ACC 371 Chapter 8 Homework Handout - Fall

ACC 371 Chapter 8 Homework Handout - Fall - Chapter 8...

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Chapter 8 Problem 1GP Sampson Company distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June , Sampson’s inventory consisted of suitcases costing $1,200. During the month of July the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Satchel World for $2,000. The cost of suitcases sold is $1,200. 9 Paid Trunk Manufacturers in full. 12 Received payment in full from Satchel World. 17 Sold suitcases on account to The Going Concern for $1,500. The cost of the suitcases sold was $900. 18 Purchased suitcases on account for $1,700 from Kingman Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 20
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ACC 371 Chapter 8 Homework Handout - Fall - Chapter 8...

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