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Super Copy Co. is an office supply store. The company uses a perpetual inventory system. July 1 Purchased four Doni copying machines on account from
Super Copy Co. is an office supply store. The company uses a perpetual inventory system.
July 1 | Purchased four Doni copying machines on account from Doni Corp. Total invoice price was $3,200 per machine ($12,800 total); terms of 2/10, n/30. These machines are intended for resale. | |
3 | Found one of the Doni copiers to be defective and returned it to Doni, thus reducing the amount owed. | |
8 | Paid the amount owed to Doni Corp. | |
9 | Sold on account one of the Doni copiers to Cross Realty. The sales price was $6,400, terms 6/10, n/60. | |
19 | Received full payment from Cross. |
Record the above transactions in the company's general journal. To conserve space, omit the written explanations which normally should accompany the entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(b) Prepare Journal Entries for Sales and Purchases (With Discounts) Your answer is partially correct. Try again. Super Copy Co. is an office supply store. The company uses a perpetual inventory system. July 1 Purchased four Doni copying machines on account from Doni Corp. Total invoioe price was s3,200 per machine ($12,800 total); terms of 2/10, v30. These machines are intended for resale 3 Found one of the Doni cop ers to be defective and returned it to Doni, thus reducing the amount owed. 8 Paid the amount owed to Doni Corp. 9 Sold on account one of the Doni copiers to Cross Realty. The sales price was $6,400, terms 6/10, ni60. 19 Received full payment from Cross. Record the above transactions in the company's general journal. To conserve space, omit the written explanations which normally should accompany the entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit uly 1Inventory Accounts Payable July 3 , ccounts Payable Inventory luly 8Accounts Payable Cash uly 9Accounts Receivable To record cost cast of goods sold.) uly 9 Cost of Goods Sold To record sles.) uly 19 Sales Discounts Accounts ReceivableStep by Step Solution
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