Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need the required and the analyze at the bottom The following transactions took place at Fine Fashions Outiet during July 201. Fine Fashions Outlet uses
Need the required and the analyze at the bottom
The following transactions took place at Fine Fashions Outiet during July 201. Fine Fashions Outlet uses a perpetual inventory system DATE TRANSACTIONS 201 July 1 Purchaned dresses for $4,770 plus a freight charge of $270 from Fashion Expo, Invoice 101 , dated July 1; the terns are 2/10,n/30 5 Sold two dresses on aceount to Aliee Chu, termn 1/10,n/30,18a isd salee s1ip 788 for $640. The cost of the dresses sold was $420. 7 Received credit Menorandus 210 for $570 from Fanhion Fxpo for damaged dresses returnedf the goods were purchased on Tnvoice 101, dated July 1. 9. Accepted a return of a dress from Alice Chu; the dreas was originally uold on saleo slip 788 of July 5 fisued Credit Mesorandum 89 for $220. The cost of the returned drous wan $155. 10 Insued Cheok 1255 to pay the anount due to Fashion likpo for Involee 101, dated July 1, lead the return of July ? and less the eash dincount. 15 Meceived payment from Aliee chu for the sale of July 5 , leas the return of July 9 and leal the caeh diacount. 15 Recorded bales on bank credit earda for the two-week period onded Joly 15,512,200, the bank chargen a 1k fee on all eredit card sales. The cost of merchandine nold was 56,200 . 17. Purchased merchasdise on accoont from Fashion Wholesalers for $4,700, subject to trade discounta of 40 and 101 ; terna 1/10,h/30, Involee 2078. 26 Paid anount oved to Faohion wholesaler for the purchase of July 17, Check 106. Required: Record the transactions-in a general joumal. Analyze: What percentage of the total amount due to Fashion Expo on July 1 is due to the freight charge Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started