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Acc205 Principles of Accounting P5-27A Aqumarines




Question;Acc205 Principles of Accounting;P5-27A Journalizing purchase and;sales transactions - perpetual inventory;Consider the following transactions that occurred in September 2012 for;Aqumarines. Sep 3 Purchased;inventory on terms 1/15, n/eom, $5,000.;4 Purchased;inventory for cash of $1,700.;6 Returned;$500 of inventory from September 4 purchase.;8 Sold;goods on terms of 2/15, n/35 of $6,000 that cost $2,640.;10 Paid;for goods purchased September 3.;12 Received;goods from September 8 sale of $400 that cost $160.;23 Received;payment from September 8 customer.;25 Sold;goods to Smithsons for $1,100 that cost $400. Terms of n/30;were;offered. As a courtesy to Smithsons, $75 of freight was added to;the;invoice for which cash was paid directly to UPS by Aquamarines.;29 Received;payment from Smithsons.;Requirements;1.;Journalize September transactions for Aquamarines;Inc. No explanations are required.


Paper#37673 | Written in 18-Jul-2015

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