Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help with the transactions please Sep. 10: Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Accounts Debit Credit

help with the transactions please
image text in transcribed
image text in transcribed
Sep. 10: Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Accounts Debit Credit Sep. 10 Date More info Sep. 3 Sep. 4 Sep. 4 Sep. 6 Sep. 8 Sep. 9 Sep. 10 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000. Terms 3/15, n/EOM, FOB shipping point. Paid freight bill of $70 on September 3 purchase. Purchase merchandise inventory for cash of $2,400. Returned $1,200 of inventory from September 3 purchase. Sold merchandise inventory to Hilton Company, $6,200, on account. Terms 3/15, n/35. Cost of goods, $2,852. Purchased merchandise inventory on account from Taylor Wholesalers, $7,000. Terms 2/10, n/30, FOB destination. Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount. After negotiations, received a $250 allowance from Taylor Wholesalers. Sold merchandise inventory to Julian Company, $3,300, on account. Terms n/EOM. Cost of goods, $1,485. Made payment, less allowance, to Taylor Wholesalers for goods purchased on September 9. Sold merchandise inventory to Shelton for $1,500 on account that cost $660. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Shelton, $75 of freight was added to the invoice for which cash was paid by Water Works. Received payment from Shelton, less discount. Received payment from Julian Company. Sep. 12 Sep. 13 Sep. 15 Sep. 22 Sep. 25 Sep. 29 Sep. 30

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

Essentials Of Cost Accounting For Health Care Organizations

Authors: Steven A. Finkler

1st Edition

0834205289, 978-0834205284

More Books

Students also viewed these Accounting questions

Question

What is a decision support system (DSS)? What kinds exist?

Answered: 1 week ago

Question

In what research projects are your students currently involved?

Answered: 1 week ago

Question

What role does Linix have with cloud servers?

Answered: 1 week ago

Question

=+How are the first copy costs and distribution costs comprised?

Answered: 1 week ago