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    R2468's Avatar
    R2468 Posts: 2, Reputation: 1
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    #1

    Mar 26, 2013, 10:48 AM
    Accounting principles
    I got this question for extra credit and I didn't know how to do it. Please help me:(
    Its my only chance to get my grades back up.

    OQuin co. Distributes suitcases to retail stores and extends credit terms of 1/10,n/30 to all of Iits costumers. At the end of June, oquinns inventory consisted of suitcases costing $1200. During the month of July the following transactions occurred.
    July1. Purchased suitcases on account for $1800 from emerson manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date.

    3. Sold suitcases on account to straume satchels for $2000. The cost of suitcases sold is $1200.

    9. Paid Emerson manufacturers in full.

    12. Received payment in full from straume satchels.

    17. Sold suitcases on account to the going concern for $1800. The cost of the suitcases sold was $1080.

    18. Purchased suitcases on account for $1900 from hume manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date.

    20. Received $300 credit (including freight) for suitcases returned to hume manufacturers.

    21. Received payment in full from the going concern.

    22. Sold suitcases on account to desmond's for $2250. The cost of suitcases sold was $1350.

    30. Paid hume manufacturers in full.

    31. Granted desmond's $200 credit for siutcases returning costing $120.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Mar 26, 2013, 01:41 PM
    Please stop asking the same question -
    Ask Me Help Desk - Announcements in Forum : Homework Help
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