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Sophia Wise Computer Sales is the merchandiser and purchases its products directly from the manufacturers.  In turn, it sells such products to its different customers. One of its customers is Hillary Zabkar Electronics. The given transactions took place between Sophia Wise (seller) and its customer, Hillary Zabkar Electronics throughout the month of December:

Dec 1: Sold merchandise to Hillary Zabkar on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500

Dec 3: Purchased merchandise from the manufacturer for cash, $720.

Dec 4: Purchased merchandise from manufacturer on credit for $2,600, terms 1/20, n/30.

Dec 5: Issued a credit memorandum for $300 to its customer Hillary Zabkar Electronics who returned merchandise purchased Nov 29th. The returned items had a cost of $210

Dec 11: Received payment for merchandise sold Dec 1

Dec 15: Received a credit memorandum from a manufacturer for the return of faulty merchandise purchased on Dec 4 for $600.

Dec 18: Paid freight charges of $200 for merchandise ordered last month (FOB shipping point).

Dec 23: Paid for the merchandise purchased Dec 4 less the part which was returned.

Dec 24: Sold merchandise to Hillary Zabkar on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900.

Dec 31: Received payment for merchandise sold on Dec 24

problem 1: Supposing a perpetual inventory system, make the required journal entries which Sophia Wise Computer Sales should make to record such transactions.

problem 2: Supposing a periodic inventory system, make the required journal entries which Sophia Wise Computer Sales should make to record such transactions:

problem 3: Supposing a perpetual inventory system, make the required journal entries which Hillary Zabkar Electronics should make to record such transactions.

problem 4: Supposing a periodic inventory system, make the required journal entries which Hillary Zabkar Electronics should make to record such transactions.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916321

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