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ACC 291T Week 2 Apply: Connect® Exercise (2019 Latest)

ACC 291T Week 2 Apply: Connect® Exercise (2019 Latest)
 

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,

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