Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Akizuki started a new business called Fall Moon Ultimate. Fall Moon buys and sells premium Ultimate Frisbee clothes and gear. All purchases and sales are
Akizuki started a new business called Fall Moon Ultimate. Fall Moon buys and sells premium Ultimate Frisbee clothes and gear. All purchases and sales are made on credit. Fall Moon uses the perpetual inventory system and the 3-way match. Below is a partial list of events for the company. Analyze the three events below and for each state which accounts get debited, which accounts get credited, which special journal are they recorded in and which subsidiary ledgers get updated from the transactions.. 1. October 15, Shipped and billed (Sold) 500 Jerseys to Hanks Sports, Inc. for $7,500. Invoice number 200 was prepared. The discs cost Fall Moon $5,000. 2. October 17, Received $2,000 from Dog Town Discs for goods that were shipped and invoiced the prior month 3. October 20, Received an invoice for $3,000 from Three Dogs for inventory and performed the 3- way match. The inventory was ordered on September 20 and received on October 20. Account Account Special Subsidiary Debited Credited Ledger Journal 1. 2. 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started