Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

JOURNAL ENTRIES (17 points). For each of the following transactions prepare the journal entry in proper for Amanda's Appliances. Show any applicable calculations. It is

image text in transcribed
image text in transcribed
JOURNAL ENTRIES (17 points). For each of the following transactions prepare the journal entry in proper for Amanda's Appliances. Show any applicable calculations. It is not necessary to provide the journal entry explanation. Amanda's Appliances uses the PERPETUAL system of accounting for inventores On June 1, Amanda Appliances purchased $375.000 of inventory count from Burman's Warehouse, FOB Shipping Point. The order was shipped on 6/1. Terms were 2/10, 1/30. Date Account -Debir Credit On June 5, Amanda Appliances paid in cashi S Warehouse i n shipping costs for the above purchase from Burman's Date Account Debit a Credit 3. On June 6th, Amanda Appliances returned $ 25,000 of the purchases from Burman's Warehouse Account Date Debit Credit 4. Amanda Appliances paid for the remaining purchases from Burman's Warehouse Company on June 9th, Date Account Debit Credit 5. On the last weekend of the month, Amanda Appliances had a blowout sale and recorded the following amounts on June 30th: Total credit sales (before discounts) were $400,000, terms were 1/10, n/30. The con of the merchandise sold was $80,000. Credit Debit Date Account 6. Credit customers returned $2,500 of merchandise on 7/2. The cost was $250. Account Debit Date Credit 7. All remaining credit sales (after returns) from the blowout sale were collected within the discount period, on 7/3. Record those collections Date Account Debit Credit

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

The Internet Market Research Audit

Authors: Cambridge

1st Edition

1902433742, 978-1902433745

More Books

Students also viewed these Accounting questions