June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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*EXERCISE 5-7
| Purpose: | (L.O. *6) This exercise reviews the journal entries to record purchases of merchandise inventory under a periodic inventory system. |
A list of transactions for the Randy Travis Sales Company appears below. A periodic inventory system is used.
| July 1 | Purchased merchandise from Oliver Company for $3,000 cash. |
| 2 | Purchased merchandise from Medlin Company, $5,000, FOB shipping point, terms 2/10, n/30. |
| 6 | Paid freight on July 2 purchase, $125. |
| 10 | Paid Medlin Company the amount owed. |
| 11 | Purchased merchandise from McBride Company, $7,000, FOB destination, terms 1/10, n/30. |
| 23 | Paid McBride Company the amount owed. |
| Aug. 7 | Purchased merchandise from Dun Company, $4,000, FOB destination, terms 2/10, n/30. |
| 9 | Returned one-fourth of the merchandise acquired in the August 7 transaction to Dun Company because of detected defects. |
| 16 | Paid Dun Company the balance owed. |
Instructions
Prepare the journal entries to record these transactions on the books of the Randy Travis Sales Company.
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