Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all the questions The Folding Table and Chair Company Inc. of Tarrytown (FTCC) is a retail store that sells folding tables for $150

Please answer all the questions image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The "Folding Table and Chair Company Inc." of Tarrytown (FTCC) is a retail store that sells folding tables for $150 each and folding chairs for $30 each. You are the president, sales person and accountant for the company. This company employs the perpetual inventory system and maintains its inventory of tables under the FIFO method and inventory of chairs under the LIFO method Inventory as of August 31, 2018 is: Item Cost Inventory Value Chairs 25 $18 Tables 4 $90 Total $450 $ 360 $ 810 The following selected transactions from September, 2018 must be journalized. 1) 9/3/18 FTTC sells 8 chairs and one table to Customer Alpha for cash. Since the company uses a perpetual inventory system, you must record the sale and the effect on inventory 2) 9/7/18 FTTC sells buys 14 chairs to Customer Baker on credit, with terms of 3/10, n30. 3) 9/8/18 Customer Alpha returns one chair for refund because it is not needed. 4) 9/15/18 FTTC buys 10 chairs from Amazon (with free delivery) for $210, on account 4/10, net 30. 5) 9/17/18 FTTC buys four tables from Walmart on-line for $360, plus a delivery charge of $60, on account. 6) 9/20/18 FTTC sells four tables and eight chairs to Customer Westchester Community College on account 7) 9/21/18 FTTC gives WCC a 10% discount on their 9/20/18 order in the hope of getting more business in the future. 8) 9/27/18 FTTC pays the 9/15 bill for the chairs. 9) 9/27/18 FTTC returns one table to Walmart because it is damaged. Walmart also credits the delivery charge for one of the tables. 10) 9/28/18 11) 9/30/18 Customer Baker pays $160 of their 9/7 balance. FTTC establishes an Allowance for Uncollectible Accounts equal to 10% of the 9/30/18 Accounts Receivable balance

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

Modeling And Designing Accounting Systems Using Access To Build A Database

Authors: Laura R. Ingraham, C. Janie Chang

1st Edition

0471450871, 978-0471450870

More Books

Students also viewed these Accounting questions

Question

Why are you interested in our program?

Answered: 1 week ago