Homework Answers
| Journal entry would be | ||||||
| Debit | Credit | |||||
| Merchandise inventory | (1000+100) | 1100 | ||||
| Accounts payable | 1100 | |||||
| Under perpetual inventory system,cost of inventory includes freight charges | ||||||
| Answer is | ||||||
| 4th option | ||||||
| merchandise inventory for $ 1100 | ||||||
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A company purchases merchandise Inventory for $1,000 plus freight of $100 from Field Supplier Co., with...
A company that uses the periodic inventory system purchases merchandise inventory for $1,000 plus freight of...
A company that uses the periodic inventory system purchases merchandise inventory for $1,000 plus freight of $100 from Sunny Supplier Co., with credit terms 2/10,n/30. The company will record this transaction with a debit to: Check all that apply. accounts payable for $1,000 purchases for $1,000 freight in for $100 purchases for $1,100 accounts payable for $1,100
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 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
Question 16 On August 1, our company purchases $1,000 worth of merchandise inventory on credit with...
Question 16 On August 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 3/10, n/30. What is the amount we would credit to cash if we pay this invoice on August 9? Group of answer choices $1,000 $997 $990 $970 Question 17 Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an additional $200. Our company returned $300 worth of merchandise. What is the total cost...
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
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
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...
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...
A company receives a credit memorandum from a supplier for $500 for defective product returned. Using...
A company receives a credit memorandum from a supplier for $500 for defective product returned. Using a perpetual inventory system, this transaction will be recorded with a credit to the _account in the amount of $500. Click the answer you think is right. purchases purchases returns and allowances L ee inventory
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 that uses the periodic inventory system purchases merchandise inventory for $1,000 plus freight of $100 from Sunny Supplier Co., with credit terms 2/10,n/30. The company will record this transaction with a debit to: Check all that apply. accounts payable for $1,000 purchases for $1,000 freight in for $100 purchases for $1,100 accounts payable for $1,100
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 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
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
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...
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...
A company receives a credit memorandum from a supplier for $500 for defective product returned. Using a perpetual inventory system, this transaction will be recorded with a credit to the _account in the amount of $500. Click the answer you think is right. purchases purchases returns and allowances L ee inventory
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...
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