Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 4 Partially correct Mark 8.18 out of 9.00 P Flag question Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August
Question 4 Partially correct Mark 8.18 out of 9.00 P Flag question Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions merchandise held for resale. The perpetual inventory system is used. Aug. 1 Purchased merchandise from Norns, Inc., $3,700, terms 2/10, n/30. 5 Paid freight on shipment from Norris, Inc., $190. 7 Sold merchandise to Denton Corporation, $5,100 ($3,700 cost). 7 Paid $270 freight on August 7 shipment and billed Denton for the charges 9 Returned $900 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return 9 Received $1,100 of returned merchandise ($900 cost) from Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due. 14 Purchased from Chambers, Inc., goods with a price of $8,300. Terms 1/10, n/30 15 Paid freight on shipment from Chambers, Inc., $310. 17 Received the amount due from Denton Corporation. 18 Sold merchandise to Weber, Inc, $9,900 ($6,900 cost). 20 Paid $350 freight on August 18 shipment and billed Weber for the charges. 24 Paid Chambers, Inc., the amount due. 28 Received the amount due from Weber, Inc. messCourse Return to course red are journal entries for these transactions for Rockford Corporation. Round your answers to GENERAL JOURNAL Description e Debit Credit 1 Inventory $ 3,700 $ C Accounts Payable 0v 3,700 Purchases from Norris, Inc., 2/10, n/30. 5 Inventory 190 0 Cash 0v 190 Paid freight on Norris, Inc, shipment. 7 Accounts Receivable 5,100 0v Sales Revenue 0v 5,100 Sales to Denton Corporation. Cost of Goods Sold 7 3,700 0 Inventory 0 v 3.700 Cost of goods sold to Denton Corporation. 7 Accounts Receivable 270 0v Cash 0 v 270 Paid freight on shipment to Denton Corporation and billed Denton. 9 Accounts Payable 900 Inventory 0 900 Returned goods to Norris, Inc Sales Returns and Allowances 9 1.100 0v Accounts Receivable 0v 1,100 Issued credit memo to Denton for goods returned. 9 Inventory 900 0v Cost of Goods Sold 0 v 900 Cost of goods returned by Denton Corporation. 10 Accounts Payable 0 x 0v Inventory 0 v 0 x Cash 0 v 0 x Paid Norris, Inc, the amount due 14 Inventory 8,300 Accounts Payable 0 v 8.300 Purchases from Chambers, Inc., 1/10, n/30. 15 Inventory 310 0 v Cash 0 v 310 Paid freight on Chambers shipment. 17 Cash 0 x 0 o4 Cost of goods returned by Denton Corporation. 0 x 10 Accounts Payable 0 x 0 v Inventory 0 x 0 v Cash Paid Norris, Inc., the amount due 8,300 0 14 Inventory 0 8,300 Accounts Payable Purchases from Chambers, Inc, 1/10, n/30. 310 0 15 Inventory 0 v 310 Cash Paid freight on Chambers shipment 17 Cash 0 x 0v 0 x Sales Discounts 0v Accounts Receivable 0 4,270 Received amount due from Denton Corporation. 9,900 0v 18 Accounts Receivable Sales Revenue 0 v 9,900 Sales to Weber, Inc. Cost of Goods Sold 0 v 18 6,900 Inventory 0 6,900 Cost of goods sold to Weber, Inc. 20 Accounts Receivable 350 0 Cash 0 350 Paid freight on shipment to Weber, Inc, and billed Weber 24 Accounts Payable 0 x 0 v Inventory 0 0 x Cash 0 v Paid Chambers, Inc., the amount due. 28 Cash 0 x Sales Discounts 0 x Accounts Receivable 0v 10,250 Received amount due from Weber, Inc. Check 4
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started