Problem 4-2A Preparing journal entries for merchandisingactivities-perpetual system LO P1, P2

Aug.

You are watching: Received balance due from laird corp. for the august 5 sale less the return on august 10.

1

Purchased merchandise from Arotek firm for $8,200 undercredit terms of 1/10, n/30, FOB destination, invoice date August1.

4

At Arotek’s request, Sheng paid $340 cash because that freight fees onthe respectable 1 purchase, to reduce the amount fan to Arotek.

5

Sold merchandise to Laird Corp. Because that $5,740 under credit terms of2/10, n/60, FOB destination, invoice dated August 5. Themerchandise had price $4,098.

8

Purchased merchandise indigenous Waters Corporation because that $7,500 undercredit terms of 1/10, n/45, FOB shipping point, invoice datedAugust 8. The invoice proved that in ~ Sheng’s request, Waters paidthe $240 shipping fees and included that amount to the bill.(Hint: Discounts room not applied to freight and also shippingcharges.)

9

Paid $160 cash because that shipping charges regarded the august 5 saleto Laird Corp.

10

Laird went back merchandise native the respectable 5 sale that had actually costSheng $683 and been marketed for $957. The goods was restored toinventory.

12

After negotiations with Waters Corporation concerning problemswith the merchandise purchase on august 8, Sheng obtained a creditmemorandum from Waters giving a price palliation of $1,133.

15

Received balance due from Laird Corp. Because that the august 5 revenue lessthe return on respectable 10.

18

Paid the amount early out Waters Corporation for the august 8 purchaseless the price palliation granted.

19

Sold merchandise come Tux Co. For $4,920 under credit terms of1/10, n/30, FOB shipping point, invoice date August 19. Themerchandise had cost $3,414.

22

Tux requested a price palliation on the respectable 19 sale becausethe merchandise did not fulfill specifications. Sheng sent out Tux a $820credit memorandum to solve the issue.

29

Received Tux’s cash payment for the quantity due from the August19 sale.

30

Paid Arotek firm the quantity due from the august 1purchase.

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HELP I\"m having an obstacle figuring the end the correctfigures for specific parts of this problem. Please help!

This was a good start... However when ns did a homework check ittells me some things room incorrect but it doesn\"t call me thecorrect answer. :( i need aid with this due to the fact that I\"m failing thisclass and I can\"t fail. :( The complying with is what i needanswers to....

1) mine homework checker states that the amount for day august 30this incorrect. (just the amounts (figures) detailed in debit andcredit columns.

See more: Consider A Light Bulb Connected To A Battery With Wires, How Electrical Circuits Work

2) next it speak me the for respectable 8th,,, transport - inisn\"t the correct brand nor is the amount (figure) indebit column.... Cash is wrong brand on the date and is thecredit column number :(

3) On august 9th, it supposedly shouldn\"t be labeled Merchandiseinventory..that is wrong mine homework examine says. :( What isthe exactly label?

4) top top august fourth it reportedly isn\"t an alleged to be labeled asmerchandise inventory... That is wrong. Ns don\"t know what labelwould walk there other than possibly transportation - in? I\"m guessingbut not sure. :(


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