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3. Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used. No explanations are needed. Identify

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3. Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Sep. 3: Purchased merchandise inventory on account from Silton Wholesalers, $4,000. Terms 1/15, n/EOM, FOB shipping point Date Accounts Sep 3 Sep. 4: Paid freight bill of $70 on September 3 purchase Date Accounts Debit Cred Sep. 4 Sep. 4: Purchase merchandise inventory for cash of $2,100 Date Accounts Debit Credit Sep. 4 Sep. 6: Returned $500 of inventory from September 3 purchase. Date Accounts Sep. 6 Debit Credit (15) Sep. 8: Sold merchandise inventory to Hayes Company, $5,800, on account. Terms 2/15, 1/35. Cost of goods. $2,378 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Sep 8 Now journalize the expense related to the September 8 sale-Cost of goods, S2,378, Date Accounts Sep. 8 (21) (22) (23) (24) Sep. 9: Purchased merchandise inventory on account from Teaton Wholesalers, 39,500. Terms 2/10, 1/30 FOB destination Date Accounts Debit Credit Sep 9 (25) (28) Sep 10: Made payment to Silton Wholesalers for goods purchased on September 3, less return and discount. Debit Accounts Date Credit Sep. 10 Debit Credit Sep. 12: Received payment from Hayes Company, less discount Date Accounts Sep. 12 (33) (34) (35) (36) Sep. 13: After negotiations, received a $300 allowance from Teaton Wholesalers. Date Accounts Debit Credit Sep. 13 (37) (38) (39) (40) Sep. 15: Sold merchandise inventory to Jeter Company. $3,100, on account. Terms NEOM. Cost of goods, $1,426. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Credit Sep. 15 (42) (43) Now journalize the expense related to the September 15 saleCost of goods, $1.426. Date Accounts Debit Credit Sep. 15 (45) (48) Sep. 22: Made payment, less allowance, to Teaton Wholesalers for goods purchased on September 9. Date Accounts Debit | Credit Sep. 22 (49) (52) Sep. 23: Jeter Company returned $500 of the merchandise sold on September 15. Cost of goods, $230, Start by preparing the entry to record the refund and decrease to the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Accounts Date Credit Debit Sep. 23 (53) (56) Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise Cost of goods returned, $230. Date Accounts Debit Credit Sep. 23 (57) (58) (59) (60) Sep 25: Sold merchandise inventory to Smithsons for $1,400 on account that cost $518 Terms of 3/10, 1/30 was offered, FOB shipping point. As a courtesy to Smithsons, $85 of freight was added to the invoice for which cash was paid by Faucet. Begin by preparing a compound journal entry to journalize the sale and the full amount of the receivable from this transaction. Do not record the expense related to the sale. We will do that in the following step. (Prepare a compound journal entry.) Date Accounts Debit Credit Sep. 25 (61) (62) (63) (64) Now journalize the expense related to the September 25 sale Cost of goods, $518 Date Accounts Debit Credit Sep. 25 (66) (67) (68) Sep. 29: Received payment from Smithsons, less discount Date Accounts Debit Credit Sep. 29 Sep. 30: Received payment from Jeter Company, less return Date Accounts Debit Credit Sep. 30 (73) (74) (76) 3: More Info red pearancmg.com / Sep. 3 Purchased merchandise inventory on account from Silton Wholesalers, $4,000. Terms 1/15, n/EOM, FOB shipping point. 4 Paid freight bill of $70 on September 3 purchase. 4 Purchase merchandise inventory for cash of $2,100. 6 Returned $500 of inventory from September 3 purchase. 8 Sold merchandise inventory to Hayes Company, $5,800, on account. Terms 2/15, 1/35. Cost of goods, $2,378 9 Purchased merchandise inventory on account from Teaton Wholesalers, $9,500. Terms 2/10, n/30, FOB destination. 10 Made payment to Silton Wholesalers for goods purchased on September 3, less return and discount 12 Received payment from Hayes Company, less discount. 13 After negotiations, received a $300 allowance from Teaton Wholesalers 15 Sold merchandise inventory to Jeter Company, $3,100, on account. Terms n/EOM. Cost of goods, $1,426. 22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on September 9. 23 Jeter Company returned $500 of the merchandise sold on September 15. Cost of goods, $230. 25 Sold merchandise inventory to Smithsons for $1,400 on account that cost $518. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Smithsons, $85 of freight was added to the invoice for which cash was paid by Faucet. 29 Received payment from Smithsons, less discount. 30 Received payment from Jeter Company, less return

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