Score Summary
Pieces Points Points
Possible Correct Possible Earned
Journal 45 0 4.00 0.00
Totals 45 0 4.00 0.00
This tab is optional.
Radisch Distributing Inc. buys kitchen utensils in bulk and sells them to retail stores.
Here are Radisch's purchase- and sales-related transactions for June 2022.
Your job is to do the following:
1. Read the transaction description.
2. Identify the transaction type.
3. Note the terms of the original and related transactions.
4. Perform (and document) any calculations that are needed.
5. Analyze each transaction.
6. Record each transaction in the Journal. (Next tab)
Note: The transactions are listed below according to whether they are related to a purchase or a sale of merchandise. But wh
transactions in the Journal, they must be recorded in order by date.
#1 -- Transaction Descriptions
Jun 3 Radisch bought utensils from Shen Manufacturing for $14,500, terms 1/10, n/30, FOB shipping
point. Freight cost is $952.
Jun 10 Radisch returned to Shen some defective utensils from the Jun 3 purchase. The cost of the
returned merchandise was $2,436.
Jun 25 Radisch paid the balance due for the Jun 3 purchase from Shen.
Jun 9 Radisch sold utensils to Dollar Den for $870, terms 2/10, n/30.
The utensils cost Radisch $510.
Jun 11 Dollar Den notified Radisch that some of the utensils from the Jun 9 transaction were slightly
damaged. So Radisch granted Dollar Den an allowance of $60.
Jun 19 Radisch received from Dollar Den the balance due for the Jun 9 sale.
#5 -- Analyze Transactions (no autofeedback)
What is
the Did the
increase transaction This
side for cause this account
What type of this account to will be on
Trans. account is account increase or which side
Date What accounts are affected? this? type? decrease? of entry?
r a sale of merchandise. But when you record the
#3 -- Terms (no autofeedback)
Freight cost
($) (Enter
n/a if
Purchase Discount freight does
#2 -- Transaction Type (no autofeedback) price ($) terms FOB terms not apply)
Sales return
Cost of from
Selling price Discount inventory customer
($) terms sold ($) ($)
Data Points
- Terms (no autofeedback)
Portion of
A/P that
can be
Purchase discounted Discount Payment
return ($) ($) amount ($) amount ($)
Cost of Portion of Payment
inventory A/R that amount
returned by can be from
customer discounted Discount customer
($) ($) amount ($) ($)
#4 -- Calculations work area (no autofeedback)
Radisch Distributing Inc. -- Purchase and Sales Transactions
Radisch Distributing Inc. buys kitchen utensils in bulk and sells them to retail stores.
Here are Radisch's purchase- and sales-related transactions for June 2022.
Transactions:
« Jun 3 Radisch bought utensils from Shen Manufacturing for $14,500, terms 1/10, n/30, FOB shipping point. Freight
cost is $952.
« Jun 9 Radisch sold utensils to Dollar Den for $870, terms 2/10, n/30.
« The utensils cost Radisch $510.
« Jun 10 Radisch returned to Shen some defective utensils from the Jun 3 purchase. The cost of the returned
merchandise was $2,436.
« Jun 11 Dollar Den notified Radisch that some of the utensils from the Jun 9 transaction were slightly damaged. So
Radisch granted Dollar Den an allowance of $60.
« Jun 19 Radisch received from Dollar Den the balance due for the Jun 9 sale.
« Jun 25 Radisch paid the balance due for the Jun 3 purchase from Shen.
Instructions:
1. Using the results of your analysis on the Workpaper tab, journalize the transactions.
« Note: Start each entry on a starred row.
Note: Use the gray-shaded cell for each entry to select the transaction description.
Journal
Accounts
Date debit accounts here credit accounts here PR Debit
2022
«
«
«
«
FOB shipping point. Freight
cost of the returned
were slightly damaged. So
Data Points
Credit Work area
