Appendix PR 6-7A Purchase-related transactions using periodic inventory system

Selected transactions for Capers Company during October of the current year are listed in Problem 6-1A.

Instructions
Journalize the entries to record the transactions of Capers Company for October using the periodic inventory system.


Answer:

Oct. 1 Purchases 14,448
Accounts Payable—UK Imports Co. 14,448
3 Purchases 9,950
Freight In 220
Accounts Payable—Hoagie Co. 10,170
4 Purchases 13,650
Accounts Payable—Taco Co. 13,650
6 Accounts Payable—Taco Co. 4,550
Purchases Returns and Allowances 4,550
13 Accounts Payable—Hoagie Co. 10,170
Cash 9,971
Purchases Discounts 199
14 Accounts Payable—Taco Co. 9,100
Cash 8,918
Purchases Discounts 182
19 Purchases 27,300
Accounts Payable—Veggie Co. 27,300
19 Freight In 400
Cash 400
20 Purchases 22,000
Accounts Payable—Caesar Salad Co. 22,000
30 Accounts Payable—Caesar Salad Co. 22,000
Cash 21,780
Purchases Discounts 220
31 Accounts Payable—UK Imports Co. 14,448
Cash 14,448
31 Accounts Payable—Veggie Co. 27,300
Cash 27,300