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E5.2 ( LO2) Information related to Duffy Yachts is presented below. 1. On April 5, purchased merchandise on account from Thomas Nautical Supply for C25,000,
E5.2 ( LO2) Information related to Duffy Yachts is presented below. 1. On April 5, purchased merchandise on account from Thomas Nautical Supply for C25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of 900 on merchandise purchased from Thomas. 3. On April 7, purchased equipment on account for 26,000. 4. On April 8, returned damaged merchandise to Thomas and was granted a 2,600 credit for returned merchandise. 5. On April 15, paid the amount due to Thomas in full. Instructions a. Prepare the journal entries to record these transactions on the books of Duffy under a perpetual inventory system. b. Assume that Duffy paid the balance due to Thomas on May 4 instead of April 15. Prepare the journal entry to record this payment. Journalize perpetual inventory entries. E5.3 (LO2,3) On September 1, Moreau Office Supply had an inventory of 30 calculators at a cost of 22 each. The company uses a perpetua the following transactions occurred. Sept. 6 Purchased with cash 90 calculators at 20 each from Roux Electronics. 9 Paid freight of 180 on calculators purchased from Roux. 10 Returned 3 calculators to Roux for 66 cash (including freight) because they did not meet specificat 12 Sold 28 calculators costing 22 (including freight) for 33 each on account to Village Book Store, te 14 Granted credit of 33 to Village Book Store for the return of one calculator that was not ordered. 20 Sold 40 calculators costing 22 for 35 each on account to Holiday Card Shop, terms n/30. Instructions Journalize the September transactions. Prepare purchase and sales entries
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