Homework Answers
Option A
under perpetual inventory system when purchase are made
merchandise inventory A/c dr 15000
to accounts payable A/c 15000
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question Completion Status: QUESTION 50 Morgan, cues a perpetual inventory system and the net method of...
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...
If a company uses the perpetual inventory method, the journal entry to record a purchase of...
If a company uses the perpetual inventory method, the journal entry to record a purchase of merchandise for $2,000 with terms of 2/10, net 30 would include a debit to: A. Purchases for inventory $1,960 B. Cost of Goods Sold for $,000 C. Inventory for $2,000 D Accounts Receivable for $1,960 How do I solve the question?
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
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...
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...
Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In...
Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In a recent month, Reeves engaged in the following transactions: a. On April 1, Reeves purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Reeves purchased merchandise on credit for $25,900 with terms 3/15, n/25. c.On April 9, Reeves paid for the purchase made on April 1. d. On April 25, Reeves paid for the merchandise purchased on April 2...
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...
Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a...
Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a recent month, Doha engaged in the following transactions. a. On April 1, Doha purchased merchandise on credit for $25,150 with terms 2/10, n/30. b. On April 2, Doha purchased merchandise on credit for $28,200 with terms 3/15, 1/25. c. On April 9, Doha paid for the purchase made on April 1. d. On April 25, Doha paid for the merchandise purchased on April 2....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
The journal entry for the purchase of inventory on account using the perpetual inventory system is...
The journal entry for the purchase of inventory on account using the perpetual inventory system is Debit Credit Date Accounts and Explanation OA Merchandise Iinventory OB. |Accounts Payable O C. Merchandise Inventory OD. Merchandise Inventory ocx Cash XoxcX Merchandise Inventory 1ml Accounts Payable Accounts Receivable Click to select your answer 445
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...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
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...
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...
Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In a recent month, Reeves engaged in the following transactions: a. On April 1, Reeves purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Reeves purchased merchandise on credit for $25,900 with terms 3/15, n/25. c.On April 9, Reeves paid for the purchase made on April 1. d. On April 25, Reeves paid for the merchandise purchased on April 2...
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...
Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a recent month, Doha engaged in the following transactions. a. On April 1, Doha purchased merchandise on credit for $25,150 with terms 2/10, n/30. b. On April 2, Doha purchased merchandise on credit for $28,200 with terms 3/15, 1/25. c. On April 9, Doha paid for the purchase made on April 1. d. On April 25, Doha paid for the merchandise purchased on April 2....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
The journal entry for the purchase of inventory on account using the perpetual inventory system is Debit Credit Date Accounts and Explanation OA Merchandise Iinventory OB. |Accounts Payable O C. Merchandise Inventory OD. Merchandise Inventory ocx Cash XoxcX Merchandise Inventory 1ml Accounts Payable Accounts Receivable Click to select your answer 445
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