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astraxan [27]
3 years ago
14

DS Unlimited has the following transactions during August.

Business
1 answer:
m_a_m_a [10]3 years ago
7 0

Answer:

See the journal entries below.

Explanation:

The journal entry will look as follows:

<u>Date      Account and explanation                 Debit ($)         Credit ($)   </u>

Aug 6     Inventory (50 * $100)                           5,000  

               Account payable                                                           5,000

<u><em>               (To record inventory purchased on account.)                            </em></u>

Aug 7      Inventory                                                 300

               Cash                                                                                  300

<em><u>                (To record payment of freight charges associated with the August 6 purchase.)</u></em>

Aug 10    Account payable (5 * $100)                   500

               Inventory                                                                           500

<u><em>                (To record the returns of defective five game devices to GameGirl.)</em></u>

Aug 14     Account payable (w.1)                        4,500

               Cash (balancing figure)                                                 4,455

                Inventory (w.2)                                                                   45

<u><em>                 (To record the payment of the full amount due to GameGirl.)   </em></u>

Aug 23    Account receivable (30 * $120)         3,600  

               Sales revenue                                                              3,600

                Cost of goods sold                             3,170

                Inventory                                                                       3170

<u><em>                 (To record the Sales and cost of 30 game devices purchased on August 6.) </em></u>

<u>Workings:</u>

w.1. Account payable = Purchases on account on August 6 - Defective inventory returned on August 10 = $5,000 - $500 = $4,500

w.2. Inventory = Discount received on account payable for paying within 10 days = w.1 * 1% = $4,500 * 1% =$45

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