(1)
OPTION A: $70620
EXPLANATION:
As the dues has been paid within 10 days, purchaser would be eligible for the 4% discount.
therefore,
Total cost of inventory = ($72000 x 96%) + $1500
= $69120 + $1500
= $70620
A company purchased inventory for 372,000 from a vendoron ont Fon shipping point with vendor nine...
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...
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 2/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) Question 9 options: A) a debit to Accounts Payable for $2,940, a debit to Merchandise Inventory for $60, and a credit to Cash for $3,000 B)...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth $500.000 malty to record the payment would be count with credit forms of I, 14. Defective invertory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted. If the OA 1442.000 debt to counts Payable, $12.900 credit to Merchandie try, and 30.000 cash OB. $500,000 de locuri Paybi 467,100 credit to Cash, and $12,00 Merchandise Inventory O c. $500,000 to Accounts...
please help Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory Oa. and Accounts Payable are credited and Cash is debited. Ob. is debited and Cash or Accounts Payable is credited. Oc. is credited and Cash or Accounts Payable is debited. Od. and Accounts Payable are debited and Cash is credited.
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,500. Emma Co, prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co, pays within the discount period? Oa. Accounts Payable --Emma Co., debit $10,500; Cash, credit $10,500 Ob. Accounts Payable-Emma Co., debit $11,215; Cash, credit $11,215 Oc. Accounts Payable-Emma Co., debit $10,500; Freight In, debit...
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
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit forms of 1/16, 1/30. Defective inventory was received, but instead of a retum, an allowance of $500 is givesThe allowance is before the Inic is paid. The journal entry to record the payment for the lowance and within the discount period would be O A 190.000 abit to Cash and $0.0 credit to Accounts Payable OB. 56.500 debt to Accounts Payable595,535 credit to Cash...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545, FOB shipping point with prepaid shipping costs of $110. Cheshire pays within the discount period, what is the amount of the purchase discount? (Round the final answer to the nearest cent) O A $59.70 OB. $63 00 O C. 566.30 OD. No discount is allowed when shipping is prepaid Woods company uses the perpetual inventory system. At year end the general ledger indicated that...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,100. Pierce prepaid the $261 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $9,361; Sales, credit $9,361 Ob Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100 Oc. Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100, and Delivery Expense, debit $261; Cash, credit $261 Od. Accounts Receivable --Stanton, debit $9,009; Sales, credit $9,009, and Accounts Receivable - Stanton,...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...