Homework Answers
The entry would be
| Inventory (Assets increase) | 6,500 | |
| Accounts Payable (Liabilities increase ) | 6,500 |
Option B is the answer
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Abbott Company purchased $6,500 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which...
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...
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...
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....
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
a company that uses the perpetual inventory system purchased A company that uses the perpetual inventory system pur...
a company that uses the perpetual inventory system
purchased
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
Duke Company's unedusted bank balance at March 31 is $3850. The bank reconciliation revealed outstanding checks...
Duke Company's unedusted bank balance at March 31 is $3850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of $460. What is the true cash balance? $3850 $3390 $3730 $4310 Abbott Company purchased $7300 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which of the following entries would be required to record this transaction? 7300 Inventory Accounts Payable 7300 Accounts Payable Purchases 7300 Cost of Goods Sold Accounts Payable 7300 Accounts Payable...
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...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
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 (4) cr. dr. Cash (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 purchased on dr. Accounts Receivable dr. Choose......
on the balance sheet of a retailer the merchandise inventory account A company that uses the perpetual inventor...
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
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. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
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...
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...
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....
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
a company that uses the perpetual inventory system
purchased
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
Duke Company's unedusted bank balance at March 31 is $3850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of $460. What is the true cash balance? $3850 $3390 $3730 $4310 Abbott Company purchased $7300 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which of the following entries would be required to record this transaction? 7300 Inventory Accounts Payable 7300 Accounts Payable Purchases 7300 Cost of Goods Sold Accounts Payable 7300 Accounts Payable...
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 (4) cr. dr. Cash (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 purchased on dr. Accounts Receivable dr. Choose......
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
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