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 Teds Outlet for 39.99 each with

Your company ABC Warehouse had the following Transactions for the month of February:

Feb. 1 sold 10 DVDs to Teds 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 2/10 N 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 Teds Outlet

Feb. 12 paid the total amount due to Billy Bob

Feb. 15 Teds 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 Ted's Outlet in his journal for Feb.10

Give the required entry for Ted's Outlet in his journal for Feb. 12

Give the required entry for Ted's Outlet in his journal for Feb. 15

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

Management Accounting For Business Decisions

Authors: Colin Drury

2nd Edition

1861527705, 978-1861527707

More Books

Students also viewed these Accounting questions

Question

How is most drinking water purified in the United States?

Answered: 1 week ago