Problem 9.9A (Static) Appendix Recording transactions using the perpetual inventory system. LO 912 The following transactions took place at Fabulous Fashions Outlet during July 201. Fabulous Fashions Outlet uses a perpetual inventory system. The firm operates in a state with no sales tax. DAIE TRANSACTIONS luly 1 Purchased dresses for $4,200 plus a frelght charge of $200 fron Funky Fashions, Invoice 101, dated July 1; the terms are 2/16,n/30. 20x5 5old two dresses on account to Alice aivera, terns 1/10,n/30; issued sales 51ip 78a for s7e9. The cost of the dresses sold was 5560. 7 Received Credit Memorandum 210 for $650 from Funky Fashions for danaged dresses returned; the goods were purchased on Invoice 101 dated July 1. 9 Accepted a return of a deess from Alice Aivera; the dress was originally sold on Sales 5lip 7as of July 5; Issund Credit Mesorandum 89 for $300. The cost of the returned dress wos 5240 . 10 Issued Check 1255 to pay the anount due to Funky fashlons for Invoice 101, dated July 1, less the return of July 7 and less the cash discount. 15 Recelved payment fran Alice Rivera for the sale of Joly 5, less the return of July 9 and less the cash discount. 15 Recorded snles on credit cards for the two-week period ended July 15, $13,909; the bank charges a 3 percent fee on n11 credit card sales. The cost of merchandise sold uas $11,10e. 17 Purchased merchandise on account fron American Rogs for $3,060, subject to trade discounts of 40 percent and 10 percent, terms 1/10,n/30, Invoice 2078 . 26 Paid amount owed to American Rags for the purchase of July 17, less discount, Check 1285. Record the above transactions in a general journal, Analyze: What percentage of the total amount due to Funky Fashions for the purchase on July 1 is due to the freight charge? 1 Record the purchase of dresses on account from Fashion Expo, Invoice 101 dated July 1. Freight charges of $200 added to invoice. Terms 2/10,n/30. 2. Record the sale of two dresses to Alice Rivera, Sales Slip 788 ; terms 1/10,n/30. 3 Record the $560 cost of the dresses sold. fm 4. Record the receipt of Credit Memorandum 210 for damaged dresses returned; the goods were originally purchased on Invoice 101 dated July 1. 5 Record the issue of Credit Memorandum 89 for $300 to Alice Rivera for a returned dress; the dress was originally sold on Sales Slio 788 dated Julv 5. Note: = journal entry has been entered 6 Record the $240 cost of the dress returned. 7 Record the payment of amount due on Invoice 101 to Funky Fashion after receipt of Credit Memo 210, Check 1255. 8 Record the receipt of amount due from AlK Rivera for sale of July 5 , less return of July 9 and less cash discount. 9 Record the sales to customers using bank credit cards. 10 Record the cost of merchandise for the credit card sales. What percentage of the total amount due to Funky Fashions for the purchase on July 1 is due to the freight charge? (Round your final answer to the nearest whole percentage.) Problem 9.9A (Static) Appendix Recording transactions using the perpetual inventory system. LO 912 The following transactions took place at Fabulous Fashions Outlet during July 201. Fabulous Fashions Outlet uses a perpetual inventory system. The firm operates in a state with no sales tax. DAIE TRANSACTIONS luly 1 Purchased dresses for $4,200 plus a frelght charge of $200 fron Funky Fashions, Invoice 101, dated July 1; the terms are 2/16,n/30. 20x5 5old two dresses on account to Alice aivera, terns 1/10,n/30; issued sales 51ip 78a for s7e9. The cost of the dresses sold was 5560. 7 Received Credit Memorandum 210 for $650 from Funky Fashions for danaged dresses returned; the goods were purchased on Invoice 101 dated July 1. 9 Accepted a return of a deess from Alice Aivera; the dress was originally sold on Sales 5lip 7as of July 5; Issund Credit Mesorandum 89 for $300. The cost of the returned dress wos 5240 . 10 Issued Check 1255 to pay the anount due to Funky fashlons for Invoice 101, dated July 1, less the return of July 7 and less the cash discount. 15 Recelved payment fran Alice Rivera for the sale of Joly 5, less the return of July 9 and less the cash discount. 15 Recorded snles on credit cards for the two-week period ended July 15, $13,909; the bank charges a 3 percent fee on n11 credit card sales. The cost of merchandise sold uas $11,10e. 17 Purchased merchandise on account fron American Rogs for $3,060, subject to trade discounts of 40 percent and 10 percent, terms 1/10,n/30, Invoice 2078 . 26 Paid amount owed to American Rags for the purchase of July 17, less discount, Check 1285. Record the above transactions in a general journal, Analyze: What percentage of the total amount due to Funky Fashions for the purchase on July 1 is due to the freight charge? 1 Record the purchase of dresses on account from Fashion Expo, Invoice 101 dated July 1. Freight charges of $200 added to invoice. Terms 2/10,n/30. 2. Record the sale of two dresses to Alice Rivera, Sales Slip 788 ; terms 1/10,n/30. 3 Record the $560 cost of the dresses sold. fm 4. Record the receipt of Credit Memorandum 210 for damaged dresses returned; the goods were originally purchased on Invoice 101 dated July 1. 5 Record the issue of Credit Memorandum 89 for $300 to Alice Rivera for a returned dress; the dress was originally sold on Sales Slio 788 dated Julv 5. Note: = journal entry has been entered 6 Record the $240 cost of the dress returned. 7 Record the payment of amount due on Invoice 101 to Funky Fashion after receipt of Credit Memo 210, Check 1255. 8 Record the receipt of amount due from AlK Rivera for sale of July 5 , less return of July 9 and less cash discount. 9 Record the sales to customers using bank credit cards. 10 Record the cost of merchandise for the credit card sales. What percentage of the total amount due to Funky Fashions for the purchase on July 1 is due to the freight charge? (Round your final answer to the nearest whole percentage.)
