Homework Answers
Purchases
At the time of purchase,we will write a entry
Purchase A/C------Dr
To Cash A/C
And now, when the product is returned purchases will be decreased and purchase a/c will be credited.
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A company receives a credit memorandum from a supplier for $500 for defective product returned. Using...
A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a credit to the _______ account. Click the answer you think is right. purchases returns & allowances merchandise inventory purchases
A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a which of the following entries: Check all that apply. credit to accounts payable credit to purchases returns & allowances debit to accounts payable debit to purchases returns & allowances
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
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
If merchandise costing $500 that was sold for cash at a price of $620 is returned...
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
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
on September 12, ryan On September 12. Ryan Company sold merchandise in the amount of $5.00...
on September 12, ryan
On September 12. Ryan Company sold merchandise in the amount of $5.00 Jouson Company with credits 2 /10. 30. The cost of the items sold is $4.000 Myanuses the periode inventory System and the net method of accounting for sale on September 14. Johns return some of the non-defective merchandise which is restored to inventory. These price of the returned merchandis 500 and the cost of the merchandise returned is the entry or entries that Ryan...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Wynn uses the periodic inventory system. On September 14, Jetson returns some of the merchandise. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Wynn must make on September 14 is: 500 500 Accounts receivable Sales returns...
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
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
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
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
on September 12, ryan
On September 12. Ryan Company sold merchandise in the amount of $5.00 Jouson Company with credits 2 /10. 30. The cost of the items sold is $4.000 Myanuses the periode inventory System and the net method of accounting for sale on September 14. Johns return some of the non-defective merchandise which is restored to inventory. These price of the returned merchandis 500 and the cost of the merchandise returned is the entry or entries that Ryan...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Wynn uses the periodic inventory system. On September 14, Jetson returns some of the merchandise. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Wynn must make on September 14 is: 500 500 Accounts receivable Sales returns...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
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