Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 04 Aug 2017 My Price 7.00

Dawkins Company

Dawkins Company engaged in the following transactions during October:

Oct. 1 Sold merchandise to Ernie Devlin on credit, terms n/30, FOB shipping point, $1,050 (cost, $630).

2 Purchased merchandise on credit from Ruland Company, terms n/30, FOB shipping point, $1,900.

2 Paid Custom Freight $145 for freight charges on merchandise received.

9 Purchased merchandise on credit from LNP Company, terms n/30, FOB shipping point, $1,800, including $100 freight costs paid by LNP Company.

11 Accepted from Ernie Devlin a return of merchandise, which was returned to inventory, $150 (cost, $90).

14 Returned for credit $300 of merchandise purchased on October 2.

16 Sold merchandise for cash, $500 (cost, $300).

22 Paid Ruland Company for purchase of October 2 less return on October 14.

Oct. 23 Received full payment from Ernie Devlin for his October 1 purchase, less return on October 11.

Required

1. Record these transactions in journal form, assuming Dawkins Company uses the perpetual inventory system.

2. Record the transactions in journal form, assuming Dawkins Company uses the periodic inventory system

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 03:08 PM My Price 7.00

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