Sept 4 Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB Shipping Point. Sept 5 The necessary party paid the shipping fees of $50 from the Sept. 4 transaction. Sept 6 Returned $250 of the backpacks that were purchased Sept. 4 that were defective. Sept 9 Sold backpacks for $1,000 to University Supply, terms 2/15, n/30, FOB Shipping Point. The cost of the backpacks were $600. Sept 11 The necessary party paid the shipping fees of $75 for the Sept. 9 transaction. Sept 13 Paid amount owed to Back Packs Unlimted for September transactions. Sept 16 University Supply found some damages on 3 of the backpacks that were sold on Sept. 9 so we granted them an allowance of $100. Sept 22 Received payment from University Supply for September transactions
- Wilderness Inc. uses a perpetual inventory system and follows ASPE standards. During September, the following transactions occurred regarding their backpack inventory:
Sept 4 Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB Shipping Point.
Sept 5 The necessary party paid the shipping fees of $50 from the Sept. 4 transaction.
Sept 6 Returned $250 of the backpacks that were purchased Sept. 4 that were defective.
Sept 9 Sold backpacks for $1,000 to University Supply, terms 2/15, n/30, FOB Shipping Point. The cost of the backpacks were $600.
Sept 11 The necessary party paid the shipping fees of $75 for the Sept. 9 transaction.
Sept 13 Paid amount owed to Back Packs Unlimted for September transactions.
Sept 16 University Supply found some damages on 3 of the backpacks that were sold on Sept. 9 so we granted them an allowance of $100.
Sept 22 Received payment from University Supply for September transactions.
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