Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Record journal entries for the following purchase transactions of Apex Industries, assuming perpetual inventory system is used. Nov. 6 Purchased 24 computers on credit

image text in transcribed

2. Record journal entries for the following purchase transactions of Apex Industries, assuming perpetual inventory system is used. Nov. 6 Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 5 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. 3. Record the journal entries for the following sales transactions of Apache Industries. Nov. 7 Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14 The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21 The customer paid their account in full from the November 7 sale. 4. Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions and using FIFO, LIFO and Weighted average (consider perpetual inventory system). Number of Units Unit Cost Sales Beginning inventory 800 $50 Purchased 600 52 Sold 400 $80 Sold 350 90 Ending inventory 650

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Study Guide Working Papers For College Accounting, Chapters 1-9

Authors: James A. Heintz, Robert W. Parry

23rd Edition

0357474740, 9780357474747

More Books

Students also viewed these Accounting questions

Question

Explain possible uses for single-case research.

Answered: 1 week ago

Question

How does interconnectivity change how we live and work?

Answered: 1 week ago