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Home / Questions / Acct220 6390-Sp13 Homework 4 Problem 5 2A Pace Distributing Company completed the followi...

Acct220 6390-Sp13 Homework 4 Problem 5 2A Pace Distributing Company completed the following merchandising transactions in the month of April Problem

Acct220.6390-Sp13 / Homework 4*Problem 5-2A Pace Distributing Company completed the following merchandising transactions in the month of April.Problem 5-2A
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Print by: CHRISTIAN DONOVAN Acct220.6390-Sp13 / Homework 4
*Problem 5-2A Pace Distributing Company completed the
following merchandising transactions in the month of April. At the beginning of
April, the ledger of Pace showed Cash of $8,380 and Owner’s Capital of $8,380.
Apr. 2
Purchased merchandise on account from Monaghan Supply Co.
$6,200, terms 2/10, n/30. 4 Sold merchandise on account $7,100, FOB
destination, terms 1/10, n/30. The cost of the merchandise sold was $3,780. 5
Paid $250 freight on April 4 sale. 6 Received credit from Monaghan Supply Co.
for merchandise returned $500. 11 Paid Monaghan Supply Co. in full, less
discount. 13 Received collections in full, less discounts, from customers
billed on April 4. 14 Purchased merchandise for cash $4,470. 16 Received refund
from supplier for returned goods on cash purchase of April 14, $520. 18
Purchased merchandise from Dominic Distributors $5,400, FOB shipping point,
terms 4/10, n/30. 20 Paid freight on April 18 purchase $170. 23 Sold
merchandise for cash $6,990. The merchandise sold had a cost of $5,670. 26
Purchased merchandise for cash $2,240. 27 Paid Dominic Distributors in full,
less discount. 29 Made refunds to cash customers for defective merchandise $84.
The returned merchandise had a fair value of $30. 30 Sold merchandise on
account $4,780, terms n/30. The cost of the merchandise sold was $2,990.
Pace Distributing Company’s chart of accounts includes the
following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No.
201 Accounts Payable, No. 301 Owner’s Capital, No. 401 Sales Revenue, No. 412
Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods
Sold, and No. 644 Freight-out.
*(a) Journalize the transactions using a perpetual inventory
system. (Record entries in the order displayed in the problem statement. Credit
account titles are automatically indented when amount is entered. Do not indent
manually.)
Date Account Titles and Explanation Debit Credit
(To record credit sale.)
(To record cost of merchandise sold.)
Problem 5-2A
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Apr. 13
(To record cash sale.)
(To record cost of merchandise sold.)
(To record merchandise returned.)
(To record cost of merchandise returned.)
(To record credit sale.)
(To record cost of merchandise sold.)
Problem 5-2A
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3:11:47 PM]
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*(b) The parts of this question must be completed in order.
This part will be available when you complete the part above.
*(c) The parts of this question must be completed in order.
This part will be available when you complete the part above.
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