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NorthWave Products has provided you with the following transactions for the month of June 2019. Jun 8 Purchased $202,000 of inventory on account, terms 2/10,
NorthWave Products has provided you with the following transactions for the month of June 2019.
Jun 8 Purchased $202,000 of inventory on account, terms 2/10, net 30
Jun 10 A portion of the inventory from the above purchase was defective. NorthWave returned $420 worth of inventory to the supplier.
Jun 12 Sold $104,600, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $41,840 for this transaction.
Jun 14 Customer from Jun 12 purchase paid their amount owing and claimed their discount.
Jun 21 A customer returned $1,090 of goods purchased on account. The cost of goods sold for the returned inventory is $654.
Jun 22 Purchased goods from EastCoast Products on account for $14,600 with terms of 3/10, net 30.
Jun 23 Made a cash sale of $12,000 The cost of goods sold for this transaction was $7,200.
Jun 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from Jun 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.
Round 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 Debit Credit
Jun 8 Answer
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Purchased inventory on account
Jun 10 Answer
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Returned defective goods
Jun 12 Answer
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Record sales on account
Jun 12 Answer
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Record cost of goods sold for above sale
Jun 14 Answer
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Record sales discount provided for customer
Jun 21 Answer
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Customer returned goods
Jun 21 Answer
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Record cost of goods sold for above return
Jun 22 Answer
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Purchased goods on account
Jun 23 Answer
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Record sales for cash
Jun 23 Answer
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Record cost of goods sold for above sale
Jun 25 Answer
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Paid amount owing to EastCoast
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Introduction To Federal Income Taxation In Canada
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
33rd Edition
1554965020, 978-1554965021
