Presented here are selected transactions for Alpine Tours Inc during September of the current year Alpine Tours uses a perpetual inventory system Alpine Tours estimates a return rate of 5 based on past experience Sept 2 Purchased equipment on account for $70,400, terms n 30, FOB destination 3 Freight charges of $1,020 were paid by the appropriate party on the September 2 purchase of equipment 4 Purchased supplies for $4,100 cash 6 Purchased inventory on account from Winterholt Company at a cost of $58,500, terms 1 15, n 30, FOB shipping point 7 Freight charges of $1,700 were paid by the appropriate party on the September 6 inventory purchase 8 Returned damaged goods costing $5,200 that were originally purchased from Winterholt Company on September 6 Received a credit on account 9 Sold goods costing $16,300 to Fischer Limited for $18,400 on account, terms n 30, FOB destination 10 Freight charges of $400 were paid by the appropriate party on the September 9 sale of inventory 17 Received the balance due from Fischer 20 Paid Winterholt Company the balance due 21 Purchased inventory for $6,300 cash 22 Sold inventory costing $20,100 to Kun Tai Inc for $25,700 on account, terms n 30, FOB shipping point 23 Freight charges of $600 were paid by the appropriate party on the September 22 sale of inventory 28 Kun Tai returned goods sold for $940 that cost $740 The merchandise was restored to inventory (a) Record the September transactions on Alpine Tours's books (List all debit entries before credit entries 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 amounts Round answers to the nearest whole dollar, eg 5,275 ) Date Account Titles and Explanation Debit Credit (Sale of merchandise on account) (Cost of goods sold recorded) (Sale of merchandise on account) (Cost of goods sold recorded) (Return of merchandise) (Return of merchandise, assuming goods are resaleable and returned to inventory)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 26, 2024

Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perpetual inventory system. Alpine Tours estimates

Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perpetual inventory system. Alpine Tours estimates a return rate of 5% based on past experience.

Sept.	2	Purchased equipment on account for $70,400, terms n/30, FOB destination.
	3	Freight charges of $1,020 were paid by the appropriate party on the September 2 purchase of equipment.
	4	Purchased supplies for $4,100 cash.
	6	Purchased inventory on account from Winterholt Company at a cost of $58,500, terms 1/15, n/30, FOB shipping point.
	7	Freight charges of $1,700 were paid by the appropriate party on the September 6 inventory purchase.
	8	Returned damaged goods costing $5,200 that were originally purchased from Winterholt Company on September 6. Received a credit on account.
	9	Sold goods costing $16,300 to Fischer Limited for $18,400 on account, terms n/30, FOB destination.
	10	Freight charges of $400 were paid by the appropriate party on the September 9 sale of inventory.
	17	Received the balance due from Fischer.
	20	Paid Winterholt Company the balance due.
	21	Purchased inventory for $6,300 cash.
	22	Sold inventory costing $20,100 to Kun-Tai Inc. for $25,700 on account, terms n/30, FOB shipping point.
	23	Freight charges of $600 were paid by the appropriate party on the September 22 sale of inventory.
	28	Kun-Tai returned goods sold for $940 that cost $740. The merchandise was restored to inventory.

(a) Record the September transactions on Alpine Tours's books. (List all debit entries before credit entries. 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 amounts. Round answers to the nearest whole dollar, eg. 5,275.) Date Account Titles and Explanation Debit Credit (Sale of merchandise on account) (Cost of goods sold recorded) (Sale of merchandise on account) (Cost of goods sold recorded) (Return of merchandise) (Return of merchandise, assuming goods are resaleable and returned to inventory)