Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

So I'm reviewing an activity that we did in class and I may need help for some entries. But more importantly I'd like to know

image text in transcribed
image text in transcribed
So I'm reviewing an activity that we did in class and I may need help for some entries. But more importantly I'd like to know how to respond to the last entry that would be Oct 31st.
In Ulass Activity Shaoahi Inc Presented here are selected transactions for Shaoshi Inc. during October of the current year. Shaoshi uses a perpetual inventory system. Oct.1 Purchased merchandise on account from Micron Ltd. at a cost of $86,000, terms 1/15,n/30,FOB shipping point. 1 Freight charges of $1,400 were paid by the appropriate party on the October 1 purchase of merchandise. 2 Returned for credit $4,000 of damaged goods purchased from Micron on October 1. 6 Purchased supplies for $2,800 cash. 8 Sold the remining merchandise purchased from Micron to Guidant Corp. for $140,000 on account, terms 2/10,n/30,FOB destination. 9 Freight charges of $2,300 were paid by the appropriate party on the October 8 sale of merchandise. 10 Purchased equipment on account for $62,000. 12 Guidant returned damaged merchandise that was purchased on October 8 for a $3,500 credit on account. The merchandise originally cost $2,185 and was not restored to inventory. 15 Purchased merchandise for $36,300 cash. 17 Received the balance owing from Guidant 28 Sold merchandise for $30.000 on account to Deux Lte, terms 2/10,n/30. FOB shipping point. The merchandise had a cost of $18,000. 29 Freight charges of $750 were paid by the appropriate party on the October 28 sale of merchandise. 30 Paid Micron the balance owing 31 Deux returned some of the merchandise that was purchased on October 28 for a $5,000 credit on account. The merchandise originally cost $3,000 and was restored to inventory

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

Accounting For Inventory

Authors: Steven M. Bragg

1st Edition

1938910222, 9781938910227

More Books

Students also viewed these Accounting questions