Question No.1ProductDesktop computerTablet computerLandline telephone4-in-1 desktop printerPrice per Unit$4006060100Date Transactions2018 California Business Solution purchases 10 electronic hardware packages at a cost of S620 cach by payingApril 1April 7 CBS purchases 30 desktop computers on credit at a cost of S400 cach. The credit terms are n/15 with ancashinvoice date of April 7.April CBS makes full payment on the amount due from the April 7 purchase17May 1 CBS purchases 67 tablet computers at a cost of S60 cach on credit. The payment terms are S/10, n/30,and the invoice is dated May 1.May 10 CBS pays their account in fll.June 1 CBS purchased 300 landline telephones with cash at a cost of $60 cach. On June 3, CBS discovers that25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund.June 8 CBS discovers that 60 more phones from the June I purchase are slightly damaged, CBS decides to keepthe phones but reccives a purchase allowance from the manufacturer of $8 per phone.July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 cach on credit. Terms of thepurchase are 5/15, n/40, with an invoice date of July 1.July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund.July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keepthem, with the manufacturer issuing an allowance of $30 per printer.July 15 CBS pays their account in fll, less purchase returns and allowances.RequiredPrepare journal entries by using periodic inventory system588

In Periodic Inventory system, stock count is taken periodically and entries are transferred to…

Answered: er $400 60 60 ne inter 100 Isactions…

Business

Accounting

er $400 60 60 ne inter 100 Isactions onia Business Solution purchases 10 electronie

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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