Question
In: Accounting
On September 1, Duffs Beer Distributor had an inventory of 60 cases of beer at a...
On September 1, Duffs Beer Distributor had an inventory of 60 cases of beer at a cost of $21 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept 6 Purchased 75 cases at $20 each from Iron City Brewers, terms 2/10, n/30. Sept 9 Paid freight of $75 on the cases purchased from Iron City Brewers. Sept 10 Returned 2 cases to Iron City Brewers for $40 credit because they did not meet specifications. They had a “skunky” smell. Sept 11 Paid Iron City Brewers what was owed from the Sept 6th purchase. Sept 12 Sold 41 cases costing $21 each for $34 each to the Drunken Clam, terms 2/10,n/30. Sept 14 Granted credit of $34 to the Drunken Clam for the return of one case that was not ordered. Sept 21 Received payment in full from the Drunken Clam. Prepare journal entries IN GOOD FORM for the September transactions. Include Sales and cost of goods sold entries if applicable.
Solutions
ekkarill92 answered 4 months agoRelated Solutions
The following table shows the quarterly demand in thousands of cases, for a national beer distributor...
The following table shows the
quarterly demand in thousands of cases, for a national beer
distributor over the past four years. This data is also available
in an Excel spreadsheet on Blackboard.
Year
Quarter
2015
2016
2017
2018
1
280
321
419
266
2
485
493
502
510
3
423
515
487
501
4
330
271
468
516
Forecast the demand for each quarter
of 2019 by using the multiplicative decomposition model and using
overall average to calculate seasonal...
The following table shows the quarterly demand in thousands of cases, for a national beer distributor...
The following table shows the
quarterly demand in thousands of cases, for a national beer
distributor over the past four years. This data is also available
in an Excel spreadsheet on Blackboard.
Year
Quarter
2015
2016
2017
2018
1
280
321
419
266
2
485
493
502
510
3
423
515
487
501
4
330
271
468
516
Using
a smoothing coefficient of a = 0.3, exponentially smooth the
series. Assume an initial forecast for the first quarter of...
Assume that on September 1, Office Depot had an inventory that included a variety of calculators....
Assume that on September 1, Office Depot had an
inventory that included a variety of calculators. The company uses
a perpetual inventory system. During September, these transactions
occurred.
Sept. 6
Purchased calculators from Dragoo Co. at a total cost of
$1,670, on account, terms n/30.
Sept. 9
Paid freight of $52 on calculators purchased from Dragoo
Co.
Sept. 10
Returned calculators to Dragoo Co. for $72 credit because they
did not meet specifications.
Sept. 12
Sold calculators costing $480 for...
Assume that on September 1, Office Depot had an inventory that included a variety of calculators....
Assume that on September 1, Office Depot had an
inventory that included a variety of calculators. The company uses
a perpetual inventory system. During September, these transactions
occurred.
Sept. 6
Purchased calculators from Carla Vista Co. at a total cost of
$1,660, terms n/30.
9
Paid freight of $60 on calculators purchased from Carla Vista
Co.
10
Returned calculators to Carla Vista Co. for $57 credit because
they did not meet specifications.
12
Sold calculators costing $530 for $780 to...
Assume that on September 1, Office Depot had an inventory that included a variety of calculators....
Assume that on September 1, Office Depot had an
inventory that included a variety of calculators. The company uses
a perpetual inventory system. During September, these transactions
occurred.
Sept. 6
Purchased calculators from
Dragoo Co. at a total cost of $1,620, terms n/30.
9
Paid freight of $50 on
calculators purchased from Dragoo Co.
10
Returned calculators to
Dragoo Co. for $59 credit because they did not meet
specifications.
12
Sold calculators costing $470
for $720 to Fryer Book Store,...
Assume that on September 1 Office Depot had an inventory that included a variety of calculators....
Assume that on September 1 Office Depot had an inventory that
included a variety of calculators. The company uses a perpetual
inventory system. During September these transactions
occurred.
Sept. 6 Purchased calculators from Green Box Co. at a total cost of
$1,620, terms n/30.
9 Paid freight of $50 on calculators purchased from Green Box
Co.
10 Returned calculators to Green Box Co. for $38 credit because
they did not meet specifications.
12 Sold calculators costing $520 for $780 to...
Assume that on September 1 Office Depot had an inventory that included a variety of calculators....
Assume that on September 1 Office Depot had an inventory that
included a variety of calculators. The company uses a perpetual
inventory system. During September these transactions
occurred.
Sept. 6 Purchased calculators from Green Box Co. at a total cost of
$1,620, terms n/30.
9 Paid freight of $50 on calculators purchased from Green Box
Co.
10 Returned calculators to Green Box Co. for $38 credit because
they did not meet specifications.
12 Sold calculators costing $520 for $780 to...
Assume that on September 1, Office Depot had an inventory that included a variety of calculators....
Assume that on September 1, Office Depot had an
inventory that included a variety of calculators. The company uses
a perpetual inventory system. During September, these transactions
occurred.
Sept. 6
Purchased calculators from Cullumber Co. at a total cost of
$1,750, terms n/30.
9
Paid freight of $50 on calculators purchased from Cullumber
Co.
10
Returned calculators to Cullumber Co. for $55 credit because
they did not meet specifications.
12
Sold calculators costing $600 for $760 to Fryer Book Store,...
Assume that on September 1, Office Depot had an inventory that included a variety of calculators....
Assume that on September 1, Office Depot had an
inventory that included a variety of calculators. The company uses
a perpetual inventory system. During September, these transactions
occurred.
Sept. 6
Purchased calculators from Cullumber Co. at a total cost of
$1,750, terms n/30.
9
Paid freight of $50 on calculators purchased from Cullumber
Co.
10
Returned calculators to Cullumber Co. for $55 credit because
they did not meet specifications.
12
Sold calculators costing $600 for $760 to Fryer Book Store,...
On September 1, Roshek Office Supply had an inventory of 30 calculators at a cost of...
On September 1, Roshek Office Supply had an inventory of 30
calculators at a cost of €22 each. The company uses a perpetual
inventory system. During September, the following transactions
occurred.
Sept. 6 Purchased 90 calculators at €20 each from Harlow Co.,
terms 2/10, n/30.
9 Paid freight
of €180 on calculators purchased from Harlow Co.
10
Returned 3 calculators to
Harlow Co. for €66 credit (including freight) because they did not
meet specifications.
12 Sold 26...
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