Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $14,448, terms

The following selected transactions were completed by Capers Company during October of the current year:

Oct. 1 Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.
3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.
4 Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30.
6 Issued debit memo to Taco Co. for $4,550 of merchandise returned from purchase on October 4.
13 Paid Hoagie Co. for invoice of October 3.
14 Paid Taco Co. for invoice of October 4, less debit memo of October 6.
19 Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom.
19 Paid freight of $400 on October 19 purchase from Veggie Co.
20 Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30.
30 Paid Caesar Salad Co. for invoice of October 20.
31 Paid UK Imports Co. for invoice of October 1.
31 Paid Veggie Co. for invoice of October 19.

Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS
Capers Company
General Ledger
ASSETS
110 Cash
120 Accounts Receivable
125 Notes Receivable
130 Merchandise Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable-Caesar Salad Co.
212 Accounts Payable-Hoagie Co.
213 Accounts Payable-Taco Co.
214 Accounts Payable-UK Imports Co.
215 Accounts Payable-Veggie Co.
216 Salaries Payable
218 Sales Tax Payable
219 Customers Refunds Payable
221 Notes Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense

Journal

Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

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_2

Step: 3

blur-text-image_3

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

Wiley CPAexcel Exam Review 2016 Study Guide January Auditing And Attestation

Authors: O. Ray Whittington

1st Edition

1119119960, 978-1119119968

More Books

Students also viewed these Accounting questions

Question

What is Larmors formula? Explain with a suitable example.

Answered: 1 week ago

Question

Approaches to Managing Organizations

Answered: 1 week ago

Question

Communicating Organizational Culture

Answered: 1 week ago