1. YBM Company completed the following transactions in June of 2018 June 1 Purchased Supplies on Account, $740 June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 10 Sold goods on account to Fred Co., $1,000, terms 2/10, n/30. (Cost $550) June 13 June 16 Paid for Inventory purchased on June 3 minus the return and the discount. June 20 Fred Co. was given an allowance of $150 for damaged merchandise from sale of June 13. June 22 Received payment in full from Fred Co. June 24 Purchased Inventory on account from Wilma Co., $4,200 plus freight charges of $300. June 28 Returned defective merchandise of $325 from purchase of June 24. Required: a. Journalize above entries for YBM Corp.

1. YBM Company completed the following transactions in June of 2018 June 1 Purchased Supplies on Account, $740 June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 10 Sold goods on account to Fred Co., $1,000, terms 2/10, n/30. (Cost $550) June 13 June 16 Paid for Inventory purchased on June 3 minus the return and the discount. June 20 Fred Co. was given an allowance of $150 for damaged merchandise from sale of June 13. June 22 Received payment in full from Fred Co. June 24 Purchased Inventory on account from Wilma Co., $4,200 plus freight charges of $300. June 28 Returned defective merchandise of $325 from purchase of June 24. Required: a. Journalize above entries for YBM Corp.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...

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Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
Part B The company completed the following transactions during 2020.• Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements:1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of creditsales are…
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be…