ACC 291 Week 2 Apply: Connect Assignment
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities:
June 1 Issued Check 101 to purchase merchandise, $3,100.
3 Purchased merchandise for $1,900 from BioCenter Inc., Invoice 606; terms 1/10, n/30.
5 Purchased merchandise for $4,450, plus a freight charge of $120, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30.
9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102.
10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $250 that was returned; the goods were purchased on Invoice 1011, dated June 5.
11 Purchased merchandise for $1,540 from BioCenter Inc., Invoice 612; terms 2/10, n/30.
14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103.
15 Purchased merchandise with a list price of $7,800 and trade discounts of 25 percent and 20 percent from Park Research, Invoice 1029, terms n/30.
20 Issued Check 104 to purchase merchandise, $1,600.
25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $220.
30 Purchased merchandise for $1,800, plus a freight charge of $71, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30.
Journalize the transactions in a general journal.
What was the amount of trade discounts received on the June 15 purchase from Park Research?
Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:
Sept. 2 Purchased ski boots for $6,000 plus a freight charge of $250 from Colorado Ski Shop, Invoice 6672, terms n/30.
3 Purchased skis for $11,600 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30.
7 Received Credit Memorandum 165 for $940 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672.
11 Purchased ski jackets for $4,400 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.
12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount.
22 Purchased ski poles for $4,160 plus a freight charge of $140 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30.
23 Purchased ski pants for $2,650 from Swenson Ski Goods, Invoice 528, terms n/30.
25 Received Credit Memorandum 245 for $340 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528.
27 Purchased ski sweaters for $3,000 plus a freight charge of $120 from Colorado Ski Shop, Invoice 6722, terms n/30.
30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.
Record the transactions in a general journal.
What was the amount of the cash discount on September 12?
- This solution has not purchased yet.
- Submitted On 04 Jul, 2018 08:06:43