RiverbedWarehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers.RiverbedWarehouse uses a perpetual inventory system the earnings approach. At the end of June its inventory consisted of40suitcases purchased at $30each. During the month of July, the following merchandising transactions occurred:
I' Safari File Edit View History Bookmarks Window Help LAJ '3? 85% I Sun 1:11 PM 0 assessmenteducationwiIeycom C 0 Til ii] 6 ACC'IO6 Lab #6 Question 4 of4 - / 5 E Riverbed Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Riverbed Warehouse uses a perpetual inventory system the earnings approach. At the end of June its inventory consisted of 40 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n/30, FOB destination. 2 The correct company paid $120 freight on the July 1 purchase. 4 Received $150 credit for ve suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $30 each to Satchel World for $55 each on account. 12 Issued 3 $275 credit for ve suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory. 15 Purchased 60 additional suitcases from Trunk Manufacturers for $27.50 each, terms n/30, FOB shipping point. 18 Paid $150 freight to AA Trucking Company for merchandise purchased from Trunk Manufacturers. 21 Sold 63 suitcases that cost $30 each to Fly-By-Night for $55 each on account. 23 Gave FIy-By-Night a $110 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers. 30 Paid Trunk Manufacturers for the July 1 purchase. 31 Received balance owing from Satchel World. Record the transactionsfor the month ofJuly for Riverbed Warehouse. (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 0 for the amounts. Record journal entries in the order presented in the problem.) Safari File Edit View History Bookmarks Window Help 85 0 Sun 1:12 PM Q DE ... assessment.education.wiley.com Mail - Dylan Ryder - Outlook Mail - Dylan Ryder - Outlook Grades WP ACC106 Lab #6 W NWP Assessment Player UI Ap... *Homework Help - Q&A from O... + - ACC106 Lab #6 Question 4 of 4 - 15 8 Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record credit for goods returned.) + (To record sales on account.) 4 (To record cost of goods sold.) MAR ... 21 "tv 4Safari File Edit View History Bookmarks Window Help 85 0 Sun 1:12 PM Q DE ... assessment.education.wiley.com Mail - Dylan Ryder - Outlook Mail - Dylan Ryder - Outlook Grades WP ACC106 Lab #6 W NWP Assessment Player UI Ap... *Homework Help - Q&A from O... + - ACC106 Lab #6 Question 4 of 4 - 15 3 (To record sales return.) 4 (Cost of goods returned.) (Purchase on account.) (To record freight on purchase.) (To record sales on account.) (To record cost of goods sold.) MAR ... 21 "tv 4Safari File Edit View History Bookmarks Window Help 85 0 Sun 1:12 PM Q DE ... assessment.education.wiley.com Mail - Dylan Ryder - Outlook Mail - Dylan Ryder - Outlook Grades WP ACC106 Lab #6 W NWP Assessment Player UI Ap... *Homework Help - Q&A from O... + - ACC106 Lab #6 Question 4 of 4 > -15 8 (To record sales return.) (Payment on account.) (Collection on account.) eTextbook and Media List of Accounts Create a T account for Merchandise Inventory. Post the opening balance and July's transactions, and calculate the July 31 balance. (Post entries in the order of journal entries presented in the previous part.) Merchandise Inventory ... 21 "tv 4Safari File Edit View History Bookmarks Window Help 85 0 Sun 1:12 PM Q DE ... assessment.education.wiley.com Mail - Dylan Ryder - Outlook Mail - Dylan Ryder - Outlook Grades WP ACC106 Lab #6 W NWP Assessment Player UI Ap... *Homework Help - Q&A from O... + - ACC106 Lab #6 Question 4 of 4 > - 15 3 Create a T account for Merchandise Inventory. Post the opening balance and July's transactions, and calculate the July 31 balance. (Post entries in the order of journal entries presented in the previous part.) Merchandise Inventory eTextbook and Media List of Accounts MAR ... 21 "tv 4Safari File Edit View History Bookmarks Window Help 85 0 Sun 1:12 PM Q DE ... assessment.education.wiley.com Mail - Dylan Ryder - Outlook Mail - Dylan Ryder - Outlook Grades WP ACC106 Lab #6 W NWP Assessment Player UI Ap... *Homework Help - Q&A from O... + - ACC106 Lab #6 Question 4 of 4 > - 15 3 e Textbook and Media List of Accounts Determine the number of suitcases on hand at the end of the month and calculate the average cost per suitcase of the inventory on hand. Number of suitcases on hand Average cost per suitcase $ eTextbook and Media List of Accounts Save for Later Last saved 34 minutes ago. Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date. MAR 21
