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PART (B): The following were selected from among the transactions completed by Fulah Design during December of the current year. Dec 3. Purchased merchandise on account from Jati Enterprise, list price RM22,000, trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid transportation cost of RM660 added to the invoice. 5. Purchased merchandise on account from Tsofa Enterprise, RM20,250, terms FOB destination, 2/10, n30. 6. Sold merchandise on account to Melati Wholesale, list price RM18,000, trade discount 35%, terms 2/10, n30. The cost of merchandise sold was RM8,250. 7. Returned RM2,800 of merchandise purchased on 5 December from Tsofa Enterprise. 13. Paid Jati Enterprise on account for purchase of 3 December, less discount. 15. Paid Tsofa Enterprise on account for purchase of 5 December, less retum of December 7 and discount. 16. Received cash on account from sale of 6 December to Melati Wholesale, less discount. 19. Sold merchandise on MasterCard, RM49,500. The cost of the merchandise sold was RM23,700. 22. Sold merchandise on account to Furniture Resources, RM15,300, terms 2/10, n30. The cost of the merchandise sold was RM6,700. 23. Sold merchandise for cash, RM27,680. The cost of the merchandise sold was RM12,100. 28. Received merchandise returned by Furniture Resources from sale of 22 December, RM3,000. The cost of the returned merchandise was RM1,400. 31. Paid MasterCard service fee of RM1,050. REQUIRED: Journalize the transactions.

PART (B): The following were selected from among the transactions completed by Fulah Design during December of the current year. Dec 3. Purchased merchandise on account from Jati Enterprise, list price RM22,000, trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid transportation cost of RM660 added to the invoice. 5. Purchased merchandise on account from Tsofa Enterprise, RM20,250, terms FOB destination, 2/10, n30. 6. Sold merchandise on account to Melati Wholesale, list price RM18,000, trade discount 35%, terms 2/10, n30. The cost of merchandise sold was RM8,250. 7. Returned RM2,800 of merchandise purchased on 5 December from Tsofa Enterprise. 13. Paid Jati Enterprise on account for purchase of 3 December, less discount. 15. Paid Tsofa Enterprise on account for purchase of 5 December, less retum of December 7 and discount. 16. Received cash on account from sale of 6 December to Melati Wholesale, less discount. 19. Sold merchandise on MasterCard, RM49,500. The cost of the merchandise sold was RM23,700. 22. Sold merchandise on account to Furniture Resources, RM15,300, terms 2/10, n30. The cost of the merchandise sold was RM6,700. 23. Sold merchandise for cash, RM27,680. The cost of the merchandise sold was RM12,100. 28. Received merchandise returned by Furniture Resources from sale of 22 December, RM3,000. The cost of the returned merchandise was RM1,400. 31. Paid MasterCard service fee of RM1,050. REQUIRED: Journalize the transactions.

Survey of Accounting (Accounting I)
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 following were selected from among the transactions completed by Fulah Design during December of the current year. Dec 3. Purchased merchandise on account from Jati Enterprise, list price RM22,000, trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid transportation cost of RM660 added to the invoice. 5. Purchased merchandise on account from Tsofa Enterprise, RM20,250, terms FOB destination, 2/10, n30. 6. Sold merchandise on account to Melati Wholesale, list price RM18,000, trade discount 35%, terms 2/10, n30. The cost of merchandise sold was RM8,250. 7. Returned RM2,800 of merchandise purchased on 5 December from Tsofa Enterprise. 13. Paid Jati Enterprise on account for purchase of 3 December, less discount. 15. Paid Tsofa Enterprise on account for purchase of 5 December, less return of December 7 and discount. 16. Received cash on account from sale of 6 December to Melati Wholesale, less discount. 19. Sold merchandise on MasterCard, RM49,500. The cost of the merchandise sold was RM23,700. 22. Sold merchandise on account to Furniture Resources, RM15,300, terms 2/10, n30. The cost of the merchandise sold was RM6,700. 23. Sold merchandise for cash, RM27,680. The cost of the merchandise sold was RM12,100. 28. Received merchandise returned by Furniture Resources from sale of 22 December, RM3,000. The cost of the returned merchandise was RM1,400. 31. Paid MasterCard service fee of RM1,050. REQUIRED: Journalize the transactions.
Transcribed Image Text:PART (B): The following were selected from among the transactions completed by Fulah Design during December of the current year. Dec 3. Purchased merchandise on account from Jati Enterprise, list price RM22,000, trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid transportation cost of RM660 added to the invoice. 5. Purchased merchandise on account from Tsofa Enterprise, RM20,250, terms FOB destination, 2/10, n30. 6. Sold merchandise on account to Melati Wholesale, list price RM18,000, trade discount 35%, terms 2/10, n30. The cost of merchandise sold was RM8,250. 7. Returned RM2,800 of merchandise purchased on 5 December from Tsofa Enterprise. 13. Paid Jati Enterprise on account for purchase of 3 December, less discount. 15. Paid Tsofa Enterprise on account for purchase of 5 December, less return of December 7 and discount. 16. Received cash on account from sale of 6 December to Melati Wholesale, less discount. 19. Sold merchandise on MasterCard, RM49,500. The cost of the merchandise sold was RM23,700. 22. Sold merchandise on account to Furniture Resources, RM15,300, terms 2/10, n30. The cost of the merchandise sold was RM6,700. 23. Sold merchandise for cash, RM27,680. The cost of the merchandise sold was RM12,100. 28. Received merchandise returned by Furniture Resources from sale of 22 December, RM3,000. The cost of the returned merchandise was RM1,400. 31. Paid MasterCard service fee of RM1,050. REQUIRED: Journalize the transactions.
6.Raime Bhd purchased merchandise worth RM1,800 on credit, terms n/30 and returned merchandise worth RM200 on next day. What is the required journal entry to merchandise returns under the perpetual record the inventory system? Debit (RM) Credit (RM) A. Accounts Payable 200 Merchandise Inventory 200 B. Accounts Payable 200 Purchases Returns & Allowances 200 C. Merchandise Inventory 200 Purchases Returns & Allowances 200 D. Purchases Returns & Allowances 200 Merchandise Inventory 200 7. Mok Cun Costume has a beginning merchandise inventory of RM45,000. During the period, purchases were RM210,000; purchase returns, RM6,000; and freight-in RM15,000. A physical count of inventory at the end of the period revealed that RM30,000 was still on hand. The cost of goods sold was В. A. RM276,000 B. RM264,000 RM246,000 RM234,000 D. 8. Use this information to answer the following question. Account Name Debit (RM) Credit (RM) Sales 293,000 Sales Returns and Allowances 10,000 Purchases 68,000 Purchases Returns and 8,000 Allowances Freight-In 12,000 Selling Expenses 30,000 General and Administrative 110,000 Expenses In addition, beginning merchandise inventory was RM22,000 and ending merchandise inventory was RM14,000. Net income for the period was A. RM173,000. В. RM93,000 B. RM63,000. D. RM203,000.
Transcribed Image Text:6.Raime Bhd purchased merchandise worth RM1,800 on credit, terms n/30 and returned merchandise worth RM200 on next day. What is the required journal entry to merchandise returns under the perpetual record the inventory system? Debit (RM) Credit (RM) A. Accounts Payable 200 Merchandise Inventory 200 B. Accounts Payable 200 Purchases Returns & Allowances 200 C. Merchandise Inventory 200 Purchases Returns & Allowances 200 D. Purchases Returns & Allowances 200 Merchandise Inventory 200 7. Mok Cun Costume has a beginning merchandise inventory of RM45,000. During the period, purchases were RM210,000; purchase returns, RM6,000; and freight-in RM15,000. A physical count of inventory at the end of the period revealed that RM30,000 was still on hand. The cost of goods sold was В. A. RM276,000 B. RM264,000 RM246,000 RM234,000 D. 8. Use this information to answer the following question. Account Name Debit (RM) Credit (RM) Sales 293,000 Sales Returns and Allowances 10,000 Purchases 68,000 Purchases Returns and 8,000 Allowances Freight-In 12,000 Selling Expenses 30,000 General and Administrative 110,000 Expenses In addition, beginning merchandise inventory was RM22,000 and ending merchandise inventory was RM14,000. Net income for the period was A. RM173,000. В. RM93,000 B. RM63,000. D. RM203,000.
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