Homework Answers
C) a debit to Accounts Payable for $62,000, a credit to Merchandise Inventory for $1,240, and a credit to Cash for $60,760.
| General Journal | Debit | Credit |
| Accounts Payable | $62,000 | |
| Merchandise Inventory($62,000 * 0.02) | $1,240 | |
| Cash | $60,760 |
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4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with...
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...
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...
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000...
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000 on account FOB shipping point with terms of 2/10 net/30. Which of the following entries would be made to record full payment to the seller the payment is made within 10 days? OA) The accounting entry would be a $2,060 debit to Accounts Payable, a $40 debit to Inventory and a $2,100 credit to Cash. OB) The accounting entry would be a $1,100 debit...
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...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms of 3/15, n/45. Defective inventory of $70,000 was returned 2 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 ________. A. $510,000 debit to Accounts Payable, $496,800 credit to Cash, and $13,200 credit to Merchandise Inventory B. $440,000 debit to Accounts Payable and $440,000 credit to Cash...
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...
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....
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 that uses the perpetual inventory system purchased A company that uses the perpetual inventory system pur...
a company that uses the perpetual inventory system
purchased
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
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...
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...
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000 on account FOB shipping point with terms of 2/10 net/30. Which of the following entries would be made to record full payment to the seller the payment is made within 10 days? OA) The accounting entry would be a $2,060 debit to Accounts Payable, a $40 debit to Inventory and a $2,100 credit to Cash. OB) The accounting entry would be a $1,100 debit...
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...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
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...
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....
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 that uses the perpetual inventory system
purchased
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
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