1 answer

Record the following transactions into com Inc.'s joumal. Assume a perpetual inventory system Enter the transaction...

Question:

Record the following transactions into com Inc.s joumal. Assume a perpetual inventory system Enter the transaction letter as
(a) January 1: Zcom Inc.s merchandise that cost $2,880 was sold to Stake Technology Inc. for $3,600 under credit terms of 2/
Record the following transactions into com Inc.'s joumal. Assume a perpetual inventory system Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions Dates must be entered in the format ad mmm , 15 Jan General Journal Account Explanation F Debit Page GJE Credit (a) January 1: Zoom Inc.'s merchandise that cost $2.880 was sold to Stake Technology Inc. for $3.500 under credit forms of 2/15, V60, FOB destination (b) January 1: Zoom Inc. purchased merchandise from ABC Inc. for $4.400 cash, FOB destination (c) January 2: Paid $500 for freight charges on the sale of January 1. (d) January 3: Zoom Inc. purchased merchandise from Callaho Inc. for $9.900 under Credit terms of 2/10, 160 FOB destination. (e) January 5: Zoom Inc.'s merchandise was sold to Oppong Corporation for $4.900 under credit forms of 2/16, V60, FOB shipping point. The cost of the merchandise was $3.920 (1) January 5: Issued a $600 credit memorandum to Stake Technology Inc. for an allowance on goods sold on January 1 (9) January : Alter negotiations with Callaho Inc. concerning problems with the merchandise purchased on January 3, received a credit memorandum granting a price reduction of $1,900 th) January : Zoom Inc. purchased merchandise from Bentley Ing for $9.900 under credit forms of 2/10, 1/60, FOB destination January 15: Paid the balance due to Bentley Inc. January 16: Received the balance due from Stake Technology Inc. for the sale dated January 1. (k) March 2: Paid the balance due to Callaho Inc.
(a) January 1: Zcom Inc.'s merchandise that cost $2,880 was sold to Stake Technology Inc. for $3,600 under credit terms of 2/15, 1/60, FOB destination. Date General Journal Account Explanation Page GJE F Debit Credit (b) January 1: Zcom Inc. purchased merchandise from ABC Inc. for $4,400 cash, FOB destination. (c) January 2: Paid $500 for freight charges on the sale of January 1. (d) January 3: Zcom Inc. purchased merchandise from Callaho Inc. for $9.900 under credit terms of 2/10, n/60, FOB destination. (e) January 5: Zcom Inc.'s merchandise was sold to Oppong Corporation for $4.900 under credit terms of 2/15, n/60, FOB shipping point. The cost of the merchandise was $3,920. (1) January 5: Issued a $600 credit memorandum to Stake Technology Inc. for an allowance on goods sold on January 1. (9) January 6: After negotiations with Callaho Inc. concerning problems with the merchandise purchased on January 3, received a credit memorandum granting a price reduction of $1,900. (h) January 7: Zcom Inc. purchased merchandise from Bentley Inc. for $9,900 under credit terms of 2/10, 1/60, FOB destination. (1) January 15: Paid the balance due to Bentley Inc. 6) January 16: Received the balance due from Stake Technology Inc. for the sale dated January 1. (k) March 2: Paid the balance due to Callaho Inc. (1) March 6: Received Oppong Corporation's payment of the amount due from the January 5 sale.

Answers

Zoom Inc.
Journal Entries
S.No. Date General Journal Debit Credit
a) 01-Jan Accounts Receivable-Stake Technologies Inc. $    3,600.00
    To Sales $                                    3,600.00
(Being amount of Merchandise Sold)
01-Jan Cost of goods sold $    2,880.00
     To Merchandise Inventory $                                    2,880.00
(Being amount of cost of goods sold)
b) 01-Jan Merchandise Inventory $    4,400.00
    To Accounts Payable-ABC Inc. $                                    4,400.00
(Being amount of Merchandise Purchased from ABC Inc.)
c) 02-Jan Freight Expenses $        500.00
    To Cash $                                        500.00
(Being amount of Freight paid for 1 Jan sales to stake Technologies Inc.)
d) 03-Jan Merchandise Inventory $    9,900.00
     To Accounts Payable-Callaho Inc. $                                    9,900.00
(Being amount of goods purchased from Callaho Inc.)
e) 05-Jan Accounts Receivable-Oppong Corporation $    4,900.00
     To Sales $                                    4,900.00
(Being amount of sales to Oppong Corporation)
05-Jan Cost of goods sold $    3,920.00
    To Merchandise Inventory $                                    3,920.00
(Being amount of cost of goods sold)
f) 05-Jan Sales return & allowances $        600.00
    To Accounts Receivable-Stake Technologies Inc. $                                        600.00
(Being amount of issue of credit memorandum for allowance of goods sold)
g) 06-Jan Accounts Payable-Callaho Inc. $    1,900.00
    To Merchandise Inventory $                                    1,900.00
(Being amount of received of credit memorandum for reduction of price)
h) 07-Jan Merchandise Inventory $    9,900.00
     To Accounts Payable-Brantley Inc. $                                    9,900.00
(Being amount of Merchandise Purchased from Brantley Inc.)
i) 15-Jan Accounts Payable-Brantley Inc. $    9,900.00
       To Merchandise Inventory=($9900*2%) $                                        198.00
       To Cash=($9900*98%) $                                    9,702.00
(Being amount paid after adjusting 2% discount)
j) 16-Jan Cash=($3000*98%) $    2,940.00
Sales Discount=($3000*2%) $          60.00
      To Accounts Receivable-Stake Technologies Inc.($3600-$600) $                                    3,000.00
(Being amount received within 15 days 2% discount allowed)
k) 02-Mar Accounts Payable-Callaho Inc.($9900-$1900) $    8,000.00
     To Cash $                                    8,000.00
(Being amount paid after discount period)
l) 06-Mar Cash $    4,900.00
    To Accounts Receivable-Oppong Corporation) $                                    4,900.00
(Being amount received after discount period )
FOB destination: Freight charges paid by seller.
FOB Shipping Point: Freight charges paid by buyer.
.

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