Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on september 1, duffs beer distributor had an inve

On September 1, Duffs Beer Distributor had an inventory of 60 cases of beer at a...

90.2K

Verified Solution

Question

Accounting

On September 1, Duffs Beer Distributor had an inventory of 60cases of beer at a cost of $21 each. The company uses a perpetualinventory system. During September, the following transactionsoccurred. Sept 6 Purchased 75 cases at $20 each from Iron CityBrewers, terms 2/10, n/30. Sept 9 Paid freight of $75 on the casespurchased from Iron City Brewers. Sept 10 Returned 2 cases to IronCity Brewers for $40 credit because they did not meetspecifications. They had a “skunky” smell. Sept 11 Paid Iron CityBrewers what was owed from the Sept 6th purchase. Sept 12 Sold 41cases costing $21 each for $34 each to the Drunken Clam, terms2/10,n/30. Sept 14 Granted credit of $34 to the Drunken Clam forthe return of one case that was not ordered. Sept 21 Receivedpayment in full from the Drunken Clam. Prepare journal entries INGOOD FORM for the September transactions. Include Sales and cost ofgoods sold entries if applicable.

Answer & Explanation Solved by verified expert
4.4 Ratings (568 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A) Find the directional derivative of the function at the given point in the direction of...

Statistics
1.2K views

Question 2 Suppose the waiting time of a bus follows a uniform distribution on [0, 20]. (a)...

Physics
1.2K views

If you were to replace the ocean with or mercury or oil, which works best for...

Electrical Engineering
1.2K views

Write the equation that describes the behavior of excess charge carriers in a p-type semiconductor under...

General Management
1.2K views

please write 9 different annotated bibliography articles related to Human resources management

Geometry
1.2K views

centimeters Round to Find the area of each circle with radius r or diameter d...

Geometry
1.2K views

points and Q and the Cartesian directions x y and z The point Q is...

Calculus
1.2K views

The equation r t t 7 i 31 j 21 k is the position of...

Calculus
1.2K views

Use the Factor Theorem to find all real zeros for the given polynomial function and...

Accounting
1.2K views

Inventory Costing Methods-Perpetual Method Using the data below, assume that Portet...

Accounting
1.2K views

Russell Preston delivers parts for several local auto parts stores. He charges clients $0.75 per...

Accounting
1.2K views

A well-written training objectives should the following? (select all that apply) O Attainable Specific Affordable...