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Bookmarks People Window Help 38% Fri 44 CengageNOWv2 | Online teaching and learning resource from Cengage Learning akeAssignmentMain.doinvoker &takeAssignmentSessionLocator-assignment-take;&inprogress; false Caloulator Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during October of the current year Oct. 1. Purchased merchandise from UK Imports Co., $14,122, terms FOB destination, n/30. Purchased merchandise from Hoagie Co., $9,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $210 was 3. added to the invoice. 4. Purchased merchandise from Taco Co., $13,150, terms FOB destination, 2/10, /30. 6. Issued debit memo to Taco Co. for $4,850 of merchandise returned from purchase on October 4. 13. Paid Hoagie Co. for invoice of October 3 14. Paid Taco Co. for invoice of October 4, less debit memo of October 6 and discount 19. Purchased merchandise from Veggle Co., $26,100, terms FOB shipping point, n/ecm 19. Paid freight of $400 on October 19 purchase from Veggie Co. 20. Purchased merchandise from Caesar Salad Co, $20,000, terms FOB destination, 1/10, /3o. 30. Paid Caesar Salad Co. for invoice of October 20. 31. Paid UK Imports Co. for invoice of October i. 31. Paid Veggie Co. for invoice of October 19. Required: Sournelize the entries to record the transactions of Capers Company for October For a compound transaction, if an amount box does not require an entry, leave it blank ot. 1 2 more Check My Wark uses remaining

Explanation / Answer

Journal Entry Date Account Debit Credit 01-Oct Purchase Merchandise $14,122.00 UK Import Co. $14,122.00 ( Being Marchandised Purchased) 03-Oct Purchase Merchandise $9,290.00 Frieght Inward $210.00 Hago & CO. $9,500.00 ( Being Marchandised Purchased) 04-Oct Purchase Merchandise $13,150.00 Taco & Co. $13,150.00 ( Being Marchandised Purchased) 06-Oct Taoco & CO. $4,850.00 Purchase merchandise- Return $4,850.00 ( Being Marchandised Purchased Return) 13-Oct Hoga & CO. $9,500.00 Discount On Purchase $186.00 Cash $9,314.00 ( Being Payment made and after adjusting discount , $ 9290 *2% 14-Oct Taoco & CO. $8,300.00 Discount On Purchase $166.00 Cash $8,134.00 ( Being Payment made and after adjusting discount , ($ 13150-$4850) *2% 19-Oct Purchase Merchandise $26,100.00 Frieght Inward $400.00 Veggie & Co. $26,500.00 ( Being Marchandised Purchased) 20-Oct Taoco & CO. $400.00 Cash $400.00 ( Being Paid for freight) 20-Oct Purchase Merchandise $20,000.00 Ceasar Salad & CO. $20,000.00 ( Being Marchandised Purchased) 30-Oct Ceasar Salad & CO. $20,000.00 Discount On Purchase $200.00 Cash $19,800.00 ( Being Payment made and after adjusting discount , ($ 20000 *1%) 31-Oct UK Import & Co. $14,122.00 Cash $14,122.00 ( Being Paid for Merchandised Purchase) 31-Oct Veggie & Co. $26,100.00 Cash $26,100.00 ( Being Paid for Merchandised Purchase)

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