What should be the amount of ending inventory based on the following data? Purchased inventory...
What should be the amount of ending inventory based on the following data?
Purchased inventory for $100,000, terms 3/10, n/30
Returned $20,000 of inventory for credit
Paid $500 freight on the shipment
Paid the invoice within the discount period
Homework Answers
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What should be the amount of ending inventory based on
the following data?
Purchased inventory...
Skysong’s Market recorded the following events involving a recent purchase of inventory: Received goods for $113000,...
Skysong’s Market recorded the following events involving a recent purchase of inventory: Received goods for $113000, terms 2/10, n/30. Returned $2800 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by $108388. increased by $107996. increased by $110600. increased by $108396.
Whispering’s Market recorded the following events involving a recent purchase of inventory: Received goods for $115000,...
Whispering’s Market recorded the following events involving a recent purchase of inventory: Received goods for $115000, terms 2/10, n/30. Returned $2600 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by $110152. increased by $110544. increased by $110552. increased by $112800. The collection of a $1800 account within the 2 percent discount period will result in a credit to Cash for...
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000,...
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/15, n/30. Returned $2900 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $116438. increased by $115738. increased by $118800. increased by $116424.
Tony’s Market used the perpetual method to record the following events involving a recent purchase of...
Tony’s Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $78200, terms 2/9, n/30. Returned $1700 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory
Crane’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $44000,...
Crane’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $44000, terms 1/10, n/30. Returned $900 of the shipment for credit. Paid $100 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by$42669. increased by $42763. increased by $42769. increased by $43200.
Based on the following information, what would be recorded as purchases discount if the invoice is...
Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount period? 1. $5,000 of merchandise inventory was ordered on April 2, 2016. 2. $2,000 of this merchandise was received on April 5, 2016. 3. On April 6, 2016, an invoice dated April 4, 2016, with terms of 2/10, net 30 for $2,150 which included a $150 prepaid freight cost, was received. 4. On April 10, 2016, $500 of the merchandise...
Record the following transactions in general journal form using the periodic inventory system. If an amount...
Record the following transactions in general journal form using the periodic inventory system. If an amount does not require an entry, leave it blank. Round your answers to the nearest cent. June 5 Sold merchandise on account to Wilson, Inc., $520; terms 1/10, n/30. 12 Bought merchandise on account from Mastercraft Company, $425; terms 2/10, n/45; FOB shipping point. 15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $45. 15 Received full payment from Wilson,...
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for...
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $500 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $57,624. b. $57,924. c. $58,124. d. $59,300. 8. Sunland Company reported the following balances at June 30, 2018 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of...
vany nad beginning inventory of $55,000. During the month of February, the company recorded the following...
vany nad beginning inventory of $55,000. During the month of February, the company recorded the following events: Purchased merchandise for $120,000 with the terms 2/10, n/30. Paid $2,000 transportation costs on the shipment. Returned $5,000 of the merchandise. Paid the invoice within the discount period. Assuming there were no sales during the month, what is the balance in the company's Inventory account at the end of February? A. $182,000 B. $167,700 C. $174,300 D. $169,700 E. $170,000
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/15, n/30. Returned $2900 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $116438. increased by $115738. increased by $118800. increased by $116424.
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $500 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $57,624. b. $57,924. c. $58,124. d. $59,300. 8. Sunland Company reported the following balances at June 30, 2018 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of...
vany nad beginning inventory of $55,000. During the month of February, the company recorded the following events: Purchased merchandise for $120,000 with the terms 2/10, n/30. Paid $2,000 transportation costs on the shipment. Returned $5,000 of the merchandise. Paid the invoice within the discount period. Assuming there were no sales during the month, what is the balance in the company's Inventory account at the end of February? A. $182,000 B. $167,700 C. $174,300 D. $169,700 E. $170,000
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