Homework Answers
The account that is used to record discount given to customer, under perpetual inventory system, for making the payment within the given time is "sales discount"
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MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when...
MC Qu. 6-70 Monte Vista uses the perpetual inventory... Monte Vista uses the perpetual inventory system....
MC Qu. 6-70 Monte Vista uses the perpetual inventory... Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $31.000 in inventory. During the quarter the company purchases $8050 of new inventory from a vendor returned $800 of inventory to the vendor, and took advantage of discounts from the vendor of $210. At the end of the quarter the balance in inventory is $27,000. What is the cost of goods sold? Multiple Choice O...
MC Qu.36 Cinnamon Buns Co.(CBC) started 2018... Cinnamon Buns Co. (CBC) started 2018 with $52,600 of...
MC Qu.36 Cinnamon Buns Co.(CBC) started 2018... Cinnamon Buns Co. (CBC) started 2018 with $52,600 of merchandise on hand. During 2018, $294,000 in merchandise was purchased on account with credit terms of 2/10 n/30. All discounts were taken. Purchases were all made f.o.b.shipping point CBC paid freight charges of $9,900. Merchandise with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $305,000. CBC uses a perpetual inventory system Assuming CBC uses the...
MC Qu. 9-26 A sale of merchandise for cash would... 19 A sale of merchandise for cash would be recorded in: 2.5 p...
MC Qu. 9-26 A sale of merchandise for cash would... 19 A sale of merchandise for cash would be recorded in: 2.5 points Multiple Choice the cash receipts journal. the cash payments journal the sales journal the general Journal
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...
Perpetual System—Recording Inventory Related Entries using the Gross Method Columbus Music Inc. maintains a perpetual inventory...
Perpetual System—Recording Inventory Related Entries using the Gross Method Columbus Music Inc. maintains a perpetual inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020, for its major inventory line. Prepare journal entries for transactions a through e. Note: Round you answers to the nearest whole dollar. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid cash of $144 for freight...
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a...
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a cost of 54.000 for $5.500 to a customer on account with forms of 415, 30 Which of the following umalis correctly records the payment received from the customer on April 2017 5,280 220 5.500 5.280 O A Cash Sales Discounts Forted Accounts Receivable O Cash Accounts Receivable Ос. Cash Accounts Receivable Sales Discounts Ford OD Cash Accounts Receivable 5.500 5.280 220 5.500 5.500
Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a perpetual inventory system.
Exercise 207Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a perpetual inventory system.(a) Oldman sells $ 54,000 of merchandise, terms 1 / 10, n / 30. The merchandise cost $ 30,000.(b) The customer in (a) returned $ 5,000 of merchandise to Oldman. The merchandise returned cost $ 3,500.(c) Oldman received the balance due within the discount period.
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: points $294,300 eBook a. Sold merchandise for cash (cost of merchandise $160,750). b. Received merchandise returned...
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for...
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for recording both purchase and sales discounts. All purchases and sales of inventory are on account with terms 2/15, n/30. Carter Inc. had the following select transactions occur during May and June of 2020: May 1 --- Purchased inventory costing $12,000, terms 2/15, n/30. May 1 --- Paid $200 cash to UPS for freight related to the above purchase. Carter is responsible for these freight...
Required information SB Beech Soda, Inc. uses a perpetual inventory... Beech Soda, Inc. uses a perpetual...
Required information SB Beech Soda, Inc. uses a perpetual inventory... Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total Total Cost $ 300 336 621 $1,257 On January 14, Beech Soda, Inc. sold 29 units of this product. The other 34 units remained in Inventory at January 31....
MC Qu. 6-70 Monte Vista uses the perpetual inventory... Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $31.000 in inventory. During the quarter the company purchases $8050 of new inventory from a vendor returned $800 of inventory to the vendor, and took advantage of discounts from the vendor of $210. At the end of the quarter the balance in inventory is $27,000. What is the cost of goods sold? Multiple Choice O...
MC Qu.36 Cinnamon Buns Co.(CBC) started 2018... Cinnamon Buns Co. (CBC) started 2018 with $52,600 of merchandise on hand. During 2018, $294,000 in merchandise was purchased on account with credit terms of 2/10 n/30. All discounts were taken. Purchases were all made f.o.b.shipping point CBC paid freight charges of $9,900. Merchandise with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $305,000. CBC uses a perpetual inventory system Assuming CBC uses the...
MC Qu. 9-26 A sale of merchandise for cash would... 19 A sale of merchandise for cash would be recorded in: 2.5 points Multiple Choice the cash receipts journal. the cash payments journal the sales journal the general Journal
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...
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a cost of 54.000 for $5.500 to a customer on account with forms of 415, 30 Which of the following umalis correctly records the payment received from the customer on April 2017 5,280 220 5.500 5.280 O A Cash Sales Discounts Forted Accounts Receivable O Cash Accounts Receivable Ос. Cash Accounts Receivable Sales Discounts Ford OD Cash Accounts Receivable 5.500 5.280 220 5.500 5.500
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: points $294,300 eBook a. Sold merchandise for cash (cost of merchandise $160,750). b. Received merchandise returned...
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for recording both purchase and sales discounts. All purchases and sales of inventory are on account with terms 2/15, n/30. Carter Inc. had the following select transactions occur during May and June of 2020: May 1 --- Purchased inventory costing $12,000, terms 2/15, n/30. May 1 --- Paid $200 cash to UPS for freight related to the above purchase. Carter is responsible for these freight...
Required information SB Beech Soda, Inc. uses a perpetual inventory... Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total Total Cost $ 300 336 621 $1,257 On January 14, Beech Soda, Inc. sold 29 units of this product. The other 34 units remained in Inventory at January 31....
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