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ACC - Module 6 - Candies Galore




Question;Module 6 The following are the transactions for Candies Galore for the month of January. During January the following transactions occurred: 8-Jan Purchased $5,900 of merchandise from The Chocolate Shop. Terms 2/15, n/45, FOB shipping point. The Chocolate Shop prepaid $350 in shipping and added it to the invoice 10-Jan Purchased $350 of supplies on account from The Office Barn Terms 2/10, n/30, FOB destination 14-Jan Sold $950 (cost $500) of merchandise on account to Maple Fair. Terms 3/15, n/45, FOB destination 15-Jan Paid $75 freight charges to deliver goods to Maple Fair 17-Jan Returned $1400 of the merchandise purchased on January 8 and received credit 18-Jan Sold $650 (cost $350) of merchandise to cash customers 19-Jan Paid for the supplies purchased on January 10 22-Jan Paid the Chocolate Shop the amount due from the January 8 purchase in full 24-Jan Maple Fair returned $175 (cost $100) of merchandise from the January 14 sale 25-Jan Purchased $2100 of inventory for cash 28-Jan Received payment in full from Maple Fair for the January 14 sale. Requirements: 1 Journalize the transactions (explanations are not necessary). 2 Determine Candies Galore's gross profit for January.


Paper#39649 | Written in 18-Jul-2015

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