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Need help with the requirements and how its done I did the requirements for number one already 2. Prepare the July journal entries assuming a
Need help with the requirements and how its done I did the requirements for number one already 2. Prepare the July journal entries assuming a periodic inventory system is used. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts PayableBoden.) PROBLEM 5-1 (page 237 in Fundamental Accounting Principles, 23 ed.) The following are merchandising transactions of Cabela's. July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. July 3 Paid $125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,300 for $1,700 cash. July 9 Purchased merchandise from Leight Co.for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9 July 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the discount period. July 19 Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19 July 24 Paid Leight Co. the balance due after deducting the discount. July 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. uly 31 Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 Required: 1. Prepare the July journal entries assuming a perpetual inventory system is used. help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) (Hint: It will 2. Prepare the July journal entries assuming a periodic inventory system is used. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.)
Need help with the requirements and how its done I did the requirements for number one already
2. Prepare the July journal entries assuming a periodic inventory system is used. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts PayableBoden.)
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