Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sep. Purchased merchandise inventory on account from Simmon Wholesalers, $6,000 Terms 1/15, n/EOM, FOB shipping point. 3 4 Paid freight bill of $65 on September

image text in transcribed
image text in transcribed
Sep. Purchased merchandise inventory on account from Simmon Wholesalers, $6,000 Terms 1/15, n/EOM, FOB shipping point. 3 4 Paid freight bill of $65 on September 3 purchase 4 Purchase merchandise inventory for cash of $1,900 6 Returned $600 of inventory from September 3 purchase 8 Sold merchandise inventory to Hilton Company, $6,200, on account. Terms 3/15, n/35. Cost of goods, $2,542 9 Purchased merchandise inventory on account from Tristan Wholesalers, $10,500 Terms 1/10, n/30, FOB destination Made payment to Simmon Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount After negotiations, received a $100 allowance from Tristan Wholesalers Sold merchandise inventory to Jesper Company, $3,500, on account. Terms n/EOM, Cost of goods, $1.610 10 12 13 15 Sep. Purchased merchandise inventory on account from Simmon Wholesalers, $6,000 Terms 1/15, n/EOM, FOB shipping point. 3 4 Paid freight bill of $65 on September 3 purchase 4 Purchase merchandise inventory for cash of $1,900 6 Returned $600 of inventory from September 3 purchase 8 Sold merchandise inventory to Hilton Company, $6,200, on account. Terms 3/15, n/35. Cost of goods, $2,542 9 Purchased merchandise inventory on account from Tristan Wholesalers, $10,500 Terms 1/10, n/30, FOB destination Made payment to Simmon Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount After negotiations, received a $100 allowance from Tristan Wholesalers Sold merchandise inventory to Jesper Company, $3,500, on account. Terms n/EOM, Cost of goods, $1.610 10 12 13 15

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance And Risk

Authors: W Robert Knechel, Steven E Salterio

4th Edition

1315531720, 9781315531724

More Books

Students also viewed these Accounting questions