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    ACC 1 Quiz No. 14 Answer Key

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    nicole bancoro
    The document shows accounting journal entries made throughout September 2018 using the perpetual inventory method. It records purchases and payments on account for merchandise and supplies. It also records cash sales, sales on account, cost of goods sold, collection of accounts receivable including discounts, returns, and allowances. The entries maintain inventory accounts and cost of goods sold and determine periodic income.

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    ACC 1 Quiz No. 14 Answer Key

    Uploaded by

    nicole bancoro
    501 views9 pages
    The document shows accounting journal entries made throughout September 2018 using the perpetual inventory method. It records purchases and payments on account for merchandise and supplies. It also records cash sales, sales on account, cost of goods sold, collection of accounts receivable including discounts, returns, and allowances. The entries maintain inventory accounts and cost of goods sold and determine periodic income.

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    The document shows accounting journal entries made throughout September 2018 using the perpetual inventory method. It records purchases and payments on account for merchandise and supplies. It also records cash sales, sales on account, cost of goods sold, collection of accounts receivable including discounts, returns, and allowances. The entries maintain inventory accounts and cost of goods sold and determine periodic income.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    501 views9 pages

    ACC 1 Quiz No. 14 Answer Key

    Uploaded by

    nicole bancoro
    The document shows accounting journal entries made throughout September 2018 using the perpetual inventory method. It records purchases and payments on account for merchandise and supplies. It also records cash sales, sales on account, cost of goods sold, collection of accounts receivable including discounts, returns, and allowances. The entries maintain inventory accounts and cost of goods sold and determine periodic income.

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    © All Rights Reserved
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    REQUIREMENT 1: PERPETUAL INVENTORY METHOD

    Date Account Title and Explanation PR Debit


    09/01/18 Merchandise Inventory 165,000
    Accounts Payable
    Cash
    To record purchase of merchandise on account; Terms:
    20; 3/15; n/30, and payment of freight.

    09/03/18 Office Equipment 100,000


    Accounts Payable
    To record acquisition of computer equipment on account.

    09/06/18 Accounts Receivable 425,000


    Freight-Out 25,000
    Sales
    To record sales on account; Terms: 10; 5/15; n/30, FOB
    destination; freight collect.

    Cost of Goods Sold 270,000


    Inventory
    To record of cost of goods sold on sales made.

    09/07/18 Merchandise Inventory 150,000


    Cash
    To record purchase of merchandise for cash, FOB destination,
    freight prepaid.

    09/08/18 Cash 300,000


    Sales
    To record sales for cash, FOB shipping point, freight collect.

    Cost of Goods Sold 180,000


    Inventory
    To record of cost of goods sold on sales made.

    09/10/18 Merchandise Inventory 26,000


    Accounts Payable
    To record purchase of merchandise on account; Terms:
    2/15, n/30, FOB destination, freight prepaid.
    09/12/18 Accounts Payable 4,000
    Merchandise Inventory
    To record merchandise returned on September 10 purchase.

    09/15/18 Merchandise Inventory 216,000


    Accounts Payable
    Cash
    To record purchase of merchandise on account; Terms:
    20, 10; 5/10, n/30, FOB destination, freight collect.

    09/19/18 Accounts Receivable 23,600


    Freight-Out 1,000
    Sales
    To record sales on account; Terms: 2/10, 10/30; FOB destination,
    freight collect.

    09/21/18 Cash 402,500


    Sales Discount 22,500
    Accounts Receivable
    To record collection of September 6 sales, net of discount.

    09/22/18 Sales Returns 335


    Accounts Receivable
    To record credit memorandum issued on return from
    September 19 sales.

    Merchandise Inventory 201


    Cost of Goods Sold
    To record merchandise returned from September 19 sales.

    09/23/18 Supplies (if asset method) or Supplies Expense (if expense method) 2,950
    Accounts Payable
    To record purchase of supplies on account.

    09/24/18 Accounts Payable 700


    Supplies (if asset method) or Supplies Expense (if expense method)
    To record return of supplies from September 23 purchases.

    09/25/18 Accounts Payable 22,000


    Merchandise Inventory
    Cash
    To record payment of September 10 purchases, net of
    returns and discount.

    09/26/18 Accounts Payable 206,000


    Cash
    To record payment of September 15 purchases.

    09/29/18 Cash 22,780


    Sales Discount 485
    Accounts Receivable
    To record collection of September 19 sales, net of returns
    and discount.

    09/30/18 Merchandise Inventory 101,000


    Accounts Payable
    To record purchase of merchandise on account: Terms:
    2/10, n/30; FOB shipping point, freight prepaid.
    REQUIREMENT 2: PERIODIC INVENTORY METHOD

    Credit Date Account Title and Explanation


    09/01/18 Purchases
    160,000 Freight-In
    5,000 Accounts Payable
    Cash
    To record purchase of merchandise on account; Terms:
    20; 3/15; n/30, and payment of freight.

    09/03/18 Office Equipment


    100,000 Accounts Payable
    To record acquisition of computer equipment on account.

    09/06/18 Accounts Receivable


    Freight-Out
    450,000 Sales
    To record sales on account; Terms: 10; 5/15; n/30, FOB
    destination; freight collect.

    270,000

    09/07/18 Purchases
    150,000 Cash
    To record purchase of merchandise for cash, FOB destination,
    freight prepaid.

    09/08/18 Cash
    300,000 Sales
    To record sales for cash, FOB shipping point, freight collect.

    180,000

    09/10/18 Purchases
    26,000 Accounts Payable
    To record purchase of merchandise on account; Terms:
    2/15, n/30, FOB destination, freight prepaid.
    09/12/18 Accounts Payable
    4,000 Purchase Returns
    To record merchandise returned on September 10 purchase

    09/15/18 Purchases
    206,000 Accounts Payable
    10,000 Cash
    To record purchase of merchandise on account; Terms:
    20, 10; 5/10, n/30, FOB destination, freight collect.

    09/19/18 Accounts Receivable


    Freight-Out
    24,600 Sales
    To record sales on account; Terms: 2/10, 10/30; FOB destination,
    freight collect.

    09/21/18 Cash
    Sales Discount
    425,000 Accounts Receivable
    To record collection of September 6 sales, net of discount.

    09/22/18 Sales Returns


    335 Accounts Receivable
    To record credit memorandum issued on return from
    September 19 sales.

    201

    09/23/18 Supplies (if asset method) or Supplies Expense (if expense method)
    2,950 Accounts Payable
    To record purchase of supplies on account.

    09/24/18 Accounts Payable


    700 Supplies (if asset method) or Supplies Expense (if expense method)
    To record return of supplies from September 23 purchases.

    09/25/18 Accounts Payable


    440 Purchase Discount
    21,560 Cash
    To record payment of September 10 purchases, net of
    returns and discount.

    09/26/18 Accounts Payable


    206,000 Cash
    To record payment of September 15 purchases.

    09/29/18 Cash
    Sales Discount
    23,265 Accounts Receivable
    To record collection of September 19 sales, net of returns
    and discount.

    09/30/18 Purchases
    101,000 Freight-In
    Accounts Payable
    To record purchase of merchandise on account: Terms:
    2/10, n/30; FOB shipping point, freight prepaid.
    PR Debit Credit
    160,000
    5,000
    160,000
    5,000

    100,000
    100,000

    425,000
    25,000
    450,000

    150,000
    150,000

    300,000
    300,000

    26,000
    26,000
    4,000
    4,000

    216,000
    206,000
    10,000

    23,600
    1,000
    24,600

    402,500
    22,500
    425,000

    335
    335

    2,950
    2,950

    700
    700

    22,000
    440
    21,560

    206,000
    206,000

    22,780
    485
    23,265

    100,000
    1,000
    101,000

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