29 Jun Question CASE #XXXXX: Sophia Wise Com
Question
CASE #XXXXX: Sophia Wise Computer Sales is a merchandiser and purchases its products directly from manufacturers. In turn, it sells those products to its various customers. One of its customers is Hillary Zabkar Electronics. The following transactions took place between Sophia Wise (seller) and its customer, Hillary Zabkar Electronics during 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 a manufacturer for cash, $720.
Dec 4 Purchased merchandise from a 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 portion that 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
Assuming a perpetual inventory system, prepare the required journal entries that Sophia Wise Computer Sales must make to record these transactions:
Problem #2
Assuming a periodic inventory system, prepare the required journal entries that Sophia Wise Computer Sales must make to record these transactions:
Problem #3
Assuming a perpetual inventory system, prepare the required journal entries that Hillary Zabkar Electronics must make to record these transactions:
Problem #4
Assuming a periodic inventory system, prepare the required journal entries that Hillary Zabkar Electronics must make to record these transactions:
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