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Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during October of the current year: Oct. 1. Purchased merchandise
Purchase-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Capers Company during October of the current year:
Oct. 1. | Purchased merchandise from UK Imports Co., $14,558, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.FOB destination, n/30. |
3. | Purchased merchandise from Hoagie Co., $10,550, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/eom. Prepaid freight of $215 was added to the The bill that the seller sends to the buyer.invoice. |
4. | Purchased merchandise from Taco Co., $13,850, terms FOB destination, 2/10, n/30. |
6. | Issued A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller.debit memo to Taco Co. for $4,650 of merchandise returned from purchase on October 4. |
13. | Paid Hoagie Co. for invoice of October 3. |
14. | Paid Taco Co. for invoice of October 4, less debit memo of October 6 and discount. |
19. | Purchased merchandise from Veggie Co., $27,690, terms FOB shipping point, n/eom. |
19. | Paid freight of $375 on October 19 purchase from Veggie Co. |
20. | Purchased merchandise from Caesar Salad Co., $24,000, terms FOB destination, 1/10, n/30. |
30. | Paid Caesar Salad Co. for invoice of October 20. |
31. | Paid UK Imports Co. for invoice of October 1. |
31. | Paid Veggie Co. for invoice of October 19. |
Required:
Journalize the entries to record the transactions of Capers Company for October.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Oct. 1 | Inventory
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Accounts Payable-UK Imports Co.
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Oct. 3 | Inventory
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Accounts Payable-Hoagie Co.
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Oct. 4 | Inventory
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Accounts Payable-Taco Co.
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Oct. 6 | Accounts Payable-Taco Co.
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Inventory
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Oct. 13 | Accounts Payable-Hoagie Co.
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Cash
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Oct. 14 | Accounts Payable-Taco Co.
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Cash
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Oct. 19 | Inventory
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Accounts Payable-Veggie Co.
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Oct. 19 | Inventory
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Cash
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Oct. 20 | Inventory
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Accounts Payable-Caesar Salad Co.
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Oct. 30 | Accounts Payable-Caesar Salad Co.
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Cash
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Oct. 31 | Accounts Payable-UK Imports Co.
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Cash
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Oct. 31 | Accounts Payable-Veggie Co.
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Cash
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