Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. The following transactions occurred between Dajin Company and the Chuanxiao company in April, 20X1. Please prepare accounting entries for the two companies according

image text in transcribed

2. The following transactions occurred between Dajin Company and the Chuanxiao company in April, 20X1. Please prepare accounting entries for the two companies according to the periodic inventory system and the perpetual inventory system. (30% Date, accounting item name, amount should be properly written. 2 points will be deducted for every wrong entry until the deduction is complete.) Dajin Company purchased $60,000 of goods from Chuanxiao Company with payment terms "2/10/EOM, n/60" on April 8. According to the Chuxiao co. inventory cost information, the cost of the goods was $42,000 and the goods were delivered. Chuanxiao Company paid $900 freight to the freight company on April 9. Chuanxiao Company agreed to grant Dajin Company a sales allowance of $3,000 on April 12 because part of the goods was damaged in transit Dajin Company returned $6,000 of goods to the Chuanxiao Company on April 18 because the quality of some goods was not in conformity with the regulations, and the cost of goods was $4,200, Dajin Company paid all the money owed to Chuanxiao Company. Dajin Company-Periodic Inventory System

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

Financial and Managerial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

2nd edition

978-1119036357, 1119036356, 1118338413, 1118334264, 978-1118338414, 978-1118334263

More Books

Students also viewed these Accounting questions

Question

Draw Sulls strategy loop, and explain each of the elements.

Answered: 1 week ago