- Description
ACC 291T Week 2 Apply: Connect® Exercise (2019 New)
Review the Knowledge Check in preparation for this assignment.
Complete the Week 2 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
1.
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE | TRANSACTIONS | |||
2019 | ||||
Feb. | 10 | Purchased merchandise for $5,900 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30. | ||
13 | Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $290 that was returned; the goods were purchased on Invoice 1980, dated February 10. | |||
19 | Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. | |||
Schmidt, Inc.
DATE | TRANSACTIONS | ||
2019 | |||
Feb. | 10 | Sold merchandise for $5,900 on account to Bushard Company, Invoice 1980, terms 2/10, n/30. The cost of merchandise sold was $3,450. | |
13 | Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $290 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $210. | ||
19 | Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. |
Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round final answers to the nearest whole dollar value.)
2.
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.
DATE | TRANSACTIONS | ||
2019 | |||
April | 1 | Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,150, terms 1/10, n/30; freight of $35 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,185). | |
9 | Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. | ||
15 | Purchased merchandise on credit from Kroll Company, Invoice 145, $1,400, terms 1/10, n/30; freight of $90 prepaid by Kroll and added to the invoice. | ||
17 | Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $65. | ||
24 | Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. |
3.
Record the following transactions of Fronke’s Fashions in a general journal:
DATE | TRANSACTIONS | ||
2019 | |||
April | 1 | Purchased merchandise for cash, $1,270. | |
2 | Returned merchandise for cash purchased on April 1; received a cash refund of $114. | ||
4 | Purchased merchandise on credit from Breit Distributors, Invoice 125, $667, terms n/30; freight of $42. prepaid by Breit Distributors and added to the invoice. | ||
7 | Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $49. | ||
30 | Paid the amount due to Breit Distributors for the purchase of April 4, less |
4
During the year, a firm purchased $257,100 of merchandise and paid freight charges of $41,810. If the total purchases returns and allowances were $16,240 and purchase discounts were $8,700 for the year, what is the net delivered cost of purchases?
5
Record the following transactions of J. Min Designs in a general journal:
DATE | TRANSACTIONS | ||
2019 | |||
April | 1 | Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,000, terms 3/10, n/30; freight of $90 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,090). | |
9 | Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 3 percent discount, Check 457. | ||
15 | Purchased merchandise on credit from Kroll Company, Invoice 145, $1,750, terms 3/10, n/30; freight of $125 prepaid by Kroll and added to the invoice. | ||
17 | Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50. | ||
24 | Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 3 percent discount, Check 470. |
6.
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,620 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,240. Payment was received in full from Fronke’s Franks, less discount, on April 10.
Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. (Round final answers to the nearest whole dollar value.)
7.
Tsang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system.
DATE | TRANSACTIONS | ||
2019 | |||
June | 5 | Sold merchandise on account to Benson Company; issued Sales Slip 1200 for $1,005, terms n/30. The cost of the merchandise sold was $701. | |
15 | Recorded cash sales, $2,000. The cost of merchandise sold was $1,418. | ||
30 | Received payment on account due from Benson Company for the sale on June 5. |
8.
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE | TRANSACTIONS | ||
2019 | |||
Feb. | 10 | Purchased merchandise for $1,600 from Schmidt, Inc., Invoice 1980, terms 3/10, n/30. | |
13 | Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1980, dated February 10. | ||
19 | Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. |
Schmidt, Inc.
DATE | TRANSACTIONS | ||
2019 | |||
Feb. | 10 | Sold merchandise for $1,600 on account to Bushard Company, Invoice 1980, terms 3/10, n/30. | |
13 | Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1980, dated February 10. | ||
19 | Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. |
Journalize the transactions above in a general journal for both Bushard Company and Schmidt,