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s Jools Help https//newconnect.mheducation.com/flow/oo |shttps%3A%2F%2 ? a Search hapter 8 Saved Help Problem 8.7A Recording transections using the perpetual inventory system. LO 8-7 The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system. DATE TRARSACTIONS / July. 1 Parchased dresses to: ?,770 plus freig he enarge or s270 tram Fashion Expo, Invoice 101, dated Jaly 2: the terma aze 2/10, n/30. sales si4p 7" for "40. The eest of the dresses 201d was 20. damaged dreases zeturned: the goods were purcbased on Invoice 101, 5 Sold two dreases on account to Alice Chu, terms 1/10, n/30: iasued 7 Receired Credit Memorandum 210 for $570 trom Fashion Expo tor Accepted return of a dress tro. Aice Cha, the area originally sold on Sales 511p 78 ot uly issued Credi temozandm 89 for 220. The coat of the recuzned dress vas $155 10 Issued Check ia55 to pay the amount due to Faahion Expo for Inroice cash 101 daced Jaly 1. less the retarn of July 7 and less the 15 Regeived payses rn Alioe chu tor the sale ot ulyless the zeturn ot Jaly 9 and less the cash diacoun:. 15 Recorded ssles on aredit carda for the twa-veek peziod ended uly 15. s12, 200: uie bank charges a 2% fee on a11 credit eard 861 es. Thr merchanasse on acoouns fro Fashion Wholesalers c Prey 4 ofs l NextExplanation / Answer
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Date Account Description Debit Credit 1-Jul-19 Inventory - Dresses (4770+270) $ 5,040 Accounts Payable - Fashion Expo $ 5,040 (To record purchases of Inventory) 5-Jul-19 Accounts Receivable- Alice Chu $ 640 Sales Revenue $ 640 (To record sales ) 5-Jul-19 Cost of Goods Sold $ 420 Inventory - Dresses $ 420 (To record cogs) 7-Jul-19 Accounts Payable - Fashion Expo $ 570 Inventory - Dresses $ 570 (To record Purchase return) 9-Jul-19 Sales Return $ 220 Accounts Receivable- Alice Chu $ 220 (To record Sales Return) 9-Jul-19 Inventory - Dresses $ 155 Cost of Goods Sold $ 155 (To reverse cogs of returned goods) 10-Jul Accounts Payable - Fashion Expo $ 4,470 Cash $ 4,380.60 Discount on Purchase $ 89.40 (To record payment to Vendor) 15-Jul-19 Cash $ 415.80 Discount on Sales $ 4.20 Accounts Receivable- Alice Chu $ 420 (To Record receipt of sales from Alice) 15-Jul-19 Cash $ 12,078 Bank Charges Expenses $ 122 Sales revenue $ 12,200 (To record credit card sales) 15-Jul-19 Cost of Goods Sold $ 8,200 Inventory - Dresses $ 8,200 (To record cogs) 17-Jul-19 Inventory - Dresses (4700-4700*40%-2820*10%) $ 2,538 Accounts Payable - Fashion Wholesalers $ 2,538 (To record purchases of Inventory) 26-Jul Accounts Payable - Fashion Wholesalers $ 2,538 Cash $ 2,512.62 Discount on Purchase $ 25.38 (To record payment to Fashion Wholesalers)Related Questions
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