Presented below are selected transactions for Sheffield Company during September and October of the current year. Sheffield uses a perpetual inventory system
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Presented below are selected transactions for Sheffield Company during September and October of the current year. Sheffield uses a perpetual inventory system
Presented here are selected transactions for Shaoshi Inc. during October of the current year. Shaoshi uses a perpetual inventory system.
Oct.โโโ1Purchased merchandise on account from Micron Ltd. at a cost of $86,000, terms 1/15, n/30, FOB shipping point.1Freight charges of $1,400 were paid by the appropriate party on the October 1 purchase of merchandise.2Returned for credit $4,000 of damaged goods purchased from Micron on October 1.6Purchased supplies for $2,800 cash.8Sold the remaining merchandise purchased from Micron to Guidant Corp. for $140,000 on account, terms 2/10, n/30, FOB destination.9Freight charges of $2,300 were paid by the...
Presented below are selected transactions for Bridgeport Company during September and October of the current year....
Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridgeport uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $45,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,000 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased...
Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridg...
Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridgeport uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $45,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,000 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system.
The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms
FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $75 was added to
the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB
destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice
amount of $1,500 returned...
Itco uses a perpetual inventory system. During the month of October the following transactions took place:...
Itco uses a perpetual inventory system. During the month of October the following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 Balance: 2,000 uts. @ $5.00/ut Purchased: 5,000 uts. @ $5.25/ut Purchased: 8,000 uts. @ $5.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $5.75/ut Sold 5,000 uts. for $10.00 ea. Required: NOTE: YOU MAY USE A SPREAD SHEET RATHER THAN THE RECORD PROVIDED. แป Complete the perpetual inventory record (provided) for the above transactions using FIFO...
A company uses a perpetual system to record inventory transactions.
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9 . 2021, for $59,000 and then sells this inventory on account on March 7.2021 for $77,000Record the transactions for the purchase and sole of the inventory (If no entry is required for a particular transaction/event, select 'No Journal Entry Required" in the first account field.)
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms
FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $75 was added to
the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB
destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice
amount of $1,500 returned...
Itco uses a perpetual inventory system. During the month of October the following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 Balance: 2,000 uts. @ $5.00/ut Purchased: 5,000 uts. @ $5.25/ut Purchased: 8,000 uts. @ $5.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $5.75/ut Sold 5,000 uts. for $10.00 ea. Required: NOTE: YOU MAY USE A SPREAD SHEET RATHER THAN THE RECORD PROVIDED. แป Complete the perpetual inventory record (provided) for the above transactions using FIFO...
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9 . 2021, for $59,000 and then sells this inventory on account on March 7.2021 for $77,000Record the transactions for the purchase and sole of the inventory (If no entry is required for a particular transaction/event, select 'No Journal Entry Required" in the first account field.)
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