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Suppose Varsity Sports uses the perpetual inventory system and purchases $620,000 of sporting goods...
Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In...
Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In a recent month, Reeves engaged in the following transactions: a. On April 1, Reeves purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Reeves purchased merchandise on credit for $25,900 with terms 3/15, n/25. c.On April 9, Reeves paid for the purchase made on April 1. d. On April 25, Reeves paid for the merchandise purchased on April 2...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
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...
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Apr. 2. Swan Company sold merchandise on account to Bird Company, $58,300, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,725, which was added to the invoice. The cost of the goods sold was $34,220. 8. Swan Company sold merchandise on...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
JPLS A company that uses the net method of recording purchases and a perpetual inventory system...
JPLS A company that uses the net method of recording purchases and a perpetual inventory system purchased $1,800 of merchandise on July 5 with terms 2/10,n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is: O <p>Debit Merchandise Inventory $1,600; credit Cash $1,600.</p> O <p>Debit Cash $1,600; credit Accounts Payable $1,600.</p> O <p>Debit Accounts Payable $1,600; credit Merchandise Inventory...
CH Required information A seller uses a perpetual inventory system, and on April 17, a customer...
CH Required information A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Complete the two Journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the dollar...
Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a...
Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a recent month, Doha engaged in the following transactions. a. On April 1, Doha purchased merchandise on credit for $25,150 with terms 2/10, n/30. b. On April 2, Doha purchased merchandise on credit for $28,200 with terms 3/15, 1/25. c. On April 9, Doha paid for the purchase made on April 1. d. On April 25, Doha paid for the merchandise purchased on April 2....
nces Knowledge Check 01 A seller uses a perpetual inventory system, and on April 17, a...
nces Knowledge Check 01 A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Complete the two journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the...
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...
Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In a recent month, Reeves engaged in the following transactions: a. On April 1, Reeves purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Reeves purchased merchandise on credit for $25,900 with terms 3/15, n/25. c.On April 9, Reeves paid for the purchase made on April 1. d. On April 25, Reeves paid for the merchandise purchased on April 2...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
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...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
JPLS A company that uses the net method of recording purchases and a perpetual inventory system purchased $1,800 of merchandise on July 5 with terms 2/10,n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is: O <p>Debit Merchandise Inventory $1,600; credit Cash $1,600.</p> O <p>Debit Cash $1,600; credit Accounts Payable $1,600.</p> O <p>Debit Accounts Payable $1,600; credit Merchandise Inventory...
CH Required information A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Complete the two Journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the dollar...
Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a recent month, Doha engaged in the following transactions. a. On April 1, Doha purchased merchandise on credit for $25,150 with terms 2/10, n/30. b. On April 2, Doha purchased merchandise on credit for $28,200 with terms 3/15, 1/25. c. On April 9, Doha paid for the purchase made on April 1. d. On April 25, Doha paid for the merchandise purchased on April 2....
nces Knowledge Check 01 A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Complete the two journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the...
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...
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