Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chet 3 Required information Problem 4-29A Comprehensive cycle problem: Periodic system (Appendix) LO 4-9 [The following information applies to the questions displayed below.) The following

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Chet 3 Required information Problem 4-29A Comprehensive cycle problem: Periodic system (Appendix) LO 4-9 [The following information applies to the questions displayed below.) The following trial balance pertains to Benji's Grocery as of January 1 Year 2: Credit Account Title Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings Total Debit $15, 200 10,500 61,800 $ 4,200 63,000 20,300 $87,500 $87,500 The following events occurred in Year 2. Assume that Benj's uses the periodic inventory method. 1. Purchased land for $6,200 cash 2. Purchased merchandise on account for $27,000, terms 2/10 n/30. 3. Paid freight of $270 cash on merchandise purchased FOB shipping point. 4. Returned $2,800 of defective merchandise purchased in Event 2 5. Sold merchandise for $23,000 cash 6. Sold merchandise on account for $41,000, terms 120 n/30. The following trial balance pertains to Benji's Grocery as of January 1, Year 2: Credit Account Title Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings Total Debit $15,209 10,500 61,880 $ 4,200 63,000 20, 300 $87,500 $87,500 The following events occurred in Year 2. Assume that Benji's uses the periodic inventory method. 1. Purchased land for $6,200 cash. 2. Purchased merchandise on account for $27,000, terms 2/10 n/30, 3. Paid freight of $270 cash on merchandise purchased FOB shipping point. 4. Returned $2,800 of defective merchandise purchased in Event 2 5. Sold merchandise for $23,000 cash. 6. Sold merchandise on account for $41,000, terms 1/20 n/30. 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 8. Paid $1,400 cash for selling expenses. 9. Collected $32,000 of the accounts receivable from Event 6 within the discount period. 10. Collected $6,000 of the accounts receivable but not within the discount period. 11. Paid $3,100 of other operating expenses. 12. A physical count indicated that $38,000 of inventory was on hand at the end of the accounting period. Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions