in class entries Periodic inventory w solution

in class entries Periodic inventory w solution - 30,100...

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Please prepare these entries using the periodic method . Assume a beginning inventory of $50,000. a) Your store bought $32,000 in inventory, 3/10, n/45. and incurs a freight cost that no discount can be taken on of $100. Purchases 32,000 Accounts Payable 32,000 Freight-in 100 Accounts Payable 100 b) Your store returns $2,000 of that inventory to the supplier. Accounts Payable 2,000 Purchases-Returns and Allowances 2,000 c) Your store pays the bill within the discount period. Accounts Payable
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Unformatted text preview: 30,100 Cash 29,200 Purchase-Discounts 900 e) Your store sells $10,400 in merchandise inventory, 2/10, n/30. Your store pays the freight of the sale of $20. Accounts Receivable 10,400 Revenue 10,400 Freight-Out 20 Accounts Payable 20 f) The customer returns $400 of the inventory. Sales-Returns and Allowances 400 Accounts Receivable 400 g) The customer paid the bill within the discount period. Cash 9,800 Sales- Discounts 200 Accounts Receivable 10,000...
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This note was uploaded on 03/20/2012 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.

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