merchandise on account $3,700, terms n/30. The cost of the merchandise sold was $2.800. 30 P5-1A. O'Quinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, O’Quinn's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred. P5-2A. Pace Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Pace showed Cash of $9,000 and Owner'sCapital of $9,000. hase and sales P5-1A O'Quinn Co. distributes suiteases to retail stores and extends credit terms of 1/10, n/30 der a perpetual to all of its customers At the end of June, O'Quinn's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Emerson Manufacturers, FOB desti- nation, terms 2/10, n/30, The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Straume Satchels for $2,000. The cost of suitcases sold is S1,200. 9. Paid Emerson Manufacturers in full. 12 Received payment in full from Straume Satchels. 17 Sold suiteases on account to The Going Concern for $1,800. The cost of the suitcases sold was $1,080. 18 Purchased suitcases on account for $1.900 from Hume Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date. 20 Received $300 credit (including freight) for suitcases returned to Hume Manufacturers. 21 Received payment in full from The Going Concern. Sold suitcases on account to Desmond's for $2.250. The cost of suiteases sold was S1.350. 22 30 Paid Hume Manufacturers in full. 31 Granted Desmond's $200 credit for suitcases returned costing $120. o'Quinn's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable. No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Instructions Journalize the transactions for the month of July for O'Quinn using a perpetual inventory system. P5-2A Pace Distributing Company completed the following merchandising transactions in the and prepare a Jatement. month of April. At the beginning of April. the ledger of Pace showed Cash of $9.000 and Owner's Capital of $9,000. Apr. 2 Purchased merchandise on account from Monaghan Supply Co. $6,900, terms 1/10, n/30. 4 Sold merchandise on account $6,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was $3.900. 5 Paid $240 freight on April 4 sale. 6 Received credit from Monaghan Supply Co. for merchandise returned $500. 11 Paid Monaghan Supply Co, in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, $500. 18 Purchased merchandise from Dominic Distributors $4,500, FOB shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase $100. 23 Sold merchandise for cash $7,400. The merchandise sold had a cost of $4,120. 26 Purchased merchandise for cash $2,300. 27 Paid Dominic Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $90. The returned mer- chandise had a fair value of $30. Sold merchandise on account $3,700, terms n/30. The cost of the merchandise sold was $2.800. 30
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Urdan Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Urdans inventory consisted of suitcases costing $1,200. During the...
-
Travel Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Travel Warehouse uses a perpetual inventory system and at the end of June its...
-
Ready-Set-Go, Ltd. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Ready-Set-Go's inventory consisted of suitcases costing...
-
A stock is trading at $70. You believe there is a 70% chance the price of the stock will increase by 10% over the next 3 months. You believe there is a 10% chance the stock will drop by 10%, and you...
-
Why is it difficult to come up with a satisfactory definition of law?
-
Various people in the movie turn to Warren Buffett for advice and/or financial assistance, including Dick Fuld (Lehman Brothers), Lloyd Blankfein (Goldman-Sachs), Hank Paulson (Secretary of the...
-
Calculate the following: 1. \(7.03 \times 10^{13}+8.5 \times 10^{13}\) 2. \(4.3 \times 10^{21}-4.613 \times 10^{21}\)
-
Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July 2014, during which it expected to use 20,000 hours for production: Tannin has available...
-
Please help me out with this. Thanks.. Qu st' 3 e m DFB, lnc., expects earnings this year ot$5.8'i per share, and it plans to pay a $3.86 dividend to shareholders. DFB will retain $1.95 per share...
-
A researcher at a marketing firm examines whether the age of a consumer matters when buying athletic clothing. Her initial feeling is that Brand A attracts a younger customer, whereas the more...
-
plz help me explain all steps ill in the missing cells in the following grouped frequency distribution table: ound to two decimal places when necessarv 1 answer
-
Assume you are the owner of a small business. You are planning on borrowing money from a local bank. What are some features of the Sarbanes-Oxley Act that you could adopt to help persuade the banker...
-
Review the opening feature of this chapter that highlights Todd Graves and his company Raising Canes Chicken Fingers. Required: 1. List the seven principles of internal control and explain how Graves...
-
A good system of internal control separates the recordkeeping from the control of assets. 1. Explain why this separation of duties can be effective. 2. Which limitation of internal control might...
-
In November 2009 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering...
-
During 2010, Gibson Company assets decreased \(\$ 50,000\) and its liabilities decreased \(\$ 90,000\). Its stockholders' equity therefore: (a) increased \(\$ 40,000\). (b) decreased \(\$ 140,000\)...
-
Entries for issuing bonds and amortizing premium by straight-line method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $8,200,000 of...
-
The swap spread is the difference between the swap rate and the equivalent-maturity Treasury bond yield. Explain why a widening swap spread may be a signal of deteriorating economic conditions. Plot...
-
At July 31, Kowloon Ltd. has the following bank information: cash balance per bank HK$74,200, outstanding checks HK$7,640, deposits in transit HK$16,200, and a bank service charge HK$220. Determine...
-
The following equity accounts are in the ledger of Westin SE at December 31, 2017. Share Capital-Ordinary (10 stated value)..................1,500,000 Share...
-
Alou Ltd.'s 10 par value ordinary shares are actively traded at a market price of 15 per share. Alou issues 5,000 shares to purchase land advertised for sale at 81,000. Journalize the issuance of the...
-
What are three categories of funds that fall under the bond mutual fund group?
-
What is an open-end mutual fund?
-
Choose three categories of stock or bond funds in which you think you might like to invest. Explain why you think they are good investments.
Study smarter with the SolutionInn App