Question

In: Accounting

The following selected transactions were completed by Capers Company during October of the current year: Oct....

The following selected transactions were completed by Capers Company during October of the current year:

Oct. 1 Purchased merchandise from UK Imports Co., $13,322, terms FOB destination, n/30.
3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice.
4 Purchased merchandise from Taco Co., $13,700, terms FOB destination, 2/10, n/30.
6 Issued debit memo to Taco Co. for $4,850 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., $29,840, terms FOB shipping point, n/eom.
19 Paid freight of $410 on October 19 purchase from Veggie Co.
20 Purchased merchandise from Caesar Salad Co., $22,200, 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.

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

Solutions

Expert Solution

SOLUTION

Date Accounts titles and Explanation Debit ($) Credit ($)
Oct.1 Merchandise inventory 13,322
Accounts payable - UK Imports Co. 13,322
Oct.3 Merchandise inventory 10,677
Accounts payable -Hoagie Co. [10,650-(10,650*2%) +240] 10,677
Oct.4 Merchandise inventory 13,426
Accounts payable -Taco Co. [13,700-(13,700*2%)] 13,426
Oct.6 Accounts payable -Taco Co. 4,753
Merchandise inventory [4,850-(4,850*2%)] 4,753
Oct.13 Accounts payable -Hoagie Co. 10,677
Cash 10,677
Oct.14 Accounts payable -Taco Co. 8,673
Cash (13,426-4,753) 8,673
Oct.19 Merchandise inventory 29,840
Accounts payable - Veggie Co. 29,840
Oct.19 Merchandise inventory 410
Cash 410
Oct.20 Merchandise inventory 21,978
Accounts payable - Caesar Salad Co. [22,200-(22,200*1%)] 21,978
Oct.30 Accounts payable - Caesar Salad Co. 21,978
Cash 21,978
Oct.31 Accounts payable - UK Imports Co. 13,322
Cash 13,322
Oct.31 Accounts payable - Veggie Co. 29,840
Cash 29,840

Related Solutions

The following selected transactions were completed by Capers Company during October of the current year: Oct...
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. Oct...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $15,458, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $200 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,550, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,350 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
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...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,201, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,050, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,450, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,100 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
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...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
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...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT