Homework Answers
Out of $500,000 purchase, $70,000 is returned. Remaining $430,000 is not paid within discount period of 15 days. The journal entry for payment includes a debit to account payable and credit to cash with $430,000.
Option A.
The journal entry for goods returned this debit to accounts payable great to merchandise inventory with $800.
Option B.
Sales made $5,200 and the amount is not received within 15 days from April 2nd. Total amount will be received on April 30th. $5,800 received is debited to cash.
Option B.
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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 $510,000 on account with credit terms...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms of 3/15, n/45. Defective inventory of $70,000 was returned 2 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 ________. A. $510,000 debit to Accounts Payable, $496,800 credit to Cash, and $13,200 credit to Merchandise Inventory B. $440,000 debit to Accounts Payable and $440,000 credit to Cash...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth $500.000 malty to record the payment would be count with credit forms of I, 14. Defective invertory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted. If the OA 1442.000 debt to counts Payable, $12.900 credit to Merchandie try, and 30.000 cash OB. $500,000 de locuri Paybi 467,100 credit to Cash, and $12,00 Merchandise Inventory O c. $500,000 to Accounts...
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit...
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit forms of 1/16, 1/30. Defective inventory was received, but instead of a retum, an allowance of $500 is givesThe allowance is before the Inic is paid. The journal entry to record the payment for the lowance and within the discount period would be O A 190.000 abit to Cash and $0.0 credit to Accounts Payable OB. 56.500 debt to Accounts Payable595,535 credit to Cash...
The journal entry for the purchase of inventory on account using the perpetual inventory system is...
The journal entry for the purchase of inventory on account using the perpetual inventory system is Debit Credit Date Accounts and Explanation OA Merchandise Iinventory OB. |Accounts Payable O C. Merchandise Inventory OD. Merchandise Inventory ocx Cash XoxcX Merchandise Inventory 1ml Accounts Payable Accounts Receivable Click to select your answer 445
A company purchased $1,900 of merchandise on July 5 with terms 210, 1/30. On July 7,...
A company purchased $1,900 of merchandise on July 5 with terms 210, 1/30. On July 7, it returned $200 worth of merchandise. On July 29, it pa u the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise rctum on July 7 is: Multiple Choice o Debit Accounts Payale $1.800; creclit Purchase Returns $200: credit Merchandise inventory $1,600. o Debit Accounts Payab e...
2) Jones used a perpetual inventory system and purchased inventory on account. He returned $600 worth...
2) Jones used a perpetual inventory system and purchased inventory on account. He returned $600 worth to the vendor before the payment was made. From the options below which would be the correct journal entry to record the return? A) T 6000 600 Purchase Returns Accounts Payable B Accounts Payable Purchase Returns C) Merchandise Inventory Accounts Payable D) Accounts Payable Merchandise Inventory 600 15) At the beginning of a period there is a balance of $4,000 in Prepaid Insurance. During...
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,...
4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with...
4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $62,000, a credit to Cash for $1,240, and a credit to Merchandise Inventory for $60,760 B) a debit to Merchandise Inventory for $1,240, a debit to Accounts Payable for $62,000, and a credit to Cash for $63,240...
Acompany that uses the perpetual inventory system purchased inventory for $1.050.000 on account with terms of...
Acompany that uses the perpetual inventory system purchased inventory for $1.050.000 on account with terms of 3/7 20. Which of the following correctly records the payment made 15 days after the date of VOICO? 1,050,000 1,050,000 1,050,000 O A. Cash Accounts Payable OB Accounts Payable Merchandise Inventory Cash OC. Accounts Payable Cash OD. Accounts Payable Merchandise Inventory 31.500 1,018.500 1,050,000 1,050.000 1.050.000 1,050,000
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth $500.000 malty to record the payment would be count with credit forms of I, 14. Defective invertory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted. If the OA 1442.000 debt to counts Payable, $12.900 credit to Merchandie try, and 30.000 cash OB. $500,000 de locuri Paybi 467,100 credit to Cash, and $12,00 Merchandise Inventory O c. $500,000 to Accounts...
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit forms of 1/16, 1/30. Defective inventory was received, but instead of a retum, an allowance of $500 is givesThe allowance is before the Inic is paid. The journal entry to record the payment for the lowance and within the discount period would be O A 190.000 abit to Cash and $0.0 credit to Accounts Payable OB. 56.500 debt to Accounts Payable595,535 credit to Cash...
The journal entry for the purchase of inventory on account using the perpetual inventory system is Debit Credit Date Accounts and Explanation OA Merchandise Iinventory OB. |Accounts Payable O C. Merchandise Inventory OD. Merchandise Inventory ocx Cash XoxcX Merchandise Inventory 1ml Accounts Payable Accounts Receivable Click to select your answer 445
A company purchased $1,900 of merchandise on July 5 with terms 210, 1/30. On July 7, it returned $200 worth of merchandise. On July 29, it pa u the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise rctum on July 7 is: Multiple Choice o Debit Accounts Payale $1.800; creclit Purchase Returns $200: credit Merchandise inventory $1,600. o Debit Accounts Payab e...
2) Jones used a perpetual inventory system and purchased inventory on account. He returned $600 worth to the vendor before the payment was made. From the options below which would be the correct journal entry to record the return? A) T 6000 600 Purchase Returns Accounts Payable B Accounts Payable Purchase Returns C) Merchandise Inventory Accounts Payable D) Accounts Payable Merchandise Inventory 600 15) At the beginning of a period there is a balance of $4,000 in Prepaid Insurance. During...
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,...
4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $62,000, a credit to Cash for $1,240, and a credit to Merchandise Inventory for $60,760 B) a debit to Merchandise Inventory for $1,240, a debit to Accounts Payable for $62,000, and a credit to Cash for $63,240...
Acompany that uses the perpetual inventory system purchased inventory for $1.050.000 on account with terms of 3/7 20. Which of the following correctly records the payment made 15 days after the date of VOICO? 1,050,000 1,050,000 1,050,000 O A. Cash Accounts Payable OB Accounts Payable Merchandise Inventory Cash OC. Accounts Payable Cash OD. Accounts Payable Merchandise Inventory 31.500 1,018.500 1,050,000 1,050.000 1.050.000 1,050,000
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