Homework Answers
| Date | Account Tittle | Debit | Credit |
| Dec. 5 | Inventory | $4,000 | |
| Account Payable | $4,000 | ||
| Inventory purchased on account | |||
| Dec. 7 | Account Payable | 400 | |
| Inventory | 400 | ||
| To record defective inventory kept at reduce price | |||
| Dec. 15 | Account Payable | 3,600 | |
| Cash | 3,528 | ||
| Inventory | 72 | ||
| To record Payment of Invoices within discount period | |||
| Discount = (4,000 -400) |
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Required information Complete the buyer's journal entry for payment by selecting the account names from amounts...
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...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 18, a customer...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise previously purchased is defective. The buyer decides to keep the defective merchandise and the seller allows a $15 price reduction, paid in cash to the buyer. Complete the journal entry to record the allowance granted to the buyer by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
required 1: prepare entries that the buyer records for the (a) purchase, (b) cash payment within...
required 1: prepare entries that the buyer records for the (a)
purchase, (b) cash payment within discount period, and (c) cash
payment after discount period.
Required 2: prepare entries the seller records for the (a)
sale, (b) cash collection within discount period, and (c) cash
collection after the discount period
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10,n/60 and an invoice price of $20,400. The merchandise had cost Mesa $13,913....
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $23,300. The merchandise had cost Mesa $15,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
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...
Required information [The following information applies to the questions displayed below.] James Company began the mont...
Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe...
4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,300. The merchandise had cost Mesa $16,573. Assume that both buyer and seller use a perpetual inventory system and the gross method. ints 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and...
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...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise previously purchased is defective. The buyer decides to keep the defective merchandise and the seller allows a $15 price reduction, paid in cash to the buyer. Complete the journal entry to record the allowance granted to the buyer by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
required 1: prepare entries that the buyer records for the (a)
purchase, (b) cash payment within discount period, and (c) cash
payment after discount period.
Required 2: prepare entries the seller records for the (a)
sale, (b) cash collection within discount period, and (c) cash
collection after the discount period
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10,n/60 and an invoice price of $20,400. The merchandise had cost Mesa $13,913....
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $23,300. The merchandise had cost Mesa $15,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
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...
Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,300. The merchandise had cost Mesa $16,573. Assume that both buyer and seller use a perpetual inventory system and the gross method. ints 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and...
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