How do you record the following entry? 12/28 Received inventory item 1005 (30 units at $250...
How do you record the following entry?
12/28 Received inventory item 1005 (30 units at $250 plus shipping of $15) from MNO Inc. on account. Watson Sales uses a perpetual inventory system. [Hint: Shipping is part of the cost of inventory. This is important now and later for Cost of Goods Sold.]
Homework Answers
The total cost of inventory purchased = (30 Units X $250) + $15 = $7,515
Since the goods are purchased on account, no cash is paid
| Date | Account Titles and Explanation | Debit | Credit |
| 12/28 | Merchandise inventory | $7,515 | - |
| Accounts payable | - | $7,515 | |
| (To record purchase of inventory on credit) |
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