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Question 3 40 pts Two different companies, Ripper and Berners, entered into the following inventory transactions...
Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies...
Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3 – Ripper Corporation sold inventory on account to Berners Corp. for $480,000, terms 2/10, n/30. This inventory originally cost Ripper $320,000. December 8 – Berners Corp. returned inventory to Ripper Corporation for a credit of $30,000. Ripper returned this inventory to inventory at its original cost of $20,000. December 12 – Berners Corp. paid Ripper Corporation for...
Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies...
Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. • December 3 - Ripper Corporation sold inventory on account to Berners Corp. for $486,000, terms 1/10, n/30. This inventory originally cost Ripper $309,000. • December 8 - Berners Corp. returned inventory to Ripper Corporation for a credit of $4,700. Ripper returned this inventory to inventory at its original cost of $2,988. • December 12- Berners Corp. paid Ripper...
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies...
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3 – Vogel Corporation sold inventory on account to Hatcher Corp. for $493,000, terms 2/10, n/30. This inventory originally cost Vogel $306,000. December 8 – Hatcher Corp. returned inventory to Vogel Corporation for a credit of $4,100. Vogel returned this inventory to inventory at its original cost of $2,545. December 12 – Hatcher Corp. paid Vogel Corporation for...
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December Both companies...
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December Both companies use a perpetual inventory system. December 3-Vogel Corporation sold inventory on account to Hatcher Corp. for $240,000, terms 210, n/30. This inventory originally cost Vogel $160,00. December 8-Hatcher Corp. returned inventory to Vogel Corporation for a credit of $15,000. Vogel returned this iAventory to inventory at its original cost of $10,000 December 12-Hatcher Corp. paid Vogel Corporation for the amount owed. Required: a. Prepare...
upuud HUMUTLU puce provucu at the DOLOMOT the question box as your hitted answer to that...
upuud HUMUTLU puce provucu at the DOLOMOT the question box as your hitted answer to that question. Question 2 24 pts Cheese Factory uses a perpetual inventory system. The following activities occurred during May: • May 2 - Cheese Factory purchased $45,000 worth of inventory, on credit terms 3/10 n/30. . May 5 - Cheese Factory returned $5,000 worth of that inventory to the supplier. • May 9 - Cheese Factory paid for the inventory, taking advantage of all available...
AL All of the transactions of AMNI Inc. for the year have been journalized and posted....
AL All of the transactions of AMNI Inc. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2016: 1. The Supplies account shows a balance of $1,200. A count of supplies revealed $300 on hand. 2. The $2,400 premium relating to a one-year insurance policy was paid on October 1, 2016 covering the one-year period beginning October 1, 2016. 3. The company's equipment, which was purchased last...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inv...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inventory syste calculate Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping point The inventory had cost Pictou $36,000. 7 Shipping costs of $900 were paid by the appropriate company. 8 Thames returned unwanted merchandise to Pictou. The returned merchandise has a sales price of $2,100, and a cost of $1,150. It was restored to inventory. 11...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions in April Apr. 3 Purchased merchandise from DeVito Lid. for $28.000 terms 1/10, 1/30 FOB shipping! point 6 The appropriate company paid freight costs of $700 on the merchandise purchased on April 3 7 Purchased supplies on account for $5.000 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3.500. The merchandise was repaired by DeVito and returned to inventory...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
The following merchandise transactions occurred in
December. Both companies use a perpetual inventory
system.
Dec.
3
Novak Ltd. sold goods to Flounder Corp. for $72,400, terms
2/10, n/30, FOB shipping point. The inventory had cost Novak
$37,700.
7
Shipping costs of $980 were paid by the appropriate
company.
8
Flounder returned unwanted merchandise to Novak. The returned
merchandise has a sales price of $2,200, and a cost of $1,120. It
was restored to inventory.
11
Novak received the balance due...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. • December 3 - Ripper Corporation sold inventory on account to Berners Corp. for $486,000, terms 1/10, n/30. This inventory originally cost Ripper $309,000. • December 8 - Berners Corp. returned inventory to Ripper Corporation for a credit of $4,700. Ripper returned this inventory to inventory at its original cost of $2,988. • December 12- Berners Corp. paid Ripper...
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December Both companies use a perpetual inventory system. December 3-Vogel Corporation sold inventory on account to Hatcher Corp. for $240,000, terms 210, n/30. This inventory originally cost Vogel $160,00. December 8-Hatcher Corp. returned inventory to Vogel Corporation for a credit of $15,000. Vogel returned this iAventory to inventory at its original cost of $10,000 December 12-Hatcher Corp. paid Vogel Corporation for the amount owed. Required: a. Prepare...
upuud HUMUTLU puce provucu at the DOLOMOT the question box as your hitted answer to that question. Question 2 24 pts Cheese Factory uses a perpetual inventory system. The following activities occurred during May: • May 2 - Cheese Factory purchased $45,000 worth of inventory, on credit terms 3/10 n/30. . May 5 - Cheese Factory returned $5,000 worth of that inventory to the supplier. • May 9 - Cheese Factory paid for the inventory, taking advantage of all available...
AL All of the transactions of AMNI Inc. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2016: 1. The Supplies account shows a balance of $1,200. A count of supplies revealed $300 on hand. 2. The $2,400 premium relating to a one-year insurance policy was paid on October 1, 2016 covering the one-year period beginning October 1, 2016. 3. The company's equipment, which was purchased last...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inventory syste calculate Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping point The inventory had cost Pictou $36,000. 7 Shipping costs of $900 were paid by the appropriate company. 8 Thames returned unwanted merchandise to Pictou. The returned merchandise has a sales price of $2,100, and a cost of $1,150. It was restored to inventory. 11...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions in April Apr. 3 Purchased merchandise from DeVito Lid. for $28.000 terms 1/10, 1/30 FOB shipping! point 6 The appropriate company paid freight costs of $700 on the merchandise purchased on April 3 7 Purchased supplies on account for $5.000 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3.500. The merchandise was repaired by DeVito and returned to inventory...
The following merchandise transactions occurred in
December. Both companies use a perpetual inventory
system.
Dec.
3
Novak Ltd. sold goods to Flounder Corp. for $72,400, terms
2/10, n/30, FOB shipping point. The inventory had cost Novak
$37,700.
7
Shipping costs of $980 were paid by the appropriate
company.
8
Flounder returned unwanted merchandise to Novak. The returned
merchandise has a sales price of $2,200, and a cost of $1,120. It
was restored to inventory.
11
Novak received the balance due...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
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