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This is on a spread sheet and I can not figure it out!
This is on a spread sheet and I can not figure it out!!!! Help
and Purchase-Related Transactions for Seller and Buyer
The following selected transactions were completed during June between Snipes Company and Beejoy Company:
Instructions:
1. Illustrate the effects on the accounts and financial statements of recording the following transactions for Snipes Company. Identify each transaction by date.
If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank.
June 8. Snipes Company sold merchandise on account to Beejoy Company, $18,250, terms , 2/15, n/eom. The cost of the merchandise sold was $10,000.
June 8. Snipes Company paid transportation costs of $400 for delivery of merchandise sold to Beejoy Company on June 8.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' EquityCash
+Accounts Receivable
+Inventory
=No Effect
+ Retained Earnings
June 8. June 8.Statement of Cash Flows Income StatementOperating
Sales
Cost of goods sold
Delivery expense
Net income
June 12. Beejoy Company returned merchandise with a selling price of $5,000 ($4,900 net of discount) purchased on June 8 from Snipes Company. The cost of the merchandise returned was $3,000.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' EquityAccounts Receivable
+Inventory
+Est. Return Inventory
=Cust. Refunds Payable
+ Retained Earnings
June 12. June 12.Statement of Cash Flows Income StatementNo effect
Sales returns and allowances
June 23. Beejoy Company paid Snipes Company for purchase of June 8, less refund on return of June 12.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' EquityCash
+
=
+
June 23. June 23.Statement of Cash Flows Income Statement
June 24. Snipes Company sold merchandise on account to Beejoy Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 24. June 24.Statement of Cash Flows Income Statement
June 30. Beejoy Company paid Snipes Company on account for purchase of June 24.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 30. Statement of Cash Flows Income Statement
2. Illustrate the effects on the accounts and financial statements of recording the following transactions for Beejoy Company. Identify each transaction by date.
June 8. Snipes Company sold merchandise on account to Beejoy Company, $18,250, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,000.
June 8. Snipes Company paid transportation costs of $400 for delivery of merchandise sold to Beejoy Company on June 8.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 8. Statement of Cash Flows Income Statement
June 12. Beejoy Company returned merchandise with a selling price of $5,000 ($4,900 net of discount) purchased on June 8 from Snipes Company. The cost of the merchandise returned was $3,000.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 12. Statement of Cash Flows Income Statement
June 23. Beejoy Company paid Snipes Company for purchase of June 8, less refund on return of June 12.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 23. Statement of Cash Flows Income Statement
June 24. Snipes Company sold merchandise on account to Beejoy Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 24. Statement of Cash Flows Income Statement
June 26. Beejoy Company paid transportation charges of $375 on June 24 purchase from Snipes Company.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 26. Statement of Cash Flows Income Statement
June 30. Beejoy Company paid Snipes Company on account for purchase of June 24.
Statement of Cash FlowsBalance SheetIncome StatementAssets=Liabilities+Stockholders' Equity
+
=
+
June 30. Statement of Cash Flows Income Statement
