Recording Purchases and Sales
Printer Supply Company sells computer printers and printer arrangement. One of its products is a toner cartridge for laser printers. At the rise of 2019, there were 200 cartridges on laborer at a consume of $60 each. During 2019, Printer Supply Company purchased 1,400 cartridges at $60 each. Following error, Printer rooted that 10 cartridges were deficient and reverted them to the supplier. Printer so sold 800 cartridges at $93 each and sold an added 750 cartridges at $102 each following a midyear selling expense extension. Customers reverted 15 of the cartridges that were purchased at $102 to Printer for miscellaneous reasons. Assume that Printer Supply Company uses a constant register method.
1. Prepare compendium narrative entries to annals the purchases, sales, and revert of register. Assume that all purchases and sales are on belief but no discounts were offered. Make narrative entries in the appoint that transactions are presented aloft.
Record the beginning for the purchases during the year.
Inventory Accounts Payable
Record the beginning for the revert, by Printer Supply Company, of the cartridges to its supplier.
Accounts Payable Register
Record the beginning for the sales during the year.
Accounts Receivable Sales Revenue
Record the beginning for the consume of chattels sold kindred to the sales during the year.
Cost of Chattels Sold Register
Record the beginning for the revert, by customers, of the cartridges to Printer Supply Company.
Sales Returns and Allowances Accounts Receivable (Recorded revert of deficient cartridges) Register Consume of Chattels Sold
2. What is the consume of extent register, consume of chattels sold, and sensual acquisition for 2019?
Cost of extent register$Cost of chattels sold$Gross acquisition