Sarasota Shoe Sales has a January 31 fiscal year-end. At the start of the year,...
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Sarasota Shoe Sales has a January 31 fiscal year-end. At the start of the year, Sarasota had 280 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest i Feb. 4 Purchased 1,120 pairs for $20 each from Bridgeport Corp. on account, terms n/30. 11 Returned 112 pairs to Bridgeport for $2,240 credit because the shoes were the wrong size. 13 Sold 280 pairs for $90 each to Shoes for Kids, terms n/30. 18 Granted credit of $1,080 to Shoes for Kids for the return of 12 pairs that were the wrong colour. The shoes were restored to inventory. 26 Paid Bridgeport the amount owing. 28 Received payment in full from the Shoes for Kids. Record the February transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is r return answers to 2 decimal nlaces. e.g. 1252.50.)
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Sarasota Shoe Sales has a January 31 fiscal year-end. At the start of the year, Sarasota had 280 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest i Feb. 4 Purchased 1,120 pairs for $20 each from Bridgeport Corp. on account, terms n/30. 11 Returned 112 pairs to Bridgeport for $2,240 credit because the shoes were the wrong size. 13 Sold 280 pairs for $90 each to Shoes for Kids, terms n/30. 18 Granted credit of $1,080 to Shoes for Kids for the return of 12 pairs that were the wrong colour. The shoes were restored to inventory. 26 Paid Bridgeport the amount owing. 28 Received payment in full from the Shoes for Kids. Record the February transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is r return answers to 2 decimal nlaces. e.g. 1252.50.) 