The following selected transactions were completed by Capers Company during October of the current year:Oct.1Purchased merchandise from UK Imports Co., $13,701, terms FOB destination, n/30. 3Purchased merchandise from Hoagie Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 4Purchased merchandise from Taco Co., $13,450, terms FOB destination, 2/10, n/30. 6Issued debit memo to Taco Co. for $4,250 of merchandise returned from purchase on October 4. 13Paid Hoagie Co. for invoice of October 3. 14Paid Taco Co. for invoice of October 4 less debit memo of October 6. 19Purchased merchandise from Veggie Co., $28,290, terms FOB shipping point, n/eom. 19Paid freight of $420 on October 19 purchase from Veggie Co. 20Purchased merchandise from Caesar Salad Co., $20,200, terms FOB destination, 1/10, n/30. 30Paid Caesar Salad Co. for invoice of October 20. 31Paid UK Imports Co. for invoice of October 1. 31Paid Veggie Co. for invoice of October 19.CHART OF ACCOUNTSCapers CompanyGeneral Ledger ASSETS110Cash120Accounts Receivable125Notes Receivable130Merchandise Inventory131Estimated Returns Inventory140Office Supplies141Store Supplies142Prepaid Insurance180Land192Store Equipment193Accumulated Depreciation-Store Equipment194Office Equipment195Accumulated Depreciation-Office Equipment LIABILITIES211Accounts Payable-Caesar Salad Co.212Accounts Payable-Hoagie Co.213Accounts Payable-Taco Co.214Accounts Payable-UK Imports Co.215Accounts Payable-Veggie Co.216Salaries Payable218Sales Tax Payable219Customers Refunds Payable221Notes Payable EQUITY310Owner, Capital311Owner, Drawing312Income Summary REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold521Delivery Expense522Advertising Expense524Depreciation Expense-Store Equipment525Depreciation Expense-Office Equipment526Salaries Expense531Rent Expense533Insurance Expense534Store Supplies Expense535Office Supplies Expense536Credit Card Expense539Miscellaneous Expense710Interest Expense Shaded cells have feedbaDATEDESCRIPTIONOct. 1 Merchandise InventoryPOST. REF.DEBIT1CREDITASSETSLIABILITIESEQUITY13,701.002Accounts Payable-UK Imports Co.13,701.00Oct. 3 Merchandise Inventory4Accounts Payable-Hoagie Co.Oct. 4 Merchandise InventoryAccounts Payable-Taco Co.7Oct. 6 Accounts Payable-Taco Co.8Merchandise InventoryOct. 13Accounts Payable-Hoagie Co.10Cash11Oct. 14Accounts Payable-Taco Co.12Cash13Oct. 19 Merchandise Inventory14Accounts Payable-Veggie Co.15Oct. 19 Merchandise Inventory16Cash17Oct. 20 Merchandise Inventory18Accounts Payable-Caesar Salad Co.19Oct. 30Accounts Payable-Caesar Salad Co.CashOct. 31Accounts Payable-UK Imports Co.22Cash23Oct. 31Accounts Payable-Veggie Co.Cash3.2021249,

Journal entries states the posting of the transactions of business into the books and it is the…

Answered: The following selected transactions…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...

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The following selected transactions were completed by Capers Company during October of the current year:

Oct.	1	Purchased merchandise from UK Imports Co., $13,701, terms FOB destination, n/30.
	3	Purchased merchandise from Hoagie Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice.
	4	Purchased merchandise from Taco Co., $13,450, terms FOB destination, 2/10, n/30.
	6	Issued debit memo to Taco Co. for $4,250 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.
	19	Purchased merchandise from Veggie Co., $28,290, terms FOB shipping point, n/eom.
	19	Paid freight of $420 on October 19 purchase from Veggie Co.
	20	Purchased merchandise from Caesar Salad Co., $20,200, terms FOB destination, 1/10, n/30.
	30	Paid Caesar Salad Co. for invoice of October 20.
	31	Paid UK Imports Co. for invoice of October 1.
	31	Paid Veggie Co. for invoice of October 19.

CHART OF ACCOUNTS

Capers Company

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
211	Accounts Payable-Caesar Salad Co.
212	Accounts Payable-Hoagie Co.
213	Accounts Payable-Taco Co.
214	Accounts Payable-UK Imports Co.
215	Accounts Payable-Veggie Co.
216	Salaries Payable
218	Sales Tax Payable
219	Customers Refunds Payable
221	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

Shaded cells have feedba
DATE
DESCRIPTION
Oct. 1 Merchandise Inventory
POST. REF.
DEBIT
1
CREDIT
ASSETS
LIABILITIES
EQUITY
13,701.00
2
Accounts Payable-UK Imports Co.
13,701.00
Oct. 3 Merchandise Inventory
4
Accounts Payable-Hoagie Co.
Oct. 4 Merchandise Inventory
Accounts Payable-Taco Co.
7
Oct. 6 Accounts Payable-Taco Co.
8
Merchandise Inventory
Oct. 13
Accounts Payable-Hoagie Co.
10
Cash
11
Oct. 14
Accounts Payable-Taco Co.
12
Cash
13
Oct. 19 Merchandise Inventory
14
Accounts Payable-Veggie Co.
15
Oct. 19 Merchandise Inventory
16
Cash
17
Oct. 20 Merchandise Inventory
18
Accounts Payable-Caesar Salad Co.
19
Oct. 30
Accounts Payable-Caesar Salad Co.
Cash
Oct. 31
Accounts Payable-UK Imports Co.
22
Cash
23
Oct. 31
Accounts Payable-Veggie Co.
Cash
3.
20
21
24
9,

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