Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

on 3 beginning of June 2017. Novak Distributing Company's ledger showed Cash $17,000, Merchandise Inventory $5,900, and D. Novak, Capital, $22,900. of June, the company

image text in transcribed
on 3 beginning of June 2017. Novak Distributing Company's ledger showed Cash $17,000, Merchandise Inventory $5,900, and D. Novak, Capital, $22,900. of June, the company had the following selected transactions: Purchased $9.200 of merchandise inventory from Sun Supply Co., terms 1/15, 1/30, FOB destination. The correct company paid $200 cash for freight charges on the June 1 purchase. 5 Sold merchandise inventory to Moose Jaw Retailers for $12,000. The cost of the merchandise was $7,600 and the terms were 2/10, n/30, FOB destination 6 issued a $750 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $600 and was returned to inventory 6 The correct company paid $200 freight on the June 5 sale. 7 Purchased 1790 of supplies for cash. 10 Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, 1/30, FOB shipping point. 10 The correct company paid $140 freight costs on the purchase from Fey Wholesalers. 12 Received a $200 credit from Fey Wholesalers for returned merchandise 14 Paid Sun Supply Co the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7.400 cash. The cost of this merchandise was 54,600. 20 Pald Tey Wholesalers the balance owing from the June 10 purchase. 25 Made 3490 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $305. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer Company for $4,400. terms/30, FOB shipping point. Novak's cost for this merchandise was $2,700. Hecord the transactions assuming Novak uses a perpetual inventory system. (Credit account titles are automatically indented when the amo nutindent manually. If ne entry is required, select "No Entry for the account titles and enterol

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

Financial Accounting Reporting, Analysis And Decision Making

Authors: Shirley Carlon

6th Edition

0730363279, 9780730363279

More Books

Students also viewed these Accounting questions

Question

What is an engagement letter, and what are its contents?

Answered: 1 week ago

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago