Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NorthWave Products has provided you with the following transactions for the month of August 2019. Aug 8 Purchased $235,300 of inventory on account, terms

NorthWave Products has provided you with the following transactions for the month of August 2019. Aug 8 Purchased $235,300 of inventory on account, terms 2/10, net 30 Aug 10 A portion of the inventory from the above purchase was defective. NorthWave returned $610 worth of inventory to the supplier. Aug 12 Sold $100.900, of products to SouthShore on account, terms 2/10, net 30: cost of goods sold was $40,360 for this transaction. Aug 14 Customer from Aug 12 purchase paid their amount owing and claimed their discount Aug 21 A customer returned $1,330 of goods purchased on account. The cost of goods sold for the returned inventory is $798. Aug 22 Purchased goods from East Coast Products on account for $15,000 with terms of 3/10, net 30. Aug 23 Made a cash sale of $8,500 The cost of goods sold for this transaction was $5,100. Aug 25 Took advantage of discount offered and paid up amount owing to East Coast Products from Aug 22 purchase. Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system Do not enter dollar signs or commas in the input boxes. Bound your answers to the nearest whole number. For transactions that have 2 debits or 2 credits enter the accounts in alphabetical order. Date Aug 8 Aug 10 Account Title and Explanation Purchased inventory on account Returned defective anads = = Debit Credit

Step by Step Solution

3.43 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Aug Date 8 10 12 14 21 22 23 25 General Journal In... 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

Introduction To Federal Income Taxation In Canada

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

33rd Edition

1554965020, 978-1554965021

More Books

Students also viewed these Accounting questions

Question

What are bounds and what do companies do with them?

Answered: 1 week ago