Exercise 6-19 Record inventory purchases and sales using a periodic system (LO6-

Question

Exercise 6-19 Record inventory purchases and sales using a periodic system (LO6-8) The following information applies to the questions displayed belowJ DS Unlimited has the following transactions during August. August 6 Purchases 70 handheld game devices on account from GameGirl, Inc., for $200 each, terms 1/10, n/60 August 7 Pays $400 to Sure Shipping for freight charges associated with the August 6 purchase August 10 Returns to GameGirl six game devices that were defective August 14 Pays the full amount due to GameGirl. August 23 Sells 50 game devices purchased on August 6 for $220 each to customers on account. The total cost of the 50 game devices sold is $10,212.50

Explanation / Answer

1. In the books of DS Unlimited:

2.

Date General Journal Debit Credit $ $ Aug 6 Purchases 14,000 Accounts Payable 14,000 Aug 7 Freight-in 400 Cash 400 Aug 10 Accounts Payable 1,200 Purchase Returns and Allowances 1,200 Aug 14 Accounts Payable 12,800 Purchase Discounts 128 Cash 12,672 Aug 23 Accounts Receivable 11,000 Sales 11,000

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.