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Category > Accounting Posted 16 Aug 2017 My Price 11.00

Fulco Company

Merchandising transactions: perpetual Inventory  system

p3. Fulco Company engaged in the following transactions in March 2014:

Mar.      7     Sold merchandise on credit to James William, terms n/30, FOB  shipping point,  $3,000  (cost,  $1,800).

8        Purchased merchandise on credit from Leverage Company, terms n/30, FOB shipping point, $6,000.

9        Paid Leverage Company for shipping charges on merchandise purchased on March 8, $254.

10         Purchased merchandise on credit from Rourke Company, terms n/30, FOB shipping point, $9,600, including $600 freight costs paid by Rourke.

14      Sold merchandise on credit to Deepak Soni, terms n/30, FOB shipping point,  $2,400  (cost,  $1,440).

14      Returned damaged merchandise received from Leverage Company on March 8 for credit, $600.

17      Received check from James William for his purchase of March 7.

19         Sold merchandise for cash, $1,800 (cost, $1,080).

20         Paid Rourke Company for purchase of March 10.

21         Paid Leverage Company the balance from the transactions of March 8 and March 14.

24      Accepted from Deepak Soni a return of merchandise, which was put back in inventory,  $200  (cost, $120).

 

 

 

 

 

 

 

 

 

 

reQUIreD

1.    Prepare journal entries to record the transactions, assuming use of the perpetual inventory system. (Hint: Refer to the TriLevel Problem feature.)

2.    ACCounting ConneCtion ▶ Receiving cash rebates from suppliers based on the past year’s purchases is a common practice in some industries. If, at the end of the year, Fulco receives rebates in cash from a supplier, should these cash rebates be reported as revenue? Why or why not?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 11.00

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