purchase-related transactions using periodic inventory system; Instructions Jour
ID: 2422750 • Letter: P
Question
purchase-related transactions using periodic inventory system;
Instructions Journalize the entries to record the transactions of Capers Company for October using the periodic inventory system.
Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.
Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.
Purchased merchandise fromTacoCo.,$13,650,termsFOBdestination,2/10,n/30. Issued debit memo to Taco Co. for $4,550 of merchandise returned from purchase on October 4.
Paid Hoagie Co. for invoice of October 3.
Paid Taco Co. for invoice of October 4, less debit memo of October 6. PurchasedmerchandisefromVeggieCo.,$27,300,termsFOBshippingpoint,n/eom. Paid freight of $400 on October 19
purchase from Veggie Co. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30.
Paid Caesar Salad Co. for invoice of October 20.
Paid UK Imports Co. for invoice of October 1.
Paid Veggie Co. for invoice of October 19.
Explanation / Answer
1) purchases a/c. Dr. $14448
to UK imports co a/c. $14448
2) purchases a/c. Dr. 9950
To hoagie co a/c. 9950
3) p&l a/c. Dr. 220
to prepaid expenses. 220
purchases a/c. Dr. 13650
Taco company. 13650
Purchase return a/c. Dr. 4550
Ta co co. 4550
Ta co co a/c. Dr 9100
To cash. 9100
Purchases a/c. Dr 27300
To. veggie co a/c. 27300
Freight a/c a/c. dr. 400
Cash a/c. 400
Purchases a/c Dr. 22000
Caesar salad co a/c. 22000
Caesar salad co a/c dr.
Invoice a/c
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.