Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use the attached paper for the names. Don't put the business name only the terms. Thank you The followings are the merchandise transactions happened

Please use the attached paper for the names. Don't put the business name only the terms. Thank you image text in transcribed
image text in transcribed
The followings are the merchandise transactions happened under perpetual inventory system: 1) Nov1 Business sold $6350 inventory to Mac Inc., the cost is $1290. Terms 2/5,n/15 FOB 2) Nov1 Business purchased $4,350 of inventory from Cpc Inc. Terms 3/10, n/20 FOB 3) Nov2 Business paid delviery $375 for the inventory sales to Mac Inc. 4) Nov3 Business purchased $3310 of inventory from Galaxy Inc. paid in cash 5) Nov4, Business issued a debit memo to Cpc Inc. and returned defective $325 inventory back to Cpc Inc. 6) Nov6 Business Received Mac Inc's money. 7) Nov9 business sold inventory $3740 (cost $1,350 ) to PSP's Ltd, Terms: 1/5, n/10, FOB 8) Nov11 Business paid the Cpc Inc. in full. 9) Nov30 Received PSP's Ltd money in full Please make entries for the above transactions. If there is any calculation related entry, please also show the detailed calculations. Total Assotsefotal Lisbilities * Total Oanir's Equity

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_2

Step: 3

blur-text-image_3

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

Advanced Management Accounting

Authors: Maurice L. Hirsch Jnr.

2nd Edition

1861526768, 978-1861526762

More Books

Students also viewed these Accounting questions

Question

How can a coach create a supportive goal-setting atmosphere?

Answered: 1 week ago

Question

1. What is game theory?

Answered: 1 week ago