Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 5.00

Spare Parts

Spare Parts was organized on May 1, 2011, and made its first purchase of merchandise on May 3. The purchase was for 1,000 units at a price of $10 per unit. On May 5, Spare Parts sold 600 of the units for $14 per unit to De Soto Co. Terms of the sale were 2/10, n/60. Prepare entries for Spare Parts to record the May 5 sale and each of the following separate transactions a through c using a perpetual inventory system.

a. On May 7, De Soto returns 200 units because they did not fit the customer’s needs. Spare Parts restores the units to its inventory.

b. On May 8, De Soto discovers that 50 units are damaged but are still of some use and, therefore, keeps the units. Spare Parts sends De Soto a credit memorandum for $300 to compensate for the damage.

c. On May 15, De Soto discovers that 72 units are the wrong color. De Soto keeps 43 of these units because Spare Parts sends a $92 credit memorandum to compensate. De Soto returns the remaining 29 units to Spare Parts. Spare Parts restores the 29 returned units to its inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 10:08 AM My Price 5.00

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