4/22/23, 11:11 AMNWP Assessment Player UI Application
Unit 8 Lab Assignment
Question 6 of 7
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On September 1, Martinez Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the
following transactions occurred.
Sept.
6
Purchased calculators from Marin Co. at a total cost of $2,500, terms n/30, FOB shipping point.
9
Paid freight of $100 on calculators purchased from Marin Co.
10
Returned calculators to Marin Co. for $78 cash (including freight) because they did not meet specifications.
12
Sold calculators costing $754 for $986 to Sura Book Store, on account, terms n/30.
14
Granted credit of $34 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $26.
20
Sold 30 calculators costing $806 for $1,023 on account to Davis Card Shop, on account,terms n/30.
Journalize the September transactions for Martinez Office Supply. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(To record credit sale)
(To record cost of merchandise sold)
(To record merchandise returned)
(To record cost of merchandise returned)
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NWP Assessment Player UI Application
Unit 8 Lab Assignment
Question 6 of 7
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(To record credit sale)
(To record cost of merchandise sold)
eTextbook and Media
List of Accounts
Save for Later
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4/23/23, 1:53 PM
NWP Assessment Player UI Application
Unit 8 Lab Assignment
Question 6 of 7
4.67 / 5
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Your Answer
Correct Answer (Used)
On September 1, Martinez Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the
following transactions occurred.
Sept.
6
Purchased calculators from Marin Co. at a total cost of $2,500, terms n/30, FOB shipping point.
9
Paid freight of $100 on calculators purchased from Marin Co.
10
Returned calculators to Marin Co. for $78 cash (including freight) because they did not meet specifications.
12
Sold calculators costing $754 for $986 to Sura Book Store, on account, terms n/30.
14
Granted credit of $34 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $26.
20
Sold 30 calculators costing $806 for $1,023 on account to Davis Card Shop, on account,terms n/30.
Journalize the September transactions for Martinez Office Supply. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Sept. 6
Account Titles and Explanation
Inventory
Debit
Credit
2,500
Accounts Payable
Sept. 9
Inventory
2,500
100
Cash
Sept. 10
Cash
100
78
Inventory
Sept. 12
Accounts Receivable
78
986
Sales Revenue
986
(To record credit sale)
Sept. 12
Cost of Goods Sold
754
Inventory
754
(To record cost of merchandise sold)
Sept. 14
Sales Returns and Allowances
34
Accounts Receivable
34
(To record merchandise returned)
Sept. 14
Inventory
Cost of Goods Sold
26
26
(To record cost of merchandise returned)
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NWP Assessment Player UI Application
Sept.
208 Lab Assignment
Accounts Receivable
Unit
Question 6 of 7
1,023
Sales Revenue
1,023
4.67 / 5
(To record credit sale)
Sept. 20
Cost of Goods Sold
Inventory
806
806
(To record cost of merchandise sold)
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NWP Assessment Player UI Application
Unit 8 Lab Assignment
Question 7 of 7
– / 10
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At the beginning of the current season on April 1, the ledger of Indigo’s Discorama showed Cash $1,800, Inventory $2,600, and
Owner’s Capital $4,400. The following transactions were completed during April 2022.
Apr. 5
Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,000, FOB shipping point, terms 2/10,
n/60.
7
Paid freight on the Mumford purchase $40.
9
Received credit from Mumford Co. for merchandise returned $100.
10
Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540.
12
Purchased disc golf shirts and other accessories on account from Saucer Sportswear $590, terms 1/10, n/30.
14
Paid Mumford Co. in full, less discount.
17
Received credit from Saucer Sportswear for merchandise returned $90.
20
Made sales on account for $620, terms n/30. The cost of the merchandise sold was $400.
21
Paid Saucer Sportswear in full, less discount.
27
Granted an allowance to customers for clothing that did not fit $40.
30
Received payments on account from customers $940.
The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201
Accounts Payable, No. 301 Owner’s Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of
Goods Sold.
(a)
Journalize the April transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.
If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
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NWP Assessment Player UI Application
Unit 8 Lab Assignment
Question 7 of 7
– / 10
(To record credit sale.)
(To record cost of merchandise sold.)
(To record credit sale.)
(To record cost of merchandise sold.)
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Unit 8 Lab Assignment
Question 7 of 7
– / 10
eTextbook and Media
List of Accounts
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(b)
Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries
presented in the previous part.)
Cash
Date
Explanation
Ref.
Balance
√
Debit
No. 101
Credit
Balance
J1
J1
J1
J1
Accounts Receivable
Date
Explanation
Ref.
Debit
No. 112
Credit
Balance
J1
J1
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Unit 8 Lab Assignment
J1
J1
Question 7 of 7
– / 10
Inventory
Date
Explanation
Ref.
Balance
√
Debit
No. 120
Credit
Balance
J1
J1
J1
J1
J1
J1
J1
J1
J1
Accounts Payable
Date
Explanation
Ref.
Debit
No. 201
Credit
Balance
J1
J1
J1
J1
J1
J1
Owner’s Capital
Date
Explanation
Ref.
Debit
No. 301
Credit
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Balance
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NWP Assessment Player UI Application
Unit 8 Lab Assignment
Balance
Question 7 of 7
Date
√
Sales Revenue
Explanation
Ref.
No. 401
Debit
– / 10
Credit
Balance
J1
J1
Sales Returns and Allowances
Date
Explanation
Ref.
Debit
No. 412
Credit
Balance
J1
Cost of Goods Sold
Date
Explanation
Ref.
No. 505
Debit
Credit
Balance
J1
J1
eTextbook and Media
List of Accounts
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(c)
Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.)
INDIGO’S DISCORAMA
Trial Balance
Debit
$
Credit
$
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Unit 8 Lab Assignment
Question 7 of 7
Totals
– / 10
$
$
eTextbook and Media
List of Accounts
Save for Later
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NWP Assessment Player UI Application
Unit 8 Lab Assignment
Question 7 of 7
2.9 / 10
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Current Attempt in Progress
At the beginning of the current season on April 1, the ledger of Indigo’s Discorama showed Cash $1,800, Inventory $2,600, and Owner’s Capital $4,400. The following transactions were completed during April 2022.
Apr. 5
Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,000, FOB shipping point, terms 2/10, n/60.
7
Paid freight on the Mumford purchase $40.
9
Received credit from Mumford Co. for merchandise returned $100.
10
Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540.
12
Purchased disc golf shirts and other accessories on account from Saucer Sportswear $590, terms 1/10, n/30.
14
Paid Mumford Co. in full, less discount.
17
Received credit from Saucer Sportswear for merchandise returned $90.
20
Made sales on account for $620, terms n/30. The cost of the merchandise sold was $400.
21
Paid Saucer Sportswear in full, less discount.
27
Granted an allowance to customers for clothing that did not fit $40.
30
Received payments on account from customers $940.
The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner’s Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods
Sold.
(a)
Your answer is partially correct.
Journalize the April transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no
entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Date
Apr. 5
Account Titles and Explanation
Inventory
Debit
Credit
1,000
Accounts Payable
Apr. 7
Inventory
1,000
40
Cash
Apr. 9
Accounts Payable
Inventory
40
100
100
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Accounts Receivable
10 Assignment
UnitApr.
8 Lab
900
Sales Revenue
Question 7 of 7
900
2.9 / 10
(To record credit sale.)
Apr. 10
Cost of Goods Sold
540
Inventory
540
(To record cost of merchandise sold.)
Apr. 12
Inventory
Apr. 14
Apr. 17
590
Accounts Payable
590
Accounts Payable
980
Cash
960
Inventory
20
Accounts Receivable
90
Cash
Apr. 20
Accounts Receivable
90
620
Sales Revenue
620
(To record credit sale.)
Apr. 20
Cost of Goods Sold
400
Inventory
400
(To record cost of merchandise sold.)
Apr. 21
Accounts Payable
Cash
Apr. 27
Sales Returns and Allowances
581.10
581.10
40
Accounts Receivable
Apr. 30
Cash
Accounts Receivable
40
940
940
eTextbook and Media
List of Accounts
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Payable
UnitAccounts
8 Lab Assignment
Accounts Receivable
Question 7 of 7
Accumulated Depreciation-Buildings
2.9 / 10
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Casuality Loss from Vandalism
Cost of Goods Sold
Depreciation Expense
Dividend Revenue
Equipment
Freight-In
Freight-Out
Income Summary
Insurance Expense
Interest Expense
Interest Payable
Interest Revenue
Inventory
Land
Loss on Disposal of Plant Assets
Maintenance and Repairs Expense
Notes Payable
Operating Expenses
Owner’s Capital
Owner’s Drawings
Prepaid Insurance
Property Tax Expense
Property Taxes Payable
Purchase Discounts
Purchase Returns and Allowances
Purchases
Rent Expense
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and Wages Expense
UnitSalaries
8 Lab Assignment
Salaries and Wages Payable
Question 7 of 7
2.9 / 10
Sales Commissions Expense
Sales Commissions Payable
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Supplies
Supplies Expense
Unearned Service Revenue
Utilities Expense
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(b)
Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous part.)
Cash
Debit
No. 101
Date
Explanation
Ref.
Credit
Balance
Apr. 7
Balance
√
40
40
1,860
Apr. 14
J1
960
960
2,820
Apr. 21
J1
581.10
581.10
2,238.90
J1
J1
Accounts Receivable
Date
Explanation
Ref.
Debit
No. 112
Credit
Balance
Apr. 10
J1
900
900
1,800
Apr. 20
J1
620
620
2,420
Apr. 27
J1
40
Apr. 30
J1
940
3,320
Inventory
Date
Explanation
Ref.
Apr. 5
Balance
√
Debit
No. 120
Credit
Balance
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9 Assignment
UnitApr.
8 Lab
J1
Question 7 of 7
Apr. 10
J1
Apr. 12
J1
Apr. 17
J1
Apr. 20
J1
2.9 / 10
J1
J1
J1
J1
Accounts Payable
Date
Explanation
Ref.
Debit
No. 201
Credit
Balance
Credit
Balance
Credit
Balance
Credit
Balance
J1
J1
J1
J1
J1
J1
Owner’s Capital
Date
Explanation
Ref.
Balance
√
Explanation
Ref.
Debit
No. 301
Sales Revenue
Date
Debit
No. 401
J1
J1
Sales Returns and Allowances
Date
Explanation
Ref.
Debit
No. 412
J1
Cost of Goods Sold
Date
Explanation
Ref.
Debit
No. 505
Credit
Balance
J1
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Unit 8 Lab Assignment
J1
Question
7 of 7
eTextbook and Media
2.9 / 10
List of Accounts
Save for Later
Last saved 1 second ago.
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(c)
Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.)
INDIGO’S DISCORAMA
Trial Balance
Debit
Credit
$
Totals
$
$
$
eTextbook and Media
List of Accounts
Save for Later
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