Question 3 Alpha Company uses the periodic inventory system for purchase sales of merchandise Discount terms for both purchases sales are, 2 10, n30 and the gross method is used Unless otherwise noted, FOB Destination will apply to all purchases sales The value of inventory is based on periodic system On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each Alpha prepares monthly income statements The following events occurred during the month of Jan Date Activity a Jan 3 Purchased on account 350 widgets for $11 each b Jan 5 Sold on account 500 widgets for $30 each Paid freight out with petty cash of $150 c Jan 10 Purchased on account 650 widgets for $12 each d Jan 11 Shipping cost for the January 10 purchased merchandise was $400 was paid with achequeby Alpha directly to the freight company e Jan 12 Returned 50 widgets received from Jan 10 purchase as they were not the correct item ordered f Jan 13 Paid for the purchases made on Jan 3 g Jan 21 Sold on account 550 widgets for $30 each Paid freight out with petty cash of $250 h Jan 22 Authorize credit without return of goods for 50 widgets sold on Jan 21 when customer advised that they were received in defective condition i Jan 25 Received payment for the sale made on Jan 5 j Jan 26 Paid for the purchases made on Jan 10 k Jan 31 Received payment for the sale made on Jan 21 Use this information to prepare the General Journal entries (without explanation) for the January events If no entry is required then enter the date and write No EntryRequired General Journal Date Accounts Debit Credit a b c d e f g h i j k Question 3 Alpha Company uses the periodic inventory system for purchase sales of merchandise Discount terms for both purchases sales are, 2 10, n30 and the gross method is used Unless otherwise noted, FOB Destination will apply to all purchases sales The value of inventory is based on periodic system On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each Alpha prepares monthly income statements The following events occurred during the month of Jan Date Activity a Jan 3 Purchased on account 350 widgets for $11 each b Jan 5 Sold on account 500 widgets for $30 each Paid freight out with petty cash of $150 c Jan 10 Purchased on account 650 widgets for $12 each d Jan 11 Shipping cost for the January 10 purchased merchandise was $400 was paid with a cheque by Alpha directly to the freight company e Jan 12 Returned 50 widgets received from Jan 10 purchase as they were not the correct item ordered f Jan 13 Paid for the purchases made on Jan 3 g Jan 21 Sold on account 550 widgets for $30 each Paid freight out with petty cash of $250 h Jan 22 Authorize credit without return of goods for 50 widgets sold on Jan 21 when customer advised that they were received in defective condition i Jan 25 Received payment for the sale made on Jan 5 j Jan 26 Paid for the purchases made on Jan 10 k Jan 31 Received payment for the sale made on Jan 21 Use this information to prepare the General Journal entries (without explanation) for the January events If no entry is required then enter the date and write No Entry Required General Journal Date a b c d Accounts Debit Credit e f g h i j k

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

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 14, 2024

Question 3 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30

Question 3

Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

Jan. 3

Purchased on account 350 widgets for $11 each.

Jan. 5

Sold on account 500 widgets for $30 each. Paid freight out with petty cash of $150.

Jan. 10

Purchased on account 650 widgets for $12 each.

Jan. 11

Shipping cost for the January 10 purchased merchandise was $400 was paid with achequeby Alpha directly to the freight company.

Jan. 12

Returned 50 widgets received from Jan. 10 purchase as they were not the correct item ordered.

Jan. 13

Paid for the purchases made on Jan. 3.

Jan. 21

Sold on account 550 widgets for $30 each. Paid freight out with petty cash of $250.

Jan. 22

Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition.

Jan. 25

Received payment for the sale made on Jan. 5.

Jan. 26

Paid for the purchases made on Jan. 10.

Jan. 31

Received payment for the sale made on Jan. 21.

Use this information to prepare the General Journal entries (without explanation) for the January events. If no entry is required then enter the date and write "No EntryRequired."

General Journal:

Date

Accounts

Debit

Credit

Question 3 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date Activity a. Jan. 3 Purchased on account 350 widgets for $11 each. b. Jan. 5 Sold on account 500 widgets for $30 each. Paid freight out with petty cash of $150. c. Jan. 10 Purchased on account 650 widgets for $12 each. d. Jan. 11 Shipping cost for the January 10 purchased merchandise was $400 was paid with a cheque by Alpha directly to the freight company. e. Jan. 12 Returned 50 widgets received from Jan. 10 purchase as they were not the correct item ordered. f. Jan. 13 Paid for the purchases made on Jan. 3. g. Jan. 21 Sold on account 550 widgets for $30 each. Paid freight out with petty cash of $250. h. Jan. 22 Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition. i. Jan. 25 Received payment for the sale made on Jan. 5. j. Jan. 26 Paid for the purchases made on Jan. 10. k. Jan. 31 Received payment for the sale made on Jan. 21. Use this information to prepare the General Journal entries (without explanation) for the January events. If no entry is required then enter the date and write "No Entry Required." General Journal: Date a. b. c. d. Accounts Debit Credit e. f. g. h. i. j. k