Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $10,000; terms 1/5, n/15, FOB destination (cost of sales $7, 150). 2 Purchased $5, 400 of merchandise from Angolac Suppliers; terms 3/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12, 400; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $12,000; terms 1/5, n/15, FOB destination (cost of sales $8, 200). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase.
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $10,000; terms 1/5, n/15, FOB destination (cost of sales $7, 150). 2 Purchased $5, 400 of merchandise from Angolac Suppliers; terms 3/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12, 400; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $12,000; terms 1/5, n/15, FOB destination (cost of sales $8, 200). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...
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