NorthWave Products has provided you with the following transactions for the month of September 2019. Sep 8 Purchased $230,700 of inventory on account, terms 2/10, net 30 Sep 10 A portion of the inventory from the above purchase was defective. NorthWave returned $800 worth of inventory to the supplier. Sep 12 Sold $96,400, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $38,560 for this transaction. Sep 14 Customer from Sep 12 purchase paid their amount owing and claimed their discount. Sep 21 A customer returned $940 of goods purchased on account. The cost of goods sold for the returned inventory is $564. Sep 22 Purchased goods from EastCoast Products on account for $16,700 with terms of 3/10, net 30. Sep 23 Made a cash sale of $8,100 The cost of goods sold for this transaction was $4,860. Sep 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from Sep 22 purchase Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of inventory, terms 2/10, n/30. On March 3, Bramble returned goods that cost $ 5400. On March 9, Bramble paid the supplier. On March 9, Bramble should credit a) purchase discounts for $ 1080. b) purchase discounts for $ 972. c) inventory for $ 972. d) inventory for $ 1080.

The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct   1 Balance: 94 units costing $5 each.     3 Purchased 109 units from Arnold Brothers costing $7.50 each     4 Returned 29 of the units purchased on October 3.     9 Sold 84 units to Kitchen Club, invoice #210.     15 Purchased 209 units from Arnold Brothers costing $8.20 each.     18 Sold 168 units to Thorhild Co-op, invoice #211.     19 Paid for the October 3 purchase; cheque #101.     23 Paid for the October 15 purchase, cheque #102.     24 Sold 59 units to Boyle Grocery, invoice #212.     31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…

On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were net 30, FOB shipping point. The merchandise was shipped on December 31, 2019, and arrived at Ysa Inc. on January 5, 2020. Due to a clerical error, the sale was not recorded until January 2020 and the merchandise sold at a 25% markup on cost was included in inventory on December 31, 2019. What was the net effect of the errors on retained earnings? A no effect B understated by 1,350,000 C) understated by 150,000 overstated by 150,000