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The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1 Sold merchandise on account to Hendrix Office Store, invoice no. 1001, $451.20. The cost of the merchandise was $397.06. 3 Bought merchandise on account from Krueger, Inc., invoice no. 845A, $485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, $15 (total $500.15). 10 Sold merchandise on account to Ballard Stores, invoice no. 1002, $2,483.65. The cost of the merchandise was $2,235.29. 13 Bought merchandise on account from Kennedy, Inc., invoice no. 4833, $2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, $123 (total $2,573.13). 18 Sold merchandise on account to Lawson Office Store, invoice no. 1003, $754.99. The cost of the merchandise was $671.94. 20 Issued credit memo no. 33 to Lawson Office Store for merchandise returned, $103.25. The cost of the merchandise was $91.89. 25 Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, $1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, $84 (total $1,636.30). 30 Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for $224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.

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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 9, Problem 4PA
Textbook Problem

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California.

June 1    Sold merchandise on account to Hendrix Office Store, invoice no. 1001, $451.20. The cost of the merchandise was $397.06.

3    Bought merchandise on account from Krueger, Inc., invoice no. 845A, $485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, $15 (total $500.15).

10    Sold merchandise on account to Ballard Stores, invoice no. 1002, $2,483.65. The cost of the merchandise was $2,235.29.

13    Bought merchandise on account from Kennedy, Inc., invoice no. 4833, $2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, $123 (total $2,573.13).

18    Sold merchandise on account to Lawson Office Store, invoice no. 1003, $754.99. The cost of the merchandise was $671.94.

20    Issued credit memo no. 33 to Lawson Office Store for merchandise returned, $103.25. The cost of the merchandise was $91.89.

25    Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, $1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, $84 (total $1,636.30).

30    Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for $224.50.

Required

Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.

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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - What is the purpose of each of the following? a....Ch. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - With regard to goods sold and purchased, explain...Ch. 9 - Explain the meaning and importance of the shipping...Ch. 9 - Describe the four procedures that most companies...Ch. 9 - Describe the posting procedures to the general...Ch. 9 - Describe the procedure for posting each of the...Ch. 9 - Who issues a credit memorandum and why?Ch. 9 - What is the difference between a periodic...Ch. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Abbott Florists sells flowers on a retail basis....Ch. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - R. J. Hinton Company sells electrical supplies on...Ch. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Jax Mercantile Co. has been northern Colorados...Ch. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Ms. Valli of All About You Spa has decided to...

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