Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i give likes:) need help asap! On September 1, Sheridan Marine had an inventory of 21 boats at a cost of $1.900 each. Sheridan does

i give likes:)
need help asap!
image text in transcribed
image text in transcribed
image text in transcribed
On September 1, Sheridan Marine had an inventory of 21 boats at a cost of $1.900 each. Sheridan does not expect any returns from sales of boats. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sep. 3 Purchased 41 boats at $1,900 each from Hillside Fibreglass. The boats were shipped FOB destination terms /30. 3 The appropriate party paid the freight costs. 6 Received credit of $9,500 for the return of 5 boats purchased on September 3 that were defective. 7 Paid for the September 3 purchase. 9 Sold 21 boats for $3,000 each to Billington Yacht Club on credit 13 Cash sale of 16 boats for $3,000 each to Birch Island Ferry. 21 Purchased 28 boats at $1,900 each from Johnson Supply terms n/30. Journalize the September transactions for Sheridan Marine, using a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record purchase of boats from Hillside Fiberglass) (To record freight costs) (To record return of defective boats) (To record payment for purchases) . (To record sale of boats) (To record the cost of goods sold) (To record cash sales) (To record the cost of goods sold for cash) (To record the purchase of boats from Johnson supply)

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

Enterprise Information Systems A Pattern Based Approach

Authors: Cheryl Dunn, J. Owen Cherrington, Anita Hollander

3rd Edition

0072404299, 978-0072404296

More Books

Students also viewed these Accounting questions