purchase-related transactions using periodic inventory system; Instructions Jour

Question

purchase-related transactions using periodic inventory system;

Instructions Journalize the entries to record the transactions of Capers Company for October using the periodic inventory system.

Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.

Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.

Purchased merchandise fromTacoCo.,$13,650,termsFOBdestination,2/10,n/30. Issued debit memo to Taco Co. for $4,550 of merchandise returned from purchase on October 4.

Paid Hoagie Co. for invoice of October 3.

Paid Taco Co. for invoice of October 4, less debit memo of October 6. PurchasedmerchandisefromVeggieCo.,$27,300,termsFOBshippingpoint,n/eom. Paid freight of $400 on October 19

purchase from Veggie Co. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30.

Paid Caesar Salad Co. for invoice of October 20.

Paid UK Imports Co. for invoice of October 1.

Paid Veggie Co. for invoice of October 19.

Explanation / Answer

1) purchases a/c.    Dr. $14448

to UK imports co a/c. $14448

2) purchases a/c. Dr. 9950

   To hoagie co a/c. 9950

3) p&l a/c. Dr. 220

to prepaid expenses. 220

purchases a/c. Dr. 13650

   Taco company. 13650

Purchase return a/c. Dr. 4550

Ta co co. 4550

Ta co co a/c. Dr 9100

   To cash. 9100

Purchases a/c. Dr 27300

To. veggie co a/c. 27300

Freight a/c a/c. dr. 400

   Cash a/c. 400

Purchases a/c Dr. 22000

Caesar salad co a/c. 22000

Caesar salad co a/c dr.   

Invoice a/c

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