Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Caronport Carpentry Shop buys and sells merchandise for resale. The following are various transactions that happened during the month of June 2021. Provide all

Caronport Carpentry Shop buys and sells merchandise for resale. The following are various transactions that happened during the month of June 2021. Provide all necessary journal entries to record the transactions, rounding all early-payment discount amounts to the nearest dollar. Show your calculations. Jun 4 Caronport Carpentry Shop purchased $2,118 in merchandise from supplier WVS Enterprises. Terms 2/10, n/30. Jun 11 The company paid the amount owing on their account with WVS Enterprises. Jun 12 On the June 4 purchase, the company returned $275 of defective merchandise. Jun 13 Sold $4,545 in goods to customer 1222222 Saskatchewan Ltd. on account, terms 3/10 n/30. The merchandise had a cost of $2,500. 1222222 Saskatchewan Ltd returned $909 of merchandise sold to them on Jun 13 for a full credit on account. The merchandise is resellable, and had a cost of $500. Caronport Carpentry Shop received full payment for the June 13 order sold to 1222222 Saskatchewan Ltd. Jun 21 Jun 22

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

Accounting for Governmental and Nonprofit Entities

Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely

18th edition

1260190080, 1260190083, 978-1259917059

More Books

Students also viewed these Accounting questions

Question

Describe the use of bioremediation in the cleanup of oil spills.

Answered: 1 week ago

Question

How do our customers see us (the customer perspective)? Plo8

Answered: 1 week ago

Question

What must we excel at (internal process perspective)? Plo8

Answered: 1 week ago

Question

How is operations performance judged at a strategic level? Plo8

Answered: 1 week ago