Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perp inventory system. Alpine Tours estimates a return rate of 5% based on past experience. Sept. 2 3 4 6 7 8 Purchased equipment on account for $62,300, terms n/30, FOB destination. Freight charges of $960 were paid by the appropriate party on the September 2 purchase of equipment. Purchased supplies for $4,400 cash. Purchased inventory on account from Winterholt Company at a cost of $68,300, terms 1/15, 1/30, FOB shipping point Freight charges of $1,800 were paid by the appropriate party on the September 6 inventory purchase. Returned damaged goods costing $4.900 that were originally purchased from Winterholt Company on September 6. Received a credit on account. Sold goods costing $14.300 to Fischer Limited for $21,400 on account, terms n/30, FOB destination: Freight charges of $410 were paid by the appropriate party on the September 9 sale of inventory Received the balance due from Fischer Paid Winterholt Company the balance due. Purchased inventory for $6,000 cash. Sold inventory costing $21.600 to Kun-Tai Inc for $24,300 on account, terms n/30, FOB shipping point. Freight charges of $400 were paid by the appropriate party on the September 22 sale of inventory. Kun-Tai returned goods sold for $1,100 that cost $760. The merchandise was restored to inventory 9 10 17 20 21 22 23 28
ord the September transactions on Alpine Tours's books. (List all debit entries before credit entries. Credit account titles are amatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the ount titles and enter for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Debit Credit Account Titles and Explanation Equipment pt. 2 62300 Accounts Payable 6230 ept. 3 No Entry 0 No Entry Sept. 4 Supplies 4400 Cash 440 Sept 6 Inventory 68300 Accounts Payable 6830 Sept. 7 Inventory 1800 180 Sept. Accounts Payable 4900 Inventory
Sept. 9 Accounts Receivable 21400 Sales 710 1430 (Sale of merchandise on account) Sept. Cost of Goods Sold 14300 1430 No Entry (Cost of goods sold recorded) Freight Out Sept. 10 410 Sept. 17 21400 Accounts Receivable 2140 Sept. 20 Accounts Payable 63400 6340
Sept. 21 Inventory 6000 Cash 600 Sept. 22 Accounts Receivable 21600 Sales 2160 Sale of merchandise on account) Sept. 22 Cost of Goods Sold 24300 2430 Inventory (Cost of goods sold recorded) No Entry Sept. 23 No Entry 1100 Sales Returns Allowances Sept. 21 110 Accounts Recente (Return of merchandise)
* Your answer is incorrect. Determine Alpine Tours's sales and cost of goods sold for September Sales $ 43000 Cost of goods sold $ 39360 List of Accounts
X Your answer is incorrect answer Calculate Alpine Tours's gross profit as a dollar amount and the gross proft margin as a percentage. (Round gross profit margin to 1 decimal place, c. 15.2%) Gross profit $ 3640 Gross proht margin