Assignment #3-DANIELA PACHECO

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School

Salesian University *

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1000

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Accounting

Date

May 24, 2024

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pdf

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24/3/24, 17:12 Assignment #3-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 1/9 1. Student: DANIELA PACHECO Date: 03/24/24 Instructor: Rachel Sham Course: ACCT1000 - Financial Accounting Principles 1 (W24) Assignment: Assignment #3 Consider the following transactions for Drug Store: Baskerville February 2 buys worth of inventory on account with credit terms of FOB shipping point. Baskerville $23,100 1 15, n 30, February 4 pays a freight charge. Baskerville $120 February 9 returns of the merchandise due to damage during shipment. Baskerville $4,100 February 14 pays the amount due, less return and discount. Baskerville Required 1 Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) : buys worth of inventory on account with credit terms of FOB shipping point. Feb. 2 Baskerville $23,100 1 15, n 30, Prepare the entry to journalize the purchase. Date Accounts Debit Credit February 2 Inventory 23,100 Accounts Payable 23,100 : pays a freight charge. Feb. 4 Baskerville $120 Date Accounts Debit Credit February 4 Inventory 120 Cash 120 : returns of the merchandise due to damage during shipment. Feb. 9 Baskerville $4,100 Prepare the entry to record the purchase return, and decrease the payable. Date Accounts Debit Credit February 9 Accounts Payable 4,100 Inventory 4,100 : pays the amount due, less return and discount. Feb. 14 Baskerville Date Accounts Debit Credit February 14 Accounts Payable 19,000 Cash 18,810 Inventory 190 Requirement 2. In the final analysis, how much did the inventory cost Drug Store? Baskerville What was the inventory cost for ? Baskerville 18,930 $

24/3/24, 17:12 Assignment #3-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 2/9 1: Required 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Drug Store? Baskerville

24/3/24, 17:12 Assignment #3-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 3/9 2. Journalize the following sales transactions for Sportswear. Explanations are not required. Swego July 1 sold of men's sportswear for cash. Cost of goods sold is . Swego $22,000 $11,000 July 3 sold of women's sportswear on account, credit terms are / , n/ . Cost of goods sold is . Swego $46,000 3 20 45 $23,000 July 5 received a sales return on damaged goods from the customer on July 1. Cost of goods damaged is . Money was refunded for the damaged goods, but the customer did not return the damaged goods to . Swego $4,700 $2,350 Swego July 10 received payment from the customer on the amount due, less discount. Swego July 1: sold of men's sportswear for cash. Cost of goods sold is . Swego $22,000 $11,000 Journalize 's sale. First, we will create the entry for the cash sale. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Swego Date Accounts Debit Credit July 1 Cash 22,000 Sales Revenue 22,000 Next, we will create the entry for the cost of goods sold. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Date Accounts Debit Credit July 1 Cost of Goods Sold 11,000 Inventory 11,000 July 3: sold of women's sportswear on account, credit terms are / , n/ . Cost of goods sold is . Swego $46,000 3 20 45 $23,000 Journalize 's sale on account. First, we will create the sale. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Swego Date Accounts Debit Credit July 3 Accounts Receivable 46,000 Sales Revenue 46,000 Next, create the entry for cost of goods sold. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Date Accounts Debit Credit July 3 Cost of Goods Sold 23,000 Inventory 23,000 July 5: received a sales return on damaged goods from the customer on July 1. Cost of goods damaged is . Money was refunded for the damaged goods, but the customer did not return the damaged goods to . Swego $4,700 $2,350 Swego Journalize 's return. First, record the refund. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Swego

24/3/24, 17:12 Assignment #3-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 4/9 Date Accounts Debit Credit July 5 Sales Returns and Allowances 4,700 Cash 4,700 Next, record the journal entry for the cost of goods returned. (Record debits first, then credits. Exclude explanations from journal entrie If no entry is required select "No entry required" on the first line of the journal entry table.) Date Accounts Debit Credit July 5 No entry required July 10: received payment from the customer on the amount due, less discount. Swego Journalize 's cash receipt from the customer. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Swego Date Accounts Debit Credit July 10 Cash 44,620 Sales Discounts 1,380 Accounts Receivable 46,000

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