The following information applies to the questions displayed below.
At the beginning of July, FickD Corporation has a balance in inventory of $ of D printing accessories. The following transactions occur during the month of July.
July Purchase inventory on account from Wholesale D for $ terms
n
July Pay cash for freight charges related to the July purchase from Wholesale D $
July Return incorrectly ordered D printing accessories to Wholesale D and receive credit, $
July Pay Wholesale D in full.
July Sell D printing accessories to customers on account, $ that had a cost of $
July Receive full payment from customers related to the sale on July
July Purchase D printing accessories on account from D Supply for $ terms
n
July Sell D printing accessories to customers for cash, $ that had a cost of $
July Return D printing accessories to D Supply and receive credit of $
July Pay D Supply in full.
Required:
Assuming FickD uses a perpetual inventory system, determine the financial statement effects for each of the transactions.
