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6 December, 01:02

DS Unlimited has the following transactions during August. August 6 Purchases 78 handheld game devices on account from GameGirl, Inc., for exist240 each, terms 1/10, n/60. August 7 Pays exist440 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl eight game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 58 game devices purchased on August 6 for exist260 each to customers on account. The total cost of the 58 game devices sold is exist14, 145.37. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)

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Answers (1)
  1. 6 December, 04:34
    0
    August 6

    DR Inventory $18,720

    CR Accounts Payable $18,720

    (To record purchase of goods for sale)

    = 76 devices * $240

    = $18,720

    August 7

    DR Inventory $440

    CR Cash $440

    (To record shipping costs of Inventory)

    August 10

    DR Accounts Payable $1,920

    CR Inventory $1,920

    (To record Purchase returns)

    August 14

    DR Accounts Payable $16,800

    CR Inventory $168

    CR Cash $16,632

    (To record payment of purchases)

    Working

    Accounts Payable = Purchases - Returns

    = 18,720 - 1,920

    = $16,800

    Inventory

    Goods were purchased terms 1/10 meaning a 1% discount is goods paid for in 10 days.

    = 1% * 16,800

    = $168

    August 23

    DR Accounts Receivable $15,080

    CR Sales Revenue $15,080

    (To record sales of goods on account)

    Sales Revenue = 58 devices * 260

    = $15,080

    August 23

    DR Cost of Goods Sold $14,145.37

    CR Inventory $14,145.37

    (To record cost of Goods sold)
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