Question

on september 1 , Salman had an inventory of 30 books at a cost of $18...

on september 1 , Salman had an inventory of 30 books at a cost of $18 each the company used a perpetual inventory system during september the following transaction occured

sept 6 purchased 90 books at $22 each from rehman inc. term net/30

sept 9 paid freight of $828 on books purchased from rehman inc.

sept 10 returned 3 books to rehman inc. for $69 credit (including freight) because they did not meet specification

sept 12 sold 828 books costing $23 (including freight) for $31 each to sara book store term n/30

sept 20 sold 30 books costing of $828 for $32 each to sadaf card shop term n/30

journalize the September transactions

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On September 1, Novak Office Supply had an inventory of 35 calculators at a cost of...
On September 1, Novak Office Supply had an inventory of 35 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept 6. Purchased with cash 85 calculators at $ 25 each from Larkspur Inc Sept 9 Paid freight of $85 calculators purchased from Larkspur Inc Sept 10 Returned 5 calculators to Larkspur Inc for $130 cash (including freight) because they did not meet specifications Sept 12 Sold 27 calculators...
Exercise 5-2 Assume that on September 1, Office Depot had an inventory that included a variety...
Exercise 5-2 Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,640, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $57 credit because they did not meet specifications. 12 Sold calculators costing $490 for $680 to Fryer...
1 . On September 1, Samardo Office Supply sells office supplies, including calculators. The company uses...
1 . On September 1, Samardo Office Supply sells office supplies, including calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept 6 – Purchased 80 calculators at $21 each from Samuels’s co. on account. Sept. 10 – Purchase return of 3 calculators to Samuels for $63 credit on account because they did not meet specifications. Sept. 12 – Sold 26 calculators to Trent bookstore for a sales price of $31 each, costing $21 each....
Exercise 5-03 Assume that on September 1, Office Depot had an inventory that included a variety...
Exercise 5-03 Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Ivanhoe Co. at a total cost of $1,740, terms n/30. 9 Paid freight of $60 on calculators purchased from Ivanhoe Co. 10 Returned calculators to Ivanhoe Co. for $64 credit because they did not meet specifications. 12 Sold calculators costing $560 for $780 to Fryer...
A company's inventory records indicate the following data for the month of September: Sept 1 beginning...
A company's inventory records indicate the following data for the month of September: Sept 1 beginning 250 units at $10 each Sept 5 purchased 150 units at $11 each Sept 10 sold 300 units Sept 20 purchased 400 units at $14 each Sept 25 sold 200 units If the company uses the perpetual inventory system, what would be the cost of its ending inventory and the cost of goods sold for July based on FIFO, LIFO and Weighted Average methods?
  Consider the following information for questions 22-25:               September 1    Inventory          &nb
  Consider the following information for questions 22-25:               September 1    Inventory                                  10 @ $3.00                                      8    Purchased                                30 @ $3.20                                    17   Purchased                                 20 @ $3.10                                    25   Purchased                                 40 @ $3.40                                                             Units Sold: 55 COST OF GOODS SOLD under the FIFO method is (assume a periodic inventory system): $180.20. $167.50. $172.50. $184.25.      Consider the following information for questions 22-25:               September 1    Inventory                                  10 @ $3.00                                      8    Purchased                                30 @ $3.20                                    17   Purchased                                 20 @ $3.10                                    25   Purchased                                 40 @ $3.40                                                             Units Sold: 55 COST OF GOODS SOLD under the average cost method is (assume a...
Matlock Company’s beginning inventory consists of 50 units that cost $34 each. During June, (1) the...
Matlock Company’s beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each on account, (2) returned 6 units, and (3) sold 125 units at $50 each to a customer. Matlock uses FIFO to account for its inventory. All purchase and sale credit terms are n/30. 1: Journalize the month’s transactions assuming the use of a perpetual inventory system. 2: Journalize the month’s transactions assuming the use of a periodic...
Prepare journal entries to record the following sales transactions in Crane Company’s books. Crane uses a...
Prepare journal entries to record the following sales transactions in Crane Company’s books. Crane uses a perpetual inventory system. Jan. 2 Crane sold $11,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $4,345. 4 The correct company paid freight costs of $195. 6 Xiaoyan returned $1,100 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $430, and it was restored to...
Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record...
Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the​ month: Aug 3: 4 books for $14, Aug 15: 4 books costing $14 and 5 books costing $20 each, Aug 28: 2 books costing $20 each and 4 books costing $29 each.... Aug 1 Beginning Merchandise Inventory 12 books @ $14 each; Aug 3 : Sold 4 books...
Dakin uses perpetual inventory. Journalize the July transactions: 1, July 1 Purchased $35,000 of merchandise on...
Dakin uses perpetual inventory. Journalize the July transactions: 1, July 1 Purchased $35,000 of merchandise on account, term 2/10, n/30. 2. July 3 Returned $7000 of damaged merchandise for credit 3. July 11 Paid for the merchandise purchased within 10 days
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT