1. Business
  2. Accounting
  3. purchaserelated transactions using perpetual inventory system the following selected transactions...

Question: purchaserelated transactions using perpetual inventory system the following selected transactions...

Question details

Purchase-Related Transactions Using Perpetual Inventory System

The following selected transactions were completed by Capers Company during October of the current year:

Oct. 1. Purchased merchandise from UK Imports Co., $14,558, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.FOB destination, n/30.
3. Purchased merchandise from Hoagie Co., $10,550, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/eom. Prepaid freight of $215 was added to the The bill that the seller sends to the buyer.invoice.
4. Purchased merchandise from Taco Co., $13,850, terms FOB destination, 2/10, n/30.
6. Issued A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller.debit memo to Taco Co. for $4,650 of merchandise returned from purchase on October 4.
13. Paid Hoagie Co. for invoice of October 3.
14. Paid Taco Co. for invoice of October 4, less debit memo of October 6 and discount.
19. Purchased merchandise from Veggie Co., $27,690, terms FOB shipping point, n/eom.
19. Paid freight of $375 on October 19 purchase from Veggie Co.
20. Purchased merchandise from Caesar Salad Co., $24,000, terms FOB destination, 1/10, n/30.
30. Paid Caesar Salad Co. for invoice of October 20.
31. Paid UK Imports Co. for invoice of October 1.
31. Paid Veggie Co. for invoice of October 19.

Required:

Journalize the entries to record the transactions of Capers Company for October.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Oct. 1 Inventory
  • Accounts Payable-UK Imports Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Accounts Payable-UK Imports Co.
  • Accounts Payable-UK Imports Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Oct. 3 Inventory
  • Accounts Payable-Hoagie Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Accounts Payable-Hoagie Co.
  • Accounts Payable-Hoagie Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Oct. 4 Inventory
  • Accounts Payable-Taco Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Accounts Payable-Taco Co.
  • Accounts Payable-Taco Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Oct. 6 Accounts Payable-Taco Co.
  • Accounts Payable-Taco Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Inventory
  • Accounts Payable-Taco Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Returns and Allowances
Oct. 13 Accounts Payable-Hoagie Co.
  • Accounts Payable-Hoagie Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Cash
  • Accounts Payable-Hoagie Co.
  • Cost of Goods Sold
  • Cash
  • Delivery Expense
  • Inventory
Oct. 14 Accounts Payable-Taco Co.
  • Accounts Payable-Taco Co.
  • Cash
  • Cost of Goods Sold
  • Sales Discounts
  • Sales Returns and Allowances
Cash
  • Accounts Payable-Taco Co.
  • Cash
  • Cost of Goods Sold
  • Delivery Expense
  • Sales
Oct. 19 Inventory
  • Accounts Payable-Lakey Co.
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
  • Sales Returns and Allowances
Accounts Payable-Veggie Co.
  • Accounts Payable-Veggie Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Oct. 19 Inventory
  • Accounts Payable-Lakey Co.
  • Cost of Goods Sold
  • Cash
  • Delivery Expense
  • Inventory
Cash
  • Accounts Payable-Lakey Co.
  • Cost of Goods Sold
  • Cash
  • Delivery Expense
  • Inventory
Oct. 20 Inventory
  • Accounts Payable-Caesar Salad Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Accounts Payable-Caesar Salad Co.
  • Accounts Payable-Caesar Salad Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Oct. 30 Accounts Payable-Caesar Salad Co.
  • Accounts Payable-Caesar Salad Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Cash
  • Accounts Payable-Caesar Salad Co.
  • Cash
  • Cost of Goods Sold
  • Delivery Expense
  • Sales
Oct. 31 Accounts Payable-UK Imports Co.
  • Accounts Payable-UK Imports Co.
  • Cash
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
Cash
  • Accounts Payable-UK Imports Co.
  • Cash
  • Cost of Goods Sold
  • Sales Discounts
  • Sales Returns and Allowances
Oct. 31 Accounts Payable-Veggie Co.
  • Accounts Payable-Veggie Co.
  • Cost of Goods Sold
  • Inventory
  • Sales Discounts
  • Sales Returns and Allowances
Cash
  • Accounts Payable-Veggie Co.
  • Accounts Receivable-Veggie Co.
  • Cash
  • Inventory
  • Sales
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution