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2. Instructions: Assuming a perpetual inventory system, record the transactions for Yoshi Ine. in the space...
Matching astructions: Match each term with its description Record your final answer on the space provided...
Matching astructions: Match each term with its description Record your final answer on the space provided below. A. Raw materials B. Merchandise inventory C. Service companies E. Work-in-process inventory F. Finished goods G. Manufacturing companies Inventory items for which the manufacturing process is complete. been used in production cost of components that will become part of the finished product but have not yet than selling inventory. Companies that generate revenues by providing services to their customers rather Companies that produce...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Aug. 5 Purchased inventory on account Aug. 9 Paid for transportation of goods purchased Aug. 10 Returned defective merchandise to the seller Aug. 15 Paid for goods purchased on August 5 Amount $ 300,000 25.000 20.000 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CRE
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug. 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CR
Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system
Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3.400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,100 on account Required: 1. Record the...
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing meth...
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost...
Saved mapter 4 1 Prepare journal entries to record each of the merchandising transactions assuming that...
Saved mapter 4 1 Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system Book Nov. 5 Purchased 950 units of product at a cost of $12 per unit. Terms of the sale are 5/10, 1/60; the invoice is dated November 5. Nov. 7 Returned 40 defective units from the November 5 purchase and received full credit Nov. 15 Pald the amount due from the...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system. Nov. 5 Purchased 1,450 units of product at a cost of $40 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 30 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system. Nov. 5 Purchased 500 units of product at a cost of $12 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. Nov. 7 Returned 40 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the...
prepare all journal entries for each of the transactions described. Assume a perpetual inventory system. On...
prepare all journal entries for each of the
transactions described. Assume a perpetual inventory system.
On February 15, Bevex Corp. sold merchandise to cust $72,800). Merchandise costing $24,000 was sold to customers for $31,600 on February 15"% Sales totaling $228,000 (cost $148,200) were recorded on January 20 to customers using VISA, a credit card that charges a 2% banking fee. On Fe $144,000 (cost $93.600] 0.5% on all debit card transactions. Prepare journal entries for each of the transactions described....
4) In a perpetual inventory system, a business maintains a continuous record of the number of...
4) In a perpetual inventory system, a business maintains a continuous record of the number of units purchased, sold and on hand for each inventory item. Prepare the journal entries for the below 2 transactions. Purchase 1000 movies at $2 each for a total of $2,000 cash. Sold 600 movies on account for a price of S10 each for a total of $6,000. CREDIT DEBIT ACCOUNT NAME
Matching astructions: Match each term with its description Record your final answer on the space provided below. A. Raw materials B. Merchandise inventory C. Service companies E. Work-in-process inventory F. Finished goods G. Manufacturing companies Inventory items for which the manufacturing process is complete. been used in production cost of components that will become part of the finished product but have not yet than selling inventory. Companies that generate revenues by providing services to their customers rather Companies that produce...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Aug. 5 Purchased inventory on account Aug. 9 Paid for transportation of goods purchased Aug. 10 Returned defective merchandise to the seller Aug. 15 Paid for goods purchased on August 5 Amount $ 300,000 25.000 20.000 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CRE
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug. 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CR
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost...
Saved mapter 4 1 Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system Book Nov. 5 Purchased 950 units of product at a cost of $12 per unit. Terms of the sale are 5/10, 1/60; the invoice is dated November 5. Nov. 7 Returned 40 defective units from the November 5 purchase and received full credit Nov. 15 Pald the amount due from the...
prepare all journal entries for each of the
transactions described. Assume a perpetual inventory system.
On February 15, Bevex Corp. sold merchandise to cust $72,800). Merchandise costing $24,000 was sold to customers for $31,600 on February 15"% Sales totaling $228,000 (cost $148,200) were recorded on January 20 to customers using VISA, a credit card that charges a 2% banking fee. On Fe $144,000 (cost $93.600] 0.5% on all debit card transactions. Prepare journal entries for each of the transactions described....
4) In a perpetual inventory system, a business maintains a continuous record of the number of units purchased, sold and on hand for each inventory item. Prepare the journal entries for the below 2 transactions. Purchase 1000 movies at $2 each for a total of $2,000 cash. Sold 600 movies on account for a price of S10 each for a total of $6,000. CREDIT DEBIT ACCOUNT NAME
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