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Question 2 Marked out of 30.00 Flag question NorthWave Products has provided you with the following transactions for the month of June 2019. Jun
Question 2 Marked out of 30.00 Flag question NorthWave Products has provided you with the following transactions for the month of June 2019. Jun 8 Purchased $202,000 of Inventory on account, terms 2/10, net 30 Jun 10 A portion of the Inventory from the above purchase was defective. NorthWave returned $420 worth of inventory to the supplier. Jun 12 Sold $104,600, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $41,840 for this transaction. Jun 14 Customer from Jun 12 purchase paid their amount owing and claimed their discount. Jun 21 A customer returned $1,090 of goods purchased on account. The cost of goods sold for the returned Inventory is $654. Jun 22 Purchased goods from EastCoast Products on account for $14,600 with terms of 3/10, net 30. Jun 23 Made a cash sale of $12,000 The cost of goods sold for this transaction was $7,200. Jun 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from Jun 22 purchase. Previous page Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual Inventory system. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Date Account Title and Explanation Jun 8 Merchandise Inventory Accounts Payable Jun 10 Purchased inventory on account Returned defective goods Jun 12 Record sales on account Jun 12 Jun 14 Jun 21 = Record cost of goods sold for above sale Record sales discount provided for customer = Customer returned goods Jun 21 Jun 22 Record cost of goods sold for above return Purchased goods on account Jun 23 Jun 23 Jun 25 = Record sales for cash = Record cost of goods sold for above sale Paid amount owing to EastCoast = Debit Credit 202000 202000
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