A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a credit to the _______ account.
Click the answer you think is right.
purchases returns & allowances
merchandise inventory
purchases
Homework Answers
Solution :
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a credit to the "Purchases returns & Allowances"
Hence first option is correct.
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A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a which of the following entries: Check all that apply. credit to accounts payable credit to purchases returns & allowances debit to accounts payable debit to purchases returns & allowances
A company receives a credit memorandum from a supplier for $500 for defective product returned. Using...
A company receives a credit memorandum from a supplier for $500 for defective product returned. Using a perpetual inventory system, this transaction will be recorded with a credit to the _account in the amount of $500. Click the answer you think is right. purchases purchases returns and allowances L ee inventory
A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with...
A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with credit terms 2/10, n/30. The company will record this transaction in a perpetual inventory system with a debit to: Click the answer you think is right. accounts payable for $1,000 accounts payable for $1,100 merchandise inventory for $1,000 merchandise Inventory for $1,100 Rond about this Do you know the answer? No Idea Think so UR
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
Credit memos are created when a product is returned. Credit memos reduce A/R (accounts receivable) by...
Credit memos are created when a product is returned. Credit memos reduce A/R (accounts receivable) by crediting the account, and it writes off the invoice. This also records a debit to the Sales Returns and Allowances account. You have noticed that the A/R clerk has created an abnormally high number of credit memos. You also notice the inventory does not reflect the additional inventory resulting from the sales returns and allowances. What would you do, and how would you document...
On September 12, Ryan Company sold merchandise in the amount of $9,200 to Johnson Company, with...
On September 12, Ryan Company sold merchandise in the amount of $9,200 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,700. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $840 and the cost of the merchandise returned is $520. The entry or entries...
On September 12, Ryan Company sold merchandise in the amount of $7,800 to Johnson Company, with...
On September 12, Ryan Company sold merchandise in the amount of $7,800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $700 and the cost of the merchandise returned is $450. The entry or entries...
on September 12, ryan On September 12. Ryan Company sold merchandise in the amount of $5.00...
on September 12, ryan
On September 12. Ryan Company sold merchandise in the amount of $5.00 Jouson Company with credits 2 /10. 30. The cost of the items sold is $4.000 Myanuses the periode inventory System and the net method of accounting for sale on September 14. Johns return some of the non-defective merchandise which is restored to inventory. These price of the returned merchandis 500 and the cost of the merchandise returned is the entry or entries that Ryan...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Wynn uses the periodic inventory system. On September 14, Jetson returns some of the merchandise. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Wynn must make on September 14 is: 500 500 Accounts receivable Sales returns...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
A company receives a credit memorandum from a supplier for $500 for defective product returned. Using a perpetual inventory system, this transaction will be recorded with a credit to the _account in the amount of $500. Click the answer you think is right. purchases purchases returns and allowances L ee inventory
A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with credit terms 2/10, n/30. The company will record this transaction in a perpetual inventory system with a debit to: Click the answer you think is right. accounts payable for $1,000 accounts payable for $1,100 merchandise inventory for $1,000 merchandise Inventory for $1,100 Rond about this Do you know the answer? No Idea Think so UR
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
on September 12, ryan
On September 12. Ryan Company sold merchandise in the amount of $5.00 Jouson Company with credits 2 /10. 30. The cost of the items sold is $4.000 Myanuses the periode inventory System and the net method of accounting for sale on September 14. Johns return some of the non-defective merchandise which is restored to inventory. These price of the returned merchandis 500 and the cost of the merchandise returned is the entry or entries that Ryan...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Wynn uses the periodic inventory system. On September 14, Jetson returns some of the merchandise. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Wynn must make on September 14 is: 500 500 Accounts receivable Sales returns...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
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