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Question - Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 325 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:
Date
Activity
a.
Jan. 3
Purchased on account 350 widgets for S11 each.
b.
Jan. $
Sold on account 425 widgets for S30 each. Paid freight out with petty cash of $150.
c.
Jan. 10
Purchased on account 600 widgets for S12 each.
d.
Jan. 11
Shipping cost for the January 10 purchased merchandise was $400 was paid with a cheque by Alpha directly to the freight company.
e.
Jan. 12
Returned 25 widgets received from Jan. 10 purchase as they were not the correct item ordered.
f.
Jan. 13
Paid for the purchases made on Jan. 3.
g.
Jan. 21
Sold on account 550 widgets for S30 each. Paid freight out with petty cash of $250.
h.
Jan. 22
Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition.
Jan. 25
Received payment for the sale made on Jan. 5.
j.
Jan. 26
Paid for the purchases made on Jan. 10.
k.
Jan. 31
Received payment for the sale made on Jan. 21.
Use this information to prepare the General Journal entries (without explanation) for the January events. If no entry is required then enter the date and write "No Entry Required."
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