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 May 2019. May 8 Purchased $233,700 of inventory on account, terms 2/10,

NorthWave Products has provided you with the following transactions for the month of May 2019. May 8 Purchased $233,700 of inventory on account, terms 2/10, net 30 May 10 A portion of the inventory from the above purchase was defective. NorthWave returned $200 worth of inventory to the supplier May 12 Sold $97,700, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $39,080 for this transaction May 14 Customer from May 12 purchase paid their amount owing and claimed their discount. May 21 A customer returned $1,100 of goods purchased on account. The cost of goods sold for the returned inventory is $660. May 22 Purchased goods from EastCoast Products on account for $16,400 with terms of 3/10, net 30 May 23 Made a cash sale of $11,700 The cost of goods sold for this transaction was $7,020. May 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from May 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 boves Bound your answers to the nearest whole number For transactions that have 2 debits or 2 credits enter the accounts in alphabetical order Date Account Title and Explanation May May 10 Purchased inventory on account Returned defective good May 12 Ptype here to search $ Debit Credit Date Account Title and Explanation Debit Credit May 8 May 10 Purchased inventory on account Returned defective goods May 12 Record sales on account May 121 May 14 Record cost of goods sold for above sale May 21 Record sales discount provided for customer May 21 Type here to search Customer returned goods May 21 Record sales discount provided for customer May 21 Customer returned goods May 22 May 23 May 23 = Record cost of goods sold for above return Purchased goods on account Record sales for cash = May 25 Record cost of goods sold for above sole Type here to search Paid amount owing to EastCoastimage text in transcribedimage text in transcribedimage text in transcribed

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

Construction Accounting And Financial Management

Authors: Steven J. Peterson

4th Edition

0135232872, 978-0135232873

More Books

Students also viewed these Accounting questions

Question

Explain the mechanisms of pupil constriction and pupil dilation.

Answered: 1 week ago

Question

Discus the scope and focus of the business research industry.

Answered: 1 week ago

Question

a sin(2x) x Let f(x)=2x+1 In(be)

Answered: 1 week ago