Academic Integrity: tutoring, explanations, and feedback — we don’t complete graded work or submit on a student’s behalf.

Nick Foles is the purchasing manager at Pederson\'s Bargain Store, a retail shop

ID: 2551189 • Letter: N

Question

Nick Foles is the purchasing manager at Pederson's Bargain Store, a retail shop in Philadelphia, PA During the month of June, the store purchased goods from two suppliers in order to add merchandise to its store shelves. The sequence of June events was as follows: June 3 Purchased goods for $8,100 from DarrenSproles Inc. with terms 2/10, n/30 5 Returned goods costing $3,100 to DarrenSproles Inc. for full credit 6 Purchased goods from CoreyClement Corp. for $3,000 with terms 2/10, n/30 11 Paid the balance owed to DarrenSproles Inc. 22 Paid CoreyClement Corp. in full. Required 1. Prepare journal entries to record the June transactions, assuming Pederson's uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 Record the inventory purchased of $8,100 on account from DarrenSproles Ind. with terms 2/10, n/30. Note: Enter debits before credits. Date General Journal DebitCredit June 03

Explanation / Answer

1)

Date

Account

Debit

Credit

03-Jun

Inventory

$8,100

Accounts payable (DarrenSproles)

$8,100

05-Jun

Accounts payable (DarrenSproles)

$3,100

Inventory

$3,100

06-Jun

Inventory

$3,000

Accounts payable (CoreyClement)

$3,000

11-Jun

Accounts payable (DarrenSproles)

$5,000

Discounts

$100

Cash

$4,900

22-Jun

Accounts payable (CoreyClement)

$3,000

Cash

$3,000

2) Cost of inventory = $8,100 - $3,100 - $100 + $3,000 = $7,900

Date

Account

Debit

Credit

03-Jun

Inventory

$8,100

Accounts payable (DarrenSproles)

$8,100

05-Jun

Accounts payable (DarrenSproles)

$3,100

Inventory

$3,100

06-Jun

Inventory

$3,000

Accounts payable (CoreyClement)

$3,000

11-Jun

Accounts payable (DarrenSproles)

$5,000

Discounts

$100

Cash

$4,900

22-Jun

Accounts payable (CoreyClement)

$3,000

Cash

$3,000

Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
Chat Now And Get Quote