Purchase-Related Transactions Using Perpetual Inventory System Instructions The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30. 6 Issued debit memoto Taco Co. for $4,550 of merchandise returned from purchase on October 4. 13 Paid Hoagie Co. for invoice of October 3. 14 Paid Taco Co. for invoice of October 4 less debit memo of October 6 19 Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, nieom 19 Paid freight of $400 on October 19 purchase from Veggie Co. 20 Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30 30 Paid Caesar Salad Co. for invoice of October 20 31 Paid UK Imports Co. for invoice of October 1. Paid Veggie Co. for invoice of October 19. 31 Journalize the entries to record the transactions of Capers Company for October. Refer to the chart of accounts for the exact wording of the account ties CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered
Purchase-Related Transactions Using Perpetual Inventory System Instructions The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30. 6 Issued debit memoto Taco Co. for $4,550 of merchandise returned from purchase on October 4. 13 Paid Hoagie Co. for invoice of October 3. 14 Paid Taco Co. for invoice of October 4 less debit memo of October 6 19 Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, nieom 19 Paid freight of $400 on October 19 purchase from Veggie Co. 20 Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30 30 Paid Caesar Salad Co. for invoice of October 20 31 Paid UK Imports Co. for invoice of October 1. Paid Veggie Co. for invoice of October 19. 31 Journalize the entries to record the transactions of Capers Company for October. Refer to the chart of accounts for the exact wording of the account ties CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.14E
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