Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounting Assignment The followings are the merchandise transactions happened under perpetual inventory system 1) Octi Business purchased $4950 of inventory from ALT inc. Terms 2/10,n/20FOB

Accounting Assignment image text in transcribed
The followings are the merchandise transactions happened under perpetual inventory system 1) Octi Business purchased $4950 of inventory from ALT inc. Terms 2/10,n/20FOB 2) Oct1 Business sold $6930 inventory to FNC Inc., the cost is $1030. Terms 2/15,n/30FOB 3) Oct4, Business returned defective $260 inventory back to ALT Inc. 4) Oct7 Business paid delivery $175 for the inventory sales to FNC Inc. 5) Oct8 Business issued a credit memo for $235 discount to FNC Inc, regarding the sales on Oct1 6) Oct 9 business purchased inventory $2350 from Sissley's Ltd, Terms: 1/5,n/10,FOB 7) Oct11 Business paid the ALT Inc. in full. 8) Oct16 Business Received FNC Inc's money. 9) Oct30 paid Sissley's Ltd for the Oct9 purchase. Please make entries for the above transactions. If there is any calculation related entry, please also show the detailed calculations

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

Management Accounting

Authors: Anthony A Atkinson, Robert S Kaplan

5th Edition

136005314, 978-0136005315

More Books

Students also viewed these Accounting questions