60.1K

Verified Solution

Link Copied!

The following selected transactions were completed by Capers Company during October of the current year:

Oct. $1$ Purchased merchandise from UK Imports Co$.,$ $$13,031,$ terms FOB destination, n$/30.$

$3$ Purchased merchandise from Hoagie Co$.,$ $$9,150,$ terms FOB shipping point, $2/10,$ n$/$eom$.$ Prepaid freight of $$205$ was added to the invoice.

$4$ Purchased merchandise from Taco Co$.,$ $$14,800,$ terms FOB destination, $2/10,$ n$/30.$

$6$ Issued debit memo to Taco Co$.$ for $$4,600$ of merchandise returned from purchase on October $4.$

$13$ Paid Hoagie Co$.$ for invoice of October $3.$

$14$ Paid Taco Co$.$ for invoice of October $4$ less debit memo of October $6.$

$19$ Purchased merchandise from Veggie Co$.,$ $$26,320,$ terms FOB shipping point, n$/$eom$.$

$19$ Paid freight of $$410$ on October $19$ purchase from Veggie Co$.$

$20$ Purchased merchandise from Caesar Salad Co$.,$ $$20,100,$ terms FOB destination, $1/10,$ n$/30.$

$30$ Paid Caesar Salad Co$.$ for invoice of October $20.$

$31$ Paid UK Imports Co$.$ for invoice of October $1.$

$31$ Paid Veggie Co$.$ for invoice of October $19.$

Journalize the entries to record the transactions of Capers Company for October. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

CHART OF ACCOUNTS

Capers Company

General Ledger

ASSETS

$110$ Cash

$120$ Accounts Receivable

$125$ Notes Receivable

$130$ Merchandise Inventory

$131$ Estimated Returns Inventory

$140$ Office Supplies

$141$ Store Supplies

$142$ Prepaid Insurance

$180$ Land

$192$ Store Equipment

$193$ Accumulated Depreciation$-$Store Equipment

$194$ Office Equipment

$195$ Accumulated Depreciation$-$Office Equipment

LIABILITIES

$211$ Accounts Payable$-$Caesar Salad Co$.$

$212$ Accounts Payable$-$Hoagie Co$.$

$213$ Accounts Payable$-$Taco Co$.$

$214$ Accounts Payable$-$UK Imports Co$.$

$215$ Accounts Payable$-$Veggie Co$.$

$216$ Salaries Payable

$218$ Sales Tax Payable

$219$ Customers Refunds Payable

$221$ Notes Payable

EQUITY

$310$ Owner, Capital

$311$ Owner, Drawing

$312$ Income Summary

REVENUE

$410$ Sales

$610$ Interest Revenue

EXPENSES

$510$ Cost of Merchandise Sold

$521$ Delivery Expense

$522$ Advertising Expense

$524$ Depreciation Expense$-$Store Equipment

$525$ Depreciation Expense$-$Office Equipment

$526$ Salaries Expense

$531$ Rent Expense

$533$ Insurance Expense

$534$ Store Supplies Expense

$535$ Office Supplies Expense

$536$ Credit Card Expense

$539$ Miscellaneous Expense

$710$ Interest Expense

Answer & Explanation Solved by verified expert

See Answer