Description of this paper

Loading

Can I please get help with this worksheet? Thank you in advance-(Answered)

Description

Step-by-step Instant Solution


Question

Can I please get help with this worksheet? Thank you in advance


Worksheet for E5-13

 

E5-13 on page 254

 

This information relates to Woodward Co.

 

1. On April 5, purchased merchandise from Cozart Company for $27,000, terms 2/10, n/30.

 

2. On April 6, paid freight costs of $1,200 on merchandise purchased from Cozart Company.

 

3. On April 7, purchased equipment on account for $30,000.

 

4. On April 8, returned some of the April 5 merchandise to Cozart Company, which cost $3,600.

 

5. On April 15, paid the amount due to Cozart Company in full.

 

Instructions

 

(a) Prepare the journal entries to record these transactions on the books of Woodward Co.

 

using a periodic inventory system.

 

(b) Assume that Woodward Co. paid the balance due to Cozart Company on May 4 instead

 

of April 15. Prepare the journal entry to record this payment.

 

a) Prepare the journal entries to record these transactions on the books of Woodward Co.

 

using a periodic inventory system.

 

1. On April 5, purchased merchandise from Cozart Company for $27,000, terms 2/10, n/30.

 

(Refer to page 254 ?Recording Purchases of Merchandise? Journal entry illustrations)

 

Date

 

Accounts

 

Debit Amt.

 

Credit Amt.

 

Apr 5

 


 

2. On April 6, paid freight costs of $1,200 on merchandise purchased from Cozart Company.

 

(Refer to ?Freight Costs? and related entries on page 254)

 

Date

 

Accounts

 

Debit Amt.

 

Credit Amt.

 

Apr 6

 


 

3. On April 7, purchased equipment on account for $30,000. (This entry is not to Merchandise

 

? refer to entries from Chapter 3)

 

Date

 

Accounts

 

Debit Amt.

 

Credit Amt.

 

Apr 7

 


 

4. On April 8, returned some of the April 5 merchandise to Cozart Company, which cost $3,600.

 

(Refer to page 254 ?Purchase Returns and Allowances? and related entries)

 

Date

 

Accounts

 

Debit Amt.

 

Credit Amt.

 


 

Apr 8

 


 

5. On April 15, paid the amount due to Cozart Company in full (Here you need to calculate

 

the end balance in the accounts payable after you have taken into consideration all the

 

purchases on account, returns and discounts for paying within the 2/10 terms ? See

 

journal entry on page ? 252 under ?Purchase Discounts?)

 

Date

 

Accounts

 

Debit Amt.

 

Credit Amt.

 

Apr 15

 


 

b)Assume that Woodward Co. paid the balance due to Cozart Company on May 4 instead of

 

April 15. Prepare the journal entry to record this payment. (Here Woodward Co. did not

 

meet the terms for the discount. So they must pay the remaining amount of the

 

invoice (Total invoice less returns) in full. )

 

Date

 

May 4

 


 

Accounts

 


 

Debit Amt.

 


 

Credit Amt.

 


 

 

Paper#9255930 | Written in 27-Jul-2016

Price : $16
SiteLock