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step by step please solve these questions Question 8 Gabriela Sabatini, a former professional tennis star operates her own tennis shop, 'Sabatini Tennis Shop'. At
step by step please solve these questions
Question 8 Gabriela Sabatini, a former professional tennis star operates her own tennis shop, 'Sabatini Tennis Shop'. At the beginning of the current season her business holds the following inventory balances. No. of units Racquets Tennis shoes Shirts and Shorts 30 20 35 Cost price per unit $40 $25 $30 Selling price per unit $60 $40 $45 The following transactions were completed during June. June 04 Purchase 11 racquets from Reeve Co. @ $45 each; FOB shipping point, terms 2/10, n/30. The : appropriate party paid freight of $20. 05 Incurred advertisement on account $2,500. : 06 Received credit of $45 from Reeve Co. for a damaged racquet that was returned. : 08 Sold tennis shoes of 5 units to members; FOB shipping point, terms 1/10, n/60. The appropriate : party paid freight of $10. 12 Purchase Shirts & Shorts from Lee Enterprise $250; FOB Destination, terms 3/10, n/40. The appropriate party paid freight of $15. 13 Paid Reeve Co. in full. . : 16 Sold racquets of 15 units to DD Enterprise for cash; FOB Destination. The appropriate party paid : freight of $30. 17 Receive cash payment from members for the merchandise sold on June 8. : 20 Purchase supplies on account $50 from Lesner Supply Co. : 22 Made refund of $120 to DD Enterprise for merchandise returned by them. : 23 Sabatini withdraw $1,200 cash for her personal use. 25 Paid Lee enterprise in full. Journalize the above transactions assuming the entity is following perpetual inventory system and use LIFO cost flow method in valuing inventoryStep by Step Solution
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