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 memo to 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, n/eom. 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. 31 Paid Veggie Co. for invoice of October 19. Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.
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 memo to 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, n/eom. 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. 31 Paid Veggie Co. for invoice of October 19. Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 10PA: Prepare journal entries to record the following transactions. Create a T-account for Interest...
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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 memo to 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, n/eom. | |
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. | |
31 | Paid Veggie Co. for invoice of October 19. |
CHART OF ACCOUNTSCapers CompanyGeneral Ledger
ASSETS | |
110 | Cash |
120 | |
125 | Notes Receivable |
130 | Inventory |
131 | Estimated Returns Inventory |
140 | Office Supplies |
141 | Store Supplies |
142 | Prepaid Insurance |
180 | Land |
192 | Store Equipment |
193 | |
194 | Office Equipment |
195 | Accumulated Depreciation-Office Equipment |
LIABILITIES | |
211 | Accounts Payable-Caesar Salad Co. |
212 | Accounts Payable-Hoagie Co. |
213 | Accounts Payable-Taco Co. |
214 | Accounts Payable-UK Imports Co. |
215 | Accounts Payable-Veggie Co. |
216 | Salaries Payable |
218 | Sales Tax Payable |
219 | Customer Refunds Payable |
221 | Notes Payable |
EQUITY | |
310 | Common Stock |
311 | |
312 | Dividends |
313 | Income Summary |
REVENUE | |
410 | Sales |
610 | Interest Revenue |
EXPENSES | |
510 | Cost of Goods Sold |
521 | Delivery Expense |
522 | Advertising Expense |
524 | Depreciation Expense-Store Equipment |
525 | Depreciation Expense-Office Equipment |
526 | Salaries Expense |
531 | Rent Expense |
533 | Insurance Expense |
534 | Store Supplies Expense |
535 | Office Supplies Expense |
536 | Credit Card Expense |
539 | Miscellaneous Expense |
710 | Interest Expense |
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