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The following selected transactions were completed by Capers Company during Octo

ID: 2418009 • Letter: T

Question

The following selected transactions were completed by Capers Company during October of the current year:

Oct.

1

Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30.

3

Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice.

4

Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30.

6

Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4.

13

Paid Hoagie Co. for invoice of October 3.

14

Paid Taco Co. for invoice of October 4, less debit memo of October 6.

19

Purchased merchandise from Veggie Co., $25,850, terms FOB shipping point, n/eom.

19

Paid freight of $430 on October 19 purchase from Veggie Co.

20

Purchased merchandise from Caesar Salad Co., $23,000, terms FOB destination, 1/10, n/30.

30

Paid Caesar Salad Co. for invoice of October 20.

31

Paid UK Imports Co. for invoice of October 1.

31

Paid Veggie Co. for invoice of October 19.

Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Capers Company

General Ledger

ASSETS

110

Cash

120

Accounts Receivable

125

Notes Receivable

130

Merchandise Inventory

131

Estimated Returns Inventory

140

Office Supplies

141

Store Supplies

142

Prepaid Insurance

180

Land

192

Store Equipment

193

Accumulated Depreciation-Store Equipment

194

Office Equipment

195

Accumulated Depreciation-Office Equipment

LIABILITIES

211

Accounts Payable-Caesar Salad Co.

212

Accounts Payable-Hoagie Co.

213

Accounts Payable-Taco Co.

214

Accounts Payable-UK Imports Co.

215

Accounts Payable-Veggie Co.

216

Salaries Payable

218

Sales Tax Payable

219

Customers Refunds Payable

221

Notes Payable

EQUITY

310

Owner, Capital

311

Owner, Drawing

312

Income Summary

REVENUE

410

Sales

610

Interest Revenue

EXPENSES

510

Cost of Merchandise Sold

521

Delivery Expense

522

Advertising Expense

524

Depreciation Expense-Store Equipment

525

Depreciation Expense-Office Equipment

526

Salaries Expense

531

Rent Expense

533

Insurance Expense

534

Store Supplies Expense

535

Office Supplies Expense

536

Credit Card Expense

539

Miscellaneous Expense

710

Interest Expense

Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

Oct.

1

Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30.

3

Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice.

4

Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30.

6

Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4.

13

Paid Hoagie Co. for invoice of October 3.

14

Paid Taco Co. for invoice of October 4, less debit memo of October 6.

19

Purchased merchandise from Veggie Co., $25,850, terms FOB shipping point, n/eom.

19

Paid freight of $430 on October 19 purchase from Veggie Co.

20

Purchased merchandise from Caesar Salad Co., $23,000, terms FOB destination, 1/10, n/30.

30

Paid Caesar Salad Co. for invoice of October 20.

31

Paid UK Imports Co. for invoice of October 1.

31

Paid Veggie Co. for invoice of October 19.

Explanation / Answer

Journal 1-Oct purchases 13377 accounts payable 13377 3-Oct purchases 10650 accounts payable 10650 4-Oct purchases 14350 accounts payable 14350 6-Oct accounts payable 5000 purchase returns 5000 13-Oct accounts payable 10650 cash 10441.6 discount received 208.4 14-Oct accounts payable 9350 cash 9163 discount received 187 19-Oct purchases 25850 accounts payable 25850 19-Oct carriage inward 430    cash 430 20-Oct purchases 23000 accounts payable 23000 30-Oct accounts payable 23000 cash 22770 discount received 230 31-Oct accounts payable 13377 cash 13377 31-Oct accounts payable 25850 cash 25850

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