Homework Answers
| Entry would be | |||||||
| Debit | Credit | ||||||
| Purchases | 1000 | ||||||
| Freight-in | 100 | ||||||
| Accounts payable | 1100 | ||||||
| Answer would be | |||||||
| Purchases for $ 1000 | |||||||
| Freight in for $ 100 | |||||||
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A company that uses the periodic inventory system purchases merchandise inventory for $1,000 plus freight of...
A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with...
A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with credit terms 2/10, n/30. The company will record this transaction in a perpetual inventory system with a debit to: Click the answer you think is right. accounts payable for $1,000 accounts payable for $1,100 merchandise inventory for $1,000 merchandise Inventory for $1,100 Rond about this Do you know the answer? No Idea Think so UR
A company purchases merchandise for $500 plus a freight charge of $50 from a supplier, payment...
A company purchases merchandise for $500 plus a freight charge of $50 from a supplier, payment is due in 30 days. This transaction will be recorded with which of the following entries Check all that apply. Credit to accounts payable for $550 ✓ debit to purchases for $500 debit to accounts payable for $550 credit to purchases for $500 credit to freight in for $50
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...
Question 16 On August 1, our company purchases $1,000 worth of merchandise inventory on credit with...
Question 16 On August 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 3/10, n/30. What is the amount we would credit to cash if we pay this invoice on August 9? Group of answer choices $1,000 $997 $990 $970 Question 17 Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an additional $200. Our company returned $300 worth of merchandise. What is the total cost...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. 2. 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. 3. Merchandise costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary journal entries to record these...
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...
on the balance sheet of a retailer the merchandise inventory account A company that uses the perpetual inventor...
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with credit terms 2/10, n/30. The company will record this transaction in a perpetual inventory system with a debit to: Click the answer you think is right. accounts payable for $1,000 accounts payable for $1,100 merchandise inventory for $1,000 merchandise Inventory for $1,100 Rond about this Do you know the answer? No Idea Think so UR
A company purchases merchandise for $500 plus a freight charge of $50 from a supplier, payment is due in 30 days. This transaction will be recorded with which of the following entries Check all that apply. Credit to accounts payable for $550 ✓ debit to purchases for $500 debit to accounts payable for $550 credit to purchases for $500 credit to freight in for $50
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...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. 2. 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. 3. Merchandise costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary journal entries to record these...
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...
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
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