Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the following transaction for Carnival Co. whole sale company during the month of September 2018. September 1, Purchased merchandise inventory from Topshop Co. list

image text in transcribed
Journalize the following transaction for Carnival Co. whole sale company during the month of September 2018. September 1", Purchased merchandise inventory from Topshop Co. list price $150,000, trade discount 15%. Term of credit 1/15, n/45. FOB shipping point, prepaid freight $650. September 3ra, Sold merchandise Inventory to Walmart Supermarket list price $75,500 Trade discount 20%, sales tax 15%. FOB destination, Paid freight cost $250. Cost of merchandise sold $35,350. Term of credit 3/10,n/30. September 5th, Walmart Supermarket return part of merchandise purchased on 3nd of September, net amount, $8,000. September 6tw, Sold merchandise inventory to Tinkerbelle Toy list price $52,200. FOB shipping point, term of credit 2/10,n/30, Cost of goods sold $15,000. Rate of sale tax 15%. September 7th, Carnival Co. returned part of the Merchandise inventory purchased on September 1" to Topshop Co. list price $11,000, trade discount 15% September 9th, Received full Payment from Walmart Supermarket for sale made on September 3rd. September 11", Made full payment to Topshop Co. for purchased made on September 1

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

Cloud 9 Pty Ltd An Audit Case Study

Authors: John Wiley

1st Edition

0730329879, 978-0730329879

More Books

Students also viewed these Accounting questions

Question

Identify three ways to manage an intergenerational workforce.

Answered: 1 week ago

Question

Prepare a Porters Five Forces analysis.

Answered: 1 week ago

Question

Analyze the impact of mergers and acquisitions on employees.

Answered: 1 week ago