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Presented below are selected transactions for Concord Company during September and October of the current year. Concord uses a perpetual inventory system 5 Sept. 1
Presented below are selected transactions for Concord Company during September and October of the current year. Concord uses a perpetual inventory system 5 Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $ 50,000, FOB destination. terms 1/15,7/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merctuandise purchase Returned for credit $ 2,900 of damaged goods purchased from Hillary Company on September 1 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $94.200, terms 2/10.0/30 FOB destination 16 The correct company paid $ 2.000 of freight charges on the September 15 sale of merchandise 17 Issued Irvine Company a credit of $ 5.800 for returned goods. These goods had cost Concord Company $ 2.900 and were returned to inventory 25 Received the balance owing from Irvine Company for the September 15 sale Pald Hillary Company the balance owing for the September 1 purchase Oct 2 Purchased merchandise on account from Kimmel Company at a cost of $ 60.000 terms 2/10./30. FOB shipping point The correct company paid freight costs of $1.100 on the October 1 purchaus Obtained a purchase allowance of 5 2.100 from Kimmel Company to compensate for some minor damad topoods purchased on October 1 30 2 2 10 Paid Kimmel Company the amount owing on the October I purchase Sold sit of the merchandise purchased from imel Company to Kieso Company for $116.000 term 2/10, ndo, Foe 11 INI 8C Cloudy O BE Type here to search 10 11 Paid Kimmel Company the amount owing on the October 1 purchase. Sold all of the merchandise purchased from Kimmel Company to Kieso Company for $116,000, terms 2/106/30. FOB shipping point The correct company paid $800 freight costs on the October 11 sale Issued Kieso Company a sales allowance of $ 1.900 because some of the goods did not meet Kieto's exact specifications Received a cheque from Kleso Company for the balance cwing on the October 11 sale 12 17 31 Prepare journal entries to record the above transactions for Concord Company Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amount Recon Journal entries in the order presented in the problem Debit Credit Date Account Titles and Explanation (Purchase on account Club - / 12 II Date Account Titles and Explanation Debit Credit (Purchase on account) To record payment of freight costs) To record purchase return) To record sales ont Chuy There to search (To record sales on account) To record cost of goods sold.) (To record cash payment for freight (To record credit for goods returned To record cost of goods returned) NO Sept. 25 to end
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