Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journal he following transactions that occurred in September 2015 for Red Hawk assuming the perpetual inventory is being used. No explanations are needed Identity accounts

image text in transcribed
image text in transcribed
image text in transcribed
Journal he following transactions that occurred in September 2015 for Red Hawk assuming the perpetual inventory is being used. No explanations are needed Identity accounts payable and accounts receivable will the vendor or customer name. Recordatis fit then credits.) Click the lion to the transactions Sep Purchased merchandise inventory on count from ick Wholesai, 55,500 Terms 1/18, WEOM FOU ont Date Account et Credit Sep. 3 4 4 6 8 9 10 12 13 15 Purchased merchandise inventory on account from Sidecki Wholesalers, $5,500. Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $75 on September 3 purchase. Purchase merchandise inventory for cash of $1,900. Returned $400 of inventory from September 3 purchase. Sold merchandise inventory to Hilton Company, $5,700, on account. Terms 3/15, n/35. Cost of goods, $2,736. Purchased merchandise inventory on account from Taylor Wholesalers, $10,000. Terms 2/10, n/30, FOB destination. Made payment to Sidecki Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount. After negotiations, received a $400 allowance from Taylor Wholesalers. Sold merchandise inventory to Julian Company. $2,600, on account. Terms 3/10, n/EOM. Cost of goods, $1,248, Made payment, less allowance, to Taylor Wholesalers for goods purchased on September 9. Julian Company returned $300 of the merchandise sold on September 15. Cost of goods, $144. Sold merchandise inventory to Small for $1,800 on account that cost $666. Terms of 1/10,n/30 were offered, FOB shipping point. As a courtesy to Small, $50 of freight was added to the invoice for which cash was paid by Red Hawk. After negotiations, granted a $400 allowance to Small for merchandise purchased on September 25. 22 23 25 26 ng Print Done - i Data Table 4 4 6 8 9 10 12 13 15 Paid Treignt hors on September 3 purchase. Purchase merchandise inventory for cash of $1,900. Returned $400 of inventory from September 3 purchase. Sold merchandise inventory to Hilton Company, $5,700, on account. Terms 3/15, n/35. Cost of goods, $2,736. Purchased merchandise inventory on account from Taylor Wholesalers, $10,000. Terms 2/10, n/30, FOB destination. Made payment to Sidecki Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount. After negotiations, received a $400 allowance from Taylor Wholesalers. Sold merchandise inventory to Julian Company, $2,600, on account. Terms 3/10, n/EOM. Cost of goods, $1,248. Made payment, less allowance, to Taylor Wholesalers for goods purchased on September 9. Julian Company returned $300 of the merchandise sold on September 15. Cost of goods, $144. Sold merchandise inventory to Small for $1,800 on account that cost $666. Terms of 1/10, n/30 were offered, FOB shipping point. As a courtesy to Small, $50 of freight was added to the invoice for which cash was paid by Red Hawk. After negotiations, granted a $400 allowance to Small for merchandise purchased on September 25. Received payment from Small, less allowance and discount. Received payment from Julian Company, less return. 22 23 25 26 29 30 and Print Done

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

Ethical Obligations And Decision Making In Accounting Text And Cases

Authors: Steven Mintz

6th Edition

1264135947, 9781264135943

More Books

Students also viewed these Accounting questions

Question

Values: What is important to me?

Answered: 1 week ago