Homework Answers
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Final cost of inventory = Net purchases after discount + Freight = [(4900-35%) - 1%] + 390 = 3153 + 390 = 3543 Option B is the answer |
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Country Cupboard purchased inventory for $4,900 and also paid a $390 freight bill. Country Cupboard returned...
Test: Exam 3 Time Remaining: 04:40:45 Submit Tes This Question: 3 pts 74 or 19 (8...
Test: Exam 3 Time Remaining: 04:40:45 Submit Tes This Question: 3 pts 74 or 19 (8 complete v 4 of 19 (8 complete) This Test: 100 pts possit JC Manufacturing purchased inventory for $5.700 and also paid a $330 freight bill. JC Manufacturing returned 30% of the goods to the seller and later took a 3% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your...
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...
zechon Msic purchased mentryfor SASCO nd also paid a $2.50tegre bil Zaphon Music returned 20% ofthe...
zechon Msic purchased mentryfor SASCO nd also paid a $2.50tegre bil Zaphon Music returned 20% ofthe goodstotho seler ard later tota ses a perpetual nventery system. What is Zepheon Music's final cost of the inventory that tka? (Round your answer to the nearest whole number) OB. 54,092 uavaos 8 Q w Alt Alt
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 $5,100. Freight charges of $350 were paid in cash. John’s returned some of the merch
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 $5,100. Freight charges of $350 were paid in cash.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John’s account was credited by the supplier.Merchandise costing $2,850 was sold for $5,300 in cash. Required:Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers,
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers, $ 3,500. Terms 1 / 15, n / E O M, FOB shipping point.4 Paid freight bill of $ 75 on September 3 purchase.4 Purchase merchandise inventory for cash of $ 1,900.6 Returned $ 400 of inventory from September 3 purchase.8 Sold merchandise inventory to Harvey Company, $ 6,300, on account. Terms 1 / 15, n / 35. Cost of goods, $ 2,8359 Purchased merchandise inventory on account from Tripp...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
Sep 3 Purchased merchandise inventory on account from Shallin Wholesalers, $ 5 comma 200. Terms 1/15,...
Sep 3 Purchased merchandise inventory on account from Shallin Wholesalers, $ 5 comma 200. Terms 1/15, n/EOM, FOB shipping point. 4 Paid freight bill of $ 65 on September 3 purchase. 4 Purchase merchandise inventory for cash of $ 2 comma 200. 6 Returned $ 1 comma 200 of inventory from September 3 purchase. 8 Sold merchandise inventory to Hillis Company, $ 5 comma 500, on account. Terms 1/15, n/35. Cost of goods, $ 2 comma 310. 9 Purchased merchandise...
Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary...
Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary tansactions. Explanations are not required. (Click the icon to view the transactions.) Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) More Info Jun. 20 Purchased inventory of 55,100 on account from Sanders Diamonds, a jewelry imprter. Terms were 2/15, n/45....
lated and purchase related transactions. The following were selected from among the transactions completed by the...
lated and purchase related transactions. The following were selected from among the transactions completed by the Brown Company during May of the current year: Prepare journal entries for the following transactions. 4 Sold merchandise on VISA, $120,000. The cost of merchandise sold was $75,000. 5 Purchased merchandise on account from Black Co., list price $70,000, trade discount 40%, freight of $400, terms FOB shipping point, 2/10, n/eom. 12 Sold merchandise on account to Red Co., list price $15,000, terms 3/15,...
Test: Exam 3 Time Remaining: 04:40:45 Submit Tes This Question: 3 pts 74 or 19 (8 complete v 4 of 19 (8 complete) This Test: 100 pts possit JC Manufacturing purchased inventory for $5.700 and also paid a $330 freight bill. JC Manufacturing returned 30% of the goods to the seller and later took a 3% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your...
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...
zechon Msic purchased mentryfor SASCO nd also paid a $2.50tegre bil Zaphon Music returned 20% ofthe goodstotho seler ard later tota ses a perpetual nventery system. What is Zepheon Music's final cost of the inventory that tka? (Round your answer to the nearest whole number) OB. 54,092 uavaos 8 Q w Alt Alt
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers, $ 3,500. Terms 1 / 15, n / E O M, FOB shipping point.4 Paid freight bill of $ 75 on September 3 purchase.4 Purchase merchandise inventory for cash of $ 1,900.6 Returned $ 400 of inventory from September 3 purchase.8 Sold merchandise inventory to Harvey Company, $ 6,300, on account. Terms 1 / 15, n / 35. Cost of goods, $ 2,8359 Purchased merchandise inventory on account from Tripp...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary tansactions. Explanations are not required. (Click the icon to view the transactions.) Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) More Info Jun. 20 Purchased inventory of 55,100 on account from Sanders Diamonds, a jewelry imprter. Terms were 2/15, n/45....
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