Consider the following transactions for Elfland Toys: O (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Oct. 8: Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Date Accounts Debit Credit Oct. 8 More Info Oct. 8 Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Oct. 12 Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment. Oct. 12: Elfland Toys returned $11,400 of the merchandise ConnectABlock due damage during shipment. Date Accounts Debit Credit Oct. 16 Elfland Toys paid the amount due, less the return and discount. Oct. 12 Print Done Oct. 16: Elfland Toys paid the amount due, less the return and discount. Date Accounts Debit Credit Oct. 16 Choose from any list or enter any number in the input fields and then continue to the next question.
Consider the following transactions for Elfland Toys: O (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Oct. 8: Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Date Accounts Debit Credit Oct. 8 More Info Oct. 8 Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Oct. 12 Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment. Oct. 12: Elfland Toys returned $11,400 of the merchandise ConnectABlock due damage during shipment. Date Accounts Debit Credit Oct. 16 Elfland Toys paid the amount due, less the return and discount. Oct. 12 Print Done Oct. 16: Elfland Toys paid the amount due, less the return and discount. Date Accounts Debit Credit Oct. 16 Choose from any list or enter any number in the input fields and then continue to the next question.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Transcribed Image Text:Consider the following transactions for Elfland Toys:
A (Click the icon to view the transactions.)
Requirements
1.
Journalize the purchase transactions. Explanations are not required.
2.
In the final analysis, how much did the inventory cost Elfland Toys?
Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.)
Oct. 8: Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/ 60.
Date
Accounts
Debit
Credit
Oct. 8
More Info
Oct. 8
Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with
credit terms of 2/10, n/60.
Oct. 12: Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment.
Oct. 12
Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to
damage during shipment.
Date
Accounts
Debit
Credit
Oct. 16
Elfland Toys paid the amount due, less the return and discount.
Oct. 12
Print
Done
Oct. 16: Elfland Toys paid the amount due, less the return and discount.
Date
Accounts
Debit
Credit
Oct. 16
Choose from any list or enter any number in the input fields and then continue to the next question.
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