Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your company ABC Warehouse had the following Transactions for the month of February Feb. 1 sold 10 DVDs to Ted's Outlet for 39.99 each with

image text in transcribed
Your company ABC Warehouse had the following Transactions for the month of February Feb. 1 sold 10 DVDs to Ted's Outlet for 39.99 each with the terms 2/10 N 90 on account Feb. 2 purchased 200 Ipods at $89.99 each Billy Bob with the terms 2/10N 30 on account Feb. 3 purchased 10 DVD takes at $1.99 each from Mikey Bob with the terms N30 on account Feb. 4 paid $18.34 freight costs for purchase of 10 DVDs purchase on Feb. 1. Feb. 10 received total amount due from Ted's Outlet Feb. 12 paid the total amount due to Billy Bob Feb. 15 Ted's Outlet returned all 10 DVDs sold on 1 Feb, for a full refund, given these DVDs were defective, Feb. 22 Returned 5 of the Ipods to Billy Bob for a cash refund, due to defects Feb. 23 collected cash sales of $1500 (not including 6% sales tax) from customers. Feb. 26 ABC Warehouse paid sales tax collected of $1834.56 to state of Michigan Give the required entry for ABC Warehouse for Feb. 15 Debit Cash 399.90, Credit Sales retums and allowances 399.90 O Debit Cash 391.90. Purchase returns and allowances 8.00. Credit Purchase 399.90 O Debit Sales retums and allowances 399.90. Credit Cash 399.90 O Debit Sales returns and allowances 399.90. Credit Cash 391.90. Sales discount 8.00 O Debit Cash 391.90, Sales discount 8.00 Credit Sales retums and allowances 399.90

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

Regulation Of The London Stock Exchange Share Trading, Fraud And Reform 1914-1945

Authors: Chris Swinson

1st Edition

0367887568, 9780367887568

More Books

Students also viewed these Accounting questions