Financial Accounting

  Recording Purchases and Sales Printer Supply Fraternity sells computer printers and printer edibles. One of its products is a toner cartridge for laser printers. At the inception of 2019, there were 200 cartridges on workman at a absorb of $60 each. During 2019, Printer Supply Fraternity dissipationd 1,400 cartridges at $60 each. Following mistake, Printer sturdy that 10 cartridges were deficient and come-backed them to the supplier. Printer also sold 800 cartridges at $93 each and sold an subjoined 750 cartridges at $102 each following a midyear selling value acception. Customers come-backed 15 of the cartridges that were dissipationd at $102 to Printer for miscellaneous reasons. Assume that Printer Supply Fraternity uses a eternal catalogue scheme. Required: 1.  Prepare abridgment chronicle entries to proceedings the dissipations, sales, and come-back of catalogue. Assume that all dissipations and sales are on faith but no discounts were offered. Make chronicle entries in the command that actions are presented aloft. Record the initiation for the dissipations during the year. Inventory Accounts Payable (Purchased catalogue on representation)Feedback In each action, reflect whether the fraternity is the buyer or the seller. From the buyer's perspective, the unvarnished absorb doctrine implies that catalogue absorb get enclose the dissipation value of the catalogue plus any absorb of bringing the consequence to a salable case and dregs. From the seller’s perspective, the sale or come-back of catalogue requires two chronicle entries – one to proceedings the produce side of the action and one to proceedings the charge (and catalogue) side of the action. Record the initiation for the come-back, by Printer Supply Company, of the cartridges to its supplier. Accounts Payable Catalogue (Recorded come-back of deficient cartridges sold)Feedback In each action, reflect whether the fraternity is the buyer or the seller. From the buyer's perspective, the unvarnished absorb doctrine implies that catalogue absorb get enclose the dissipation value of the catalogue plus any absorb of bringing the consequence to a salable case and dregs. From the seller’s perspective, the sale or come-back of catalogue requires two chronicle entries – one to proceedings the produce side of the action and one to proceedings the charge (and catalogue) side of the action. Record the initiation for the sales during the year. Inventory Accounts Receivable (Sold catalogue on representation)Feedback In each action, reflect whether the fraternity is the buyer or the seller. From the buyer's perspective, the unvarnished absorb doctrine implies that catalogue absorb get enclose the dissipation value of the catalogue plus any absorb of bringing the consequence to a salable case and dregs. From the seller’s perspective, the sale or come-back of catalogue requires two chronicle entries – one to proceedings the produce side of the action and one to proceedings the charge (and catalogue) side of the action. Record the initiation for the absorb of consequence sold kindred to the sales during the year. Accounts Receivable  (Recorded absorb of catalogue sold)Feedback In each action, reflect whether the fraternity is the buyer or the seller. From the buyer's perspective, the unvarnished absorb doctrine implies that catalogue absorb get enclose the dissipation value of the catalogue plus any absorb of bringing the consequence to a salable case and dregs. From the seller’s perspective, the sale or come-back of catalogue requires two chronicle entries – one to proceedings the produce side of the action and one to proceedings the charge (and catalogue) side of the action. Record the initiation for the come-back, by customers, of the cartridges to Printer Supply Company.   (Recorded come-back of deficient cartridges)   (Recorded come-back of deficient cartridges)Feedback In each action, reflect whether the fraternity is the buyer or the seller. From the buyer's perspective, the unvarnished absorb doctrine implies that catalogue absorb get enclose the dissipation value of the catalogue plus any absorb of bringing the consequence to a salable case and dregs. From the seller’s perspective, the sale or come-back of catalogue requires two chronicle entries – one to proceedings the produce side of the action and one to proceedings the charge (and catalogue) side of the action. 2.  What is the absorb of achievement catalogue, absorb of consequence sold, and bloated avail for 2019? Cost of achievement catalogue$Cost of consequence sold$Gross avail$