Presented here are selected transactions for the Norlan Company during September of the current year. Norlan Company
Question:
Presented here are selected transactions for the Norlan Company during September of the current year. Norlan Company uses the perpetual inventory system.
Sept. 2 Purchased delivery equipment on account for \(\$ 28,000\).
4 Purchased merchandise on account from Hillary Company at a cost of \(\$ 60,000\), terms \(2 / 10, \mathrm{n} / 30\).
5 Paid freight charges of \(\$ 2,000\) on merchandise purchased from Hillary Company on September 4.
5 Returned damaged goods costing \(\$ 7,000\) received from Hillary Company on September 4.
6 Sold merchandise to Fischer Company costing \(\$ 15,000\) on account for \(\$ 21,000\), terms \(1 / 10, n / 30\).
14 Paid Hillary balance due related to September 4 transaction.
15 Purchased supplies costing \(\$ 4,000\) for cash.
16 Received balance due from Fischer Company.
18 Purchased merchandise for cash \(\$ 6,000\).
22 Sold to Waldo Company on account for \(\$ 28,000\) inventory costing \(\$ 20,000\), terms \(1 / 10, \mathrm{n} / 30\).
\section*{Instructions}
Journalize the September transactions.
Step by Step Answer:
Financial Accounting Tools For Business Decision Making
ISBN: 9780471169192
1st Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso