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Accounting Assignment - Journalizing Inventory Transactions

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Question

Review the transactions and financial position of Candies Galore for January in the Excel Template.;Requirements;1. Prepare the journal for the January transactions.;2. Determine the gross profit for January.;The following are the transactions for Candies Galore for the month of January.;During January the following transactions occurred;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;p urchased $350 of supplies on account from The Office Barn;Terms 2/10, n/30, FOB destination;Sold $950 (cost $500) of merchandise on account to Maple Fair.;Terms 3/15, n/45, FOB destination;Paid $75 freight charges to deliver goods to Maple Fair;Returned $1400 of the merchandise purchased on January 8 and received credit;Sold $650 (cost $350) of merchandise to cash customers;Paid for the supplies purchased on January 10;Paid the Chocolate Shop the amount due from the January 8 purchase in full;Maple Fair returned $175 (cost $100) of merchandise from the January 14 sale;Purchased $2100 of inventory for cash;Received payment in full from Maple Fair for the January 14 sale.

 

Paper#81777 | Written in 18-Jul-2015

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