UCB+UGBA102A+Topic04+Slides+Appendix

UCB+UGBA102A+Topic04+Slides+Appendix - Sales, Purchases &...

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Sales, Purchases & Inventories UGBA102A Introduction to Financial Accounting Appendix
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UGBA102A Dennis Geyer 2 Review Problem 5 Central Market’s transactions for the month of December follow: Dec 1 Purchased merchandise on credit from SAS Foods, terms n/30, FOB shipping point, $1,000 Dec 3 Sold merchandise for cash, $300 (cost $150) Dec 5 Purchased merchandise on credit from Double Co., terms n/30, FOB shipping point, $2,500, including $100 freight charges paid by Double Co. Dec 12 Sold merchandise on credit to Rutland Catering, terms n/ 30, FOB shipping point, $450 (cost $225) Dec 13 Accepted a return of merchandise from Rutland Catering, $50 (cost $20). Merchandise was returned to inventory. Dec 25 Received full payment from Rutland for the Dec. 12 purchase, less the return on Dec. 13. Prepare journal entries assuming perpetual & periodic inventory.
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UGBA102A Dennis Geyer 3 Perpetual Inventory System Periodic Inventory System 1-Dec Merchandise Inventory 1,000 $ 1-Dec Purchases 1,000 $ Accounts Payable
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This note was uploaded on 09/20/2009 for the course UGBA 102A taught by Professor Udpa during the Summer '07 term at University of California, Berkeley.

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UCB+UGBA102A+Topic04+Slides+Appendix - Sales, Purchases &...

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