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P5-1B Journalize purchase and sales transactions under a perpetual inventory system Urdan Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30
P5-1B Journalize purchase and sales transactions under a perpetual inventory system | ||||||||||
Urdan Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. | ||||||||||
At the end of June, Urdan's inventory consisted of suitcases costing $1,200. During the month of July, | ||||||||||
the following merchandising transactions occurred. | ||||||||||
July 1 | Purchased suitcases on account for $1,800 from Hostad Manufacturers, FOB destination, | |||||||||
terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight | ||||||||||
on this date. | ||||||||||
3 | Sold suitcases on account to Kaye Satchels for $2,000. The cost of suitcases sold is $1,200. | |||||||||
9 | Paid Hostad Manufacturers in full. | |||||||||
12 | Received payment in full from Kaye Satchels. | |||||||||
17 | Sold suitcases on account to The Going Concern for $1,800. the cost of the suitcases sold | |||||||||
was $1,080. | ||||||||||
18 | Purchased suitcases on account for $1,900 from Nelson Manufacturers, FOB shipping point, | |||||||||
terms 1/10,n/30. The appropriate party also made a cash payment of $125 for freight | ||||||||||
on this date. | ||||||||||
20 | Received $300 credit (including freight) for suitcases returned to Nelson Manufacturers. | |||||||||
21 | Received payment in full from The Going Concern. | |||||||||
22 | Sold suitcases on account to Wopat's for $2,250. the cost of suitcases sold was $1,350. | |||||||||
30 | Paid Nelson Manufacturers in full. | |||||||||
31 | Granted Wopat's $200 credit for suitcases returned costing $120. | |||||||||
Urdan's chart of accounts includes the following: No.101 Cash, No.112 Accounts Receivable, | ||||||||||
No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 | ||||||||||
Sales Discounts, and No. 595 Cost of Goods Sold. | ||||||||||
Instructions | ||||||||||
Journalize the transactions for the month of July for Urdan using a perpetual inventory system. | ||||||||||
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . | ||||||||||
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