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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Question No.1
Product
Desktop computer
Tablet computer
Landline telephone
4-in-1 desktop printer
Price per Unit
$400
60
60
100
Date Transactions
2018 California Business Solution purchases 10 electronic hardware packages at a cost of S620 cach by paying
April 1
April 7 CBS purchases 30 desktop computers on credit at a cost of S400 cach. The credit terms are n/15 with an
cash
invoice date of April 7.
April CBS makes full payment on the amount due from the April 7 purchase
17
May 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 that
25 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 keep
the 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 the
purchase 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 keep
them, with the manufacturer issuing an allowance of $30 per printer.
July 15 CBS pays their account in fll, less purchase returns and allowances.
Required
Prepare journal entries by using periodic inventory system
588
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