Homework Answers
Correct answer----------(a) a debit to accounts payable, a credit to purchase discount and a credit to cash.
.
Trade discount is recorded when it is received. Trade discount received is credited to purchase discount account which has a credit normal balance. Accounts payable is decreased by total amount of invoice.
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Question 9 (1 point) The entry to record the payment of a purchase invoice when a...
Which of the following statements is correct? O The entry to record the payment of an...
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
The entry to record a purchase of merchandise on credit includes
The entry to record a purchase of merchandise on credit includesa debit to Purchases and a credit to Accounts Receivable a debit to Accounts Receivable and a credit to Purchases a debit to Purchases and a credit to Accounts Payable a debit to Accounts Payable and a credit to Purchases
The journal entry to record the purchase of equipment for a $110 cash down payment and...
The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would include Multiple Choice a debit to Equipment for $530, a credit to Cash for $110, and a credit to Accounts Payable for $420 a debit to Equipment for $110 and a credit to Cash for $110. O a debit to Equipment for $110 and a credit to Accounts Payable for $420. debit to Equipment for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
The entry to record the receipt of payment within the discount period on a sale of...
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 2/9, n/30 will include a A credit to Sales Discounts for $30. B credit to Accounts Receivable for $1500. C credit to Sales Revenue for $1500. D debit to Sales Revenue for $1470.
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
The entry to record a return of merchandise purchased on credit includes
The entry to record a return of merchandise purchased on credit includes a debit to Purchase Returns & Allowances and a credit to Accounts Receivable a debit to Purchase Returns & Allowances and a credit to Purchases a debit to Accounts Payable and a credit to Purchase Returns & Allowances a debit to Purchases and a credit to Purchase Returns & Allowances
The entry to record the purchase of supplies on account is: Select one: O A. Debit...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
Question 3 (1 point) A company issued 9%, 15-year bonds with a par value of $490,000...
Question 3 (1 point) A company issued 9%, 15-year bonds with a par value of $490,000 that pay interest semiannually. The market rate on the date of issuance was 9%. The journal entry to record each semiannual interest payment is: OA) Debit Bond Interest Expense $440,000; credit Cash $440,000. O B) Debit Bond Interest Expense $22,050; credit Cash $22,050. w O C) Debit Bond Interest Expense $44,100; credit Cash $44,100. O D) Debit Bond Interest Payable $32,667; credit Cash $32,667....
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would include Multiple Choice a debit to Equipment for $530, a credit to Cash for $110, and a credit to Accounts Payable for $420 a debit to Equipment for $110 and a credit to Cash for $110. O a debit to Equipment for $110 and a credit to Accounts Payable for $420. debit to Equipment for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
Question 3 (1 point) A company issued 9%, 15-year bonds with a par value of $490,000 that pay interest semiannually. The market rate on the date of issuance was 9%. The journal entry to record each semiannual interest payment is: OA) Debit Bond Interest Expense $440,000; credit Cash $440,000. O B) Debit Bond Interest Expense $22,050; credit Cash $22,050. w O C) Debit Bond Interest Expense $44,100; credit Cash $44,100. O D) Debit Bond Interest Payable $32,667; credit Cash $32,667....
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