DS Unlimited has the following transactions during August. August 6 Purchases 82 handheld game devices on account from GameGirl, Incorporated, for $260 each, terms 3/10, n/60. August 7 Pays $460 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 62 game devices purchased on August 6 for $280 each to customers on account. The total cost of the 62 game devices sold is $16,017.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $3,358. Complete this question by entering your answers in the tabs below. Required 1 Required 2
DS Unlimited has the following transactions during August. August 6 Purchases 82 handheld game devices on account from GameGirl, Incorporated, for $260 each, terms 3/10, n/60. August 7 Pays $460 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 62 game devices purchased on August 6 for $280 each to customers on account. The total cost of the 62 game devices sold is $16,017.00. Required: 1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $3,358. Complete this question by entering your answers in the tabs below. Required 1 Required 2
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....
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