Journalizing purchase and sale transactions—perpetual inventory [20-25 min]
Consider the following transactions that occurred in September 2012 for Aquamarines, Inc.
Sep 3 | Purchased inventory on terms 1/15, n/eom, $5,000. |
4 | Purchased inventory for cash of $1,700. |
6 | Returned $500 of inventory from September 4 purchase. |
8 | Sold goods on terms of 2/15, n/35 of $6,000 that cost $2,640. |
10 | Paid for goods purchased September 3. |
12 | Received goods from September 8 sale of $400 that cost $160. |
23 | Received payment from September 8 customer. |
25 | Sold goods to Smithsons for $1,100 that cost $400. Terms of n/30 were offered. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid directly to UPS by Aquamarines, Inc. |
29 | Received payment from Smithsons. |
Requirement
1. Journalize September transactions for Aquamarines, Inc. No explanations are required.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.