Question
Calla Canoe Company is a service based company that rents canoes for use on local lakes and rivers. At the beginning of the new year,
Calla Canoe Company is a service based company that rents canoes for use on local lakes and rivers. At the beginning of the new year, Calla Canoe Company decided to carry and sell T-shirts with its logo printed on them. Calla Canoe Company uses the perpetual inventory system to account for the inventory. During , Calla Canoe Company completed the following merchandising transactions:
Requirements 1 and 2. Enter the transactions in a sales journal (page 2), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 7), a cash payments journal (page 6), and a general journal (page 4), as appropriate. Total each column of the special journals. Show that total debits equal total credits in each special journal. For purposes of this problem, we will ignore posting references. Begin with page 2 of the sales journal. Enter the transactions and total the journal. (Round all amounts to the nearest whole dollar. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.)
Jan. 10 | Sold 10 T-shirts on account for $14 each, total cost of $50. Terms 2/15, n/45. |
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Jan. 21 | Sold 150 T-shirts on account for $14 each, total cost of $399. Terms 3/20, n/30. |
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Jan. 30 | Sold 200 T-shirts on account for $14 each, total cost of $793. Terms 5/10, n/30. |
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