Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the journal enteries Need as soon as possible till 2:30 :) Question 2 ABC company is a retailer of electric mixers for the food

Prepare the journal enteries
Need as soon as possible till 2:30 :)
image text in transcribed
Question 2 ABC company is a retailer of electric mixers for the food and beverage sector. The following transactions of ABC Co. took place during the month of January: Jan. 4 Bought five deluxe mixers on credit from Zorosi Supply Co. for $2,875, FOB shipping point, terms n/30. 6 Paid $100 freight on the January 4 purchase. 7 Returned one of the mixers to Zorosi because it was damaged during shipping. Zorosi issued ABC co. credit for the cost of mixer plus $20 for the cost of freight that was paid on January 6 for one mixer. 8 Collected $375 of the accounts receivable dated back in December. 12 Three deluxe mixers are sold on credit for $3,450, FOB destination, terms n/30. (Cost of goods sold is $595 per mixer.) 14 Paid the $75 of delivery charges for the three mixers that were sold on January 12. 14 Bought four deluxe mixers on credit from Zorosi Supply Co. for $2.300, FOB shipping point, terms n/30. 17 The owner was concerned that there would not be enough cash available to cover purchases and expenditures, so she invested an additional $1,000 cash in her business. 18 Paid $80 freight on the January 14 purchase. 20 Sold two deluxe mixers for $2.300 cash. (Cost of goods sold is $595 per mixer.) 28 The part-time assistant worked 20 hours in January and is also paid the $56 owed at December 31, 2016. (The assistant earns $8 an hour.) 28 Collected the amounts due from customers for the January 12. transaction. 30 Paid Zorosi Supply co. all amounts that were still due. (outstanding) Required: Prepare the journal entries for the above transactions, (100%)

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

Audit Report Chavarria Dinne And Lamey LLC Contract Deliverables Office Of Inspector U.S Department Of The Interior

Authors: United States Department Of The Interior

1st Edition

1511678526, 978-1511678520

More Books

Students also viewed these Accounting questions

Question

1. Understand how verbal and nonverbal communication differ.

Answered: 1 week ago