Seesaw Ltd is a growing retail business inHornsby NSW, buying and selling childrensocks. Seesaw buys socks at $12 each andsells them at $18, and extends credit termsof 2/7, n/30 to its customers.During the month of March 2022, thefollowing inventory transactions occurred:March 1Purchased 400 socks onaccount for $12 each fromABC Ltd, terms 1/7,n/30Paid freight costs of $180on the March 1 purchases.2Sold 220 socks on4account to XYZ Ltd for $18each.Returned 25 socks to ABCLtd, and received $300credit.Paid ABC Ltd the amount7owing.Received payment from12XYZ Ltd.Sold 100 socks on15account to Mr. Benson Ltdfor $18 each.Received payment ofaccount from Mr Benson20Ltd.Required:Journalise the above transactions for themonth of March for Seesaw Ltd using aperiodic inventory system. IGNORE GST.

Name: Seesaw Ltd is a growing retail business inHornsby NSW, buying and sel
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Seesaw Ltd is a growing retail business inHornsby NSW, buying and selling childrensocks. Seesaw buys socks at $12 each andsells them at $18, and extends credit termsof 2/7, n/30 to its customers.During the month of March 2022, thefollowing inventory

Answered: Journalise the above transactions for…

Business

Accounting

Journalise the above transactions for the month of March for Seesaw Ltd using a periodic inventory system. IGNORE GST.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jay
___________The account used under periodic system to record returns of purchased goods to the supplier.
Blue Company sells one product. Presented below is information for January for Blue Company. Jan. 1 11 Jan. 4 4 13 20 27 Jan. 4 Date Jan. 11 Jan. 13 Jan. 13 Blue uses the FIFO cost flow assumption. All purchases and sales are on account. Jan. 20 Assume Blue uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Jan. 27 Jan. 27 V V Inventory > Sale V Purchase Sale Purchase Sale Accounts Receivable Account Titles and Explanation Sales Revenue (To record the sale) Cost of Goods Sold Inventory Purchases (To record the cost of inventory) Accounts Payable Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory 164 units at $6 each 132 units at $9 each 169 units at $6 each 106 units at $10 each Purchases 122 units at $4…
Vai
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 Date July 31 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Record entry General Journal Clear entry Debit Credit $ 106,500 10,800 35,000 5,000 View general journal >
Here is the new question. Unfortunately it did not go over completely last time. May I please get some help on this practice question
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
You are tasked to perform cut-off procedures for expenses and its related payable. In testing the completeness/cut-off assertion, what document would you most likely inspect? A. Vendor invoice register 15 days before and 15 days after report date. B. Cash disbursement journal 15 days before and 15 days after report date. C. Accounts payabie subsidiary ledger. D. Purchase journal 15 days before and 15 days after report date.
WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30