Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve this problems please help Nakayama Company, which uses the periodic inventory system, engaged in the following transactions in July: ulySold merchandise to Bernice Wilson

Solve this problems please help image text in transcribed
Nakayama Company, which uses the periodic inventory system, engaged in the following transactions in July: ulySold merchandise to Bernice Wilson on credit, terms 2/10, n/30, $2,100. d merchandise on credit from Simic Company, terms 2/10, n/30, FOB shipping point, $3,800. 0 5 Paid Banner Freight for freight charges on merchandise received, $290 6 Purchased store supplies on credit from Ha 7 Purchased merchandise on credit from, Kroll Company, terms 2/10, n/30, FOB shipping point, $2,400. 7 Paid Banner Freight for freight charges on merchandise received, $194 8 Purchased merchandise on credit from Salinas Company, terms 2/10, n/30, FOB shipping point, $3,600, including es Supply Company, terms n/20, $636. $200 freight costs paid by Salinas Company 9 Received full payment from Bernice Wilson for her July 1 purchase 10 Paid Simic Company for purchase of July 3. 12 Returned some of the merchandise received on July 7 for credit, $600. 15 Sold merchandise on credit to Marc Singer, terms 2/10, n/30, $1,200. 16 Returned some of the store supplies purchased on July 6 for credit, $200 17 Sold merchandise for cash, $1,000. 18 Paid Salinas Company for purchase of July 8 24 Paid Kroil Company for purchase of July 7 less return of July 12. 25 Received full payment from Marc Singer for his July 15 purchase. 27 Paid Hayes Supply Company for purchase of July 6 less return on July 16 9 3 6 1 . Prepare general journal entries to record the transactions, assuming purchases are recorded 31 Sold merchandise for cash, $1,350. at the gross purchase price g100

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

More Books

Students also viewed these Accounting questions

Question

Discuss IFRS 8 in detail with examples (20 marks)

Answered: 1 week ago