In: Accounting
The following selected transactions were completed by Capers Company during October of the current year:
Oct. | 1 | Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30. |
3 | Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. | |
4 | Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30. | |
6 | Issued debit memo to Taco Co. for $4,550 of merchandise returned from purchase on October 4. | |
13 | Paid Hoagie Co. for invoice of October 3. | |
14 | Paid Taco Co. for invoice of October 4, less debit memo of October 6. | |
19 | Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom. | |
19 | Paid freight of $400 on October 19 purchase from Veggie Co. | |
20 | Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30. | |
30 | Paid Caesar Salad Co. for invoice of October 20. | |
31 | Paid UK Imports Co. for invoice of October 1. | |
31 | Paid Veggie Co. for invoice of October 19. |
Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
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Journal
Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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Journal Entries for the month of October is shown as follows:-
Journal Entries (Amount in $)
Date | Description | Post Ref. | Debit | Credit |
Oct. 1 | Merchandise Inventory | 14,448 | ||
Accounts Payable-UK Imports Co. | 14,448 | |||
Oct. 3 | Merchandise Inventory (9,950+220) | 10,170 | ||
Accounts Payable-Hoagie Co. | 10,170 | |||
Oct. 4 | Merchandise Inventory | 13,650 | ||
Accounts Payable-Taco Co. | 13,650 | |||
Oct. 6 | Accounts Payable-Taco Co. | 4,550 | ||
Merchandise Inventory | 4,550 | |||
Oct. 13 | Accounts Payable-Hoagie Co. | 10,170 | ||
Cash [9,950 - (9,950*2%)+220] | 9,971 | |||
Merchandise Inventory (9,950*2%) | 199 | |||
Oct. 14 | Accounts Payable-Taco Co. (13,650-4,550) | 9,100 | ||
Cash [9,100 - (9,100*2%)] | 8,918 | |||
Merchandise Inventory | 182 | |||
Oct. 19 | Merchandise Inventory | 27,300 | ||
Accounts Payable-Veggie Co. | 27,300 | |||
Oct. 19 | Merchandise Inventory | 400 | ||
Cash | 400 | |||
Oct. 20 | Merchandise Inventory | 22,000 | ||
Accounts Payable-Caesar Salad Co. | 22,000 | |||
Oct. 30 | Accounts Payable-Caesar Salad Co. | 22,000 | ||
Cash [22,000 - (22,000*1%)] | 21,780 | |||
Merchandise Inventory (22,000*1%) | 220 | |||
Oct. 31 | Accounts Payable-UK Imports Co. | 14,448 | ||
Cash | 14,448 | |||
Oct. 31 | Accounts Payable-Veggie Co. | 27,300 | ||
Cash | 27,300 |