Question

Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during...

Purchase-Related Transactions Using Perpetual Inventory System

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

Oct. 1. Purchased merchandise from UK Imports Co., $15,347, terms FOB destination, n/30.
3. Purchased merchandise from Hoagie Co., $9,900, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $235 was added to the invoice.
4. Purchased merchandise from Taco Co., $13,150, terms FOB destination, 2/10, n/30.
6. Issued debit memo to Taco Co. for $4,550 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 and discount.
19. Purchased merchandise from Veggie Co., $24,650, terms FOB shipping point, n/eom.
19. Paid freight of $410 on October 19 purchase from Veggie Co.
20. Purchased merchandise from Caesar Salad Co., $20,800, 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.

Required:

Journalize the entries to record the transactions of Capers Company for October.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Homework Answers

Answer #1

Journal entries for the capers company for october month

Date Particulars Dr CR
Oct 1 Purchase 15,347
To Accounts Payable- UK Imports Co 15,347
Oct 3 Purchase 9,665
Freight

235

To Cash 235
To Accounts Payable-Hoagie co. 9,665
Oct 4 Purchase 13,150
To Accounts Payable-Tabo Co. 13,150
Oct 6 Accounts Payable-Tabo Co. 4,550
To Purchase Return 4,550
Oct 13 Accounts Payable-Hoagie co 9,665
To Cash 9,665
Oct 14 Accounts Payable-- Taco Co. 8,600
To Cash 8,600
Oct 19 Purchase 24,650
Accounts Payable-Veggie Co 24,650
Oct 19 Freight 410
To Cash 410
Oct 20 Purchase 20,800
To Accounts Payable-Caesar Salad Co 20,800
Oct 30 Accounts Payable-Caesar Salad Co 20,800
To Cash 20,800
Oct 31 Accounts Payable-UK imports Co 15,347
To Cash 15,347
Oct 31 Accounts Payable-Veggie Co 24,650
To Cash 24,650
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during October of the current year: Oct. 1. Purchased merchandise from UK Imports Co., $14,558, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.FOB destination, n/30. 3. Purchased merchandise from Hoagie Co., $10,550, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10,...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $18,600, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $480, which was added to the invoice. The cost of the merchandise sold was $11,700. 8. Swan Company sold merchandise on account to Bird Company, $31,000, terms FOB destination, 2/15, n/30. The...
Sales related and purchase related transactions. The following were selected from among the transactions completed by...
Sales related and purchase related transactions. The following were selected from among the transactions completed by the Brown Company during May of the current year: Prepare journal entries for the following transactions. 5 Sold merchandise for cash, $120,000. The cost of merchandise sold was $75,000. 5 Purchased merchandise on account from Black Co., list price $70,000, trade discount 40%, freight of $400, terms FOB shipping point, 2/10, n/eom. 12 Sold merchandise on account to Red Co., list price $15,000, terms...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Allen.) Jul. 1 Purchased merchandise from Allen Company for $10,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Garcia Co. for $3,200 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.)    Aug. 1 Purchased merchandise from Aron Company for $5,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $3,500 under credit terms of 2/10, n/60, FOB destination,...
The following were selected from among the transactions completed by Babcock Company during November of the...
The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $91,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash $40,140. The cost of the goods sold was $22,480 5. Purchased merchandise on account from Papoose Creek Co., $50,900 6. Returned $14,250 ($19,000 list price less trade discount of 25%) of merchandise purchased on November 3 from...
Question 5: Perpetual Inventory: Journal Entries (26 marks) The following are transactions for Chandler Fashions for...
Question 5: Perpetual Inventory: Journal Entries The following are transactions for Chandler Fashions for the month of June. June 2              Purchased 3,000 items of inventory under terms 1/10, n/60 and FOB shipping point from Flower Manufacturing. The merchandise had a cost of $12,000 June 7           Returned defective merchandise to Flower Manufacturing with invoice price of $4,000. June 8          Paid the freight charges on the purchase from Flower Manufacturing in     cash for $200. June 9              Sold merchandise to Trendy Store...
19) Journalize the following purchase transactions for Rocky's Swimming Pool Supply Company using the periodic inventory...
19) Journalize the following purchase transactions for Rocky's Swimming Pool Supply Company using the periodic inventory system. Explanations are not required. May 2 Purchased $5,280 of merchandise inventory on account under terms 3/10, n/30 and FOB shipping point. May 6 Returned $675 of defective merchandise purchased on May 2. May 8 Paid freight bill of $120 on May 2 purchase. May 12 Paid amount owed on credit purchase on May 2.
Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15,...
Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit...
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual...
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct.    3   Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 2/10, N/45. FOB shipping point.           4   The correct company paid $150 cash freight for above shipment           6   Sold 10 bikes to Doug’s Bicycle for $1,500 each, terms n/30. Terms FOB destination.           7  ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT