A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9 . 2021, for $59,000 and then sells this inventory on account on March 7.2021 for $77,000
Record the transactions for the purchase and sole of the inventory (If no entry is required for a particular transaction/event, select 'No Journal Entry Required" in the first account field.)
Homework Answers
The first entry is for
purchase, the second for sale and the third for cost of goods
sold.
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases...
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases Inventory on account on February 2 for $32.000 and then sols this inventory on account on March 17 for Record transactions for the purchase and sale of inventory Of ne entry is required for a transaction event, select "No journal entry required in the first account Red.) View transaction ist Journal entry worksheet Record the purchase of inventory on account Note: Errors before credits...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n/30. March 5 Pays freight costs of $290 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,800 on account. tormiunt due on March 3 purchase the returned Record...
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to...
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $6,000. Freight charges of $800 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,100 and John’s account was credited by the supplier. Merchandise costing $3,300 was sold for $6,200 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John’s account was credited by the supplier. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on F...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000. Record the purchase of inventory on account. Record the sale of inventory on account. Record the cost of goods sold.
A company has the following transactions during March:
A company has the following transactions during March: March 3 Purchases inventory on account for $3,300, terms 3/10, n/30. March 5 Pays freight costs of $210 on inventory purchased on March 3. March 6 Returns inventory with a cost of $300. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,500 on account. Record all transactions, including the month-end adjustment to cost of goods sold, assuming the company...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases Inventory on account on February 2 for $32.000 and then sols this inventory on account on March 17 for Record transactions for the purchase and sale of inventory Of ne entry is required for a transaction event, select "No journal entry required in the first account Red.) View transaction ist Journal entry worksheet Record the purchase of inventory on account Note: Errors before credits...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n/30. March 5 Pays freight costs of $290 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,800 on account. tormiunt due on March 3 purchase the returned Record...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
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