Vargo company engaged in the following transactions, Ask an Expert

Accounting

Vargo Company engaged in the following transactions in
August 2011:

Aug. 7 Sold merchandise on credit to Ken Smith, terms n/30, FOB shipping point, $3,000 (cost, $1,800).

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

9 Paid Smart Company for shipping charges on merchandise purchased on August 8, $254.

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

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

14 Returned damaged merchandise received from Novak Company on August 8 for credit, $600.

17 Received check from Ken Smith for his purchase of August 7.

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

20 Paid Mara's Company for purchase of August 10.

21 Paid Novak Company the balance from the transactions of August 8 and August 14.
24 Accepted from Rose Milito a return of merchandise, which was put back in inventory, $200 (cost, $120).

Required: Prepare entries in journal form to record the transactions, assuming use of the perpetual inventory system.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981868

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