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1 of 1 (1 complete) s Question: 20 pts ppose Frozen Air Conditioner Company enga

ID: 2508693 • Letter: 1

Question

1 of 1 (1 complete) s Question: 20 pts ppose Frozen Air Conditioner Company engaged in the following transactions during June of the current year (Click the icon to view the transactions.) quirement umalize the transactions. Assume Frozen uses a perpetual inventory system. The company estimates sales returns at t the last line of the journal entry table. Assume the company uses the net amount to record sales.) n. 3: Purchased inventory on account with credit terms of 3/10, n/EOM, $2,200. Date Accounts and Explanation Debit Credit un. 3 More Into Jun. 3 Purchased inventory on account with credit terms of 3/10, n/EOM, $2,200. 9 Returned 30% of the inventory purchased on June 3. It was defective. 12 Sold goods for cash, $980 (cost, $588) 15 Purchased goods for $13,000 on account. Credit terms were 4/15, n/30. 16 Paid a $250 freight bill on goods purchased 17 Sold inventory for $2.,500 cash (cost, $2.250). 18 Sold inventory for $2.200 on account with credit terms of 5/10, n/30 (cost, $1.320) 22 Received returned goods from the customer of the June 17 sale, $1,300 (cost, $780) 24 Paid supplier for goods purchased on June 15. 28 Received cash in full settlement of the un. 9: Jun. 9 account from the customer who purchased inventory on June 18 Paid the amount owed on account from the purchase of June 3 Jun. 12 Begin by 29 30 The company ostimated that $500 of merchandise sold will be returned with a cost of $320. will do tha Print Done MacBook Air 80

Explanation / Answer

Date

General Journal

Debit

Credit

Jun.3

Inventory (2200*97%)

$2,134

Accounts Payable

$2,200

June.9

Accounts Payable

$640

Inventory (2134*30%)

$640

Jun.12

Accounts Receivable

$980

Sales Revenue

$980

Cost of Goods Sold

$588

Inventory

$588

Jun.15

Inventory (13000*96%)

$12,480

Accounts Payable

$12,480

Jun.16

Inventory

$250

Cash

$250

Jun.17

Accounts Receivable

$2,500

Sales Revenue

$2,500

Cost of Goods Sold

$2,250

Inventory

$2,250

Jun.18

Accounts Receivable (2200*95%)

$2,090

Sales Revenue

$2,090

Cost of Goods Sold

$1,320

Inventory

$1,320

Jun.22

Sales Return (1300*95%)

$1,235

Accounts Receivable

$1,235

Inventory

$780

Cost of Goods Sold

$780

Jun.24

Accounts Payable

$12,480

Cash

$12,480

Jun.28

Cash (2090 - 1235)

$855

Accounts Receivable

$855

Jun.29

Accounts Payable (2134 - 640)

$1,494

Discount (Bal. fig)

$46

Cash (2200 - 2200*30%)

$1,540.00

Jun.30

No Entry is required

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Date

General Journal

Debit

Credit

Jun.3

Inventory (2200*97%)

$2,134

Accounts Payable

$2,200

June.9

Accounts Payable

$640

Inventory (2134*30%)

$640

Jun.12

Accounts Receivable

$980

Sales Revenue

$980

Cost of Goods Sold

$588

Inventory

$588

Jun.15

Inventory (13000*96%)

$12,480

Accounts Payable

$12,480

Jun.16

Inventory

$250

Cash

$250

Jun.17

Accounts Receivable

$2,500

Sales Revenue

$2,500

Cost of Goods Sold

$2,250

Inventory

$2,250

Jun.18

Accounts Receivable (2200*95%)

$2,090

Sales Revenue

$2,090

Cost of Goods Sold

$1,320

Inventory

$1,320

Jun.22

Sales Return (1300*95%)

$1,235

Accounts Receivable

$1,235

Inventory

$780

Cost of Goods Sold

$780

Jun.24

Accounts Payable

$12,480

Cash

$12,480

Jun.28

Cash (2090 - 1235)

$855

Accounts Receivable

$855

Jun.29

Accounts Payable (2134 - 640)

$1,494

Discount (Bal. fig)

$46

Cash (2200 - 2200*30%)

$1,540.00

Jun.30

No Entry is required