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13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the...
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet....
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet. Which of the following situation on the purchase return is the correct one on the financial statements? Assets Liab. + Stk. Equity Rev. Exp. Net Inc. Stmt of Cash Flows A. + NA + NA +OA B. + NA NA NA NA NA C. + NA T NA NA NA NA +OA D. + NA NA NA a A. A B.B D QUESTION 6...
A) B) C) D) The owner of Barnes Company established a petty cash fund amounting to...
A)
B)
C)
D)
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of the entry to record this transaction? Stk. Equity neV. NA A. B. Assets NA (400) NA (400) Liab. NA NA NA (400) Rev. NA NA Exp. NA 400 NA NA Stmt of Cash Net Inc. Flows NA (400) OA (400) (400) OA NA NA ΝΑΙ (400) OA (400) NA NA CN NA D. NA
sales returns and allowances and sales discounts are EX5#13: Mack's Corporation, uses a perpetual inventory system,...
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
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...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the following choices reflects the effects of this event on the financial statements? Assets = Liab. + Equity Rev. − Exp. = Net Inc. Cash Flow A. − = NA + − NA − NA = NA − OA B. +/− = NA + NA NA − NA = NA NA C. +/− = NA + NA NA − + = − − OA D....
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...
Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the...
Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $400. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 Freight charge for merchandise purchased $ 62 December 7 Delivery charge for shipping to customer $ 46 December 12 Purchase of office supplies $ 30 December 18 Donation to charitable organization $ 51 If, in addition to these...
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms...
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)...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming...
7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming the company uses the perpetual inventory method, the net effect of all journal entries required to properly record this sale would: a. decrease assets by $20,000. b. decrease net income by $20,000. c. increase retained earnings by $20,000. d. increase expenses by $20,000. 8. If land is sold for more than the company paid for it, the resulting "gain on sale" would: a. Decrease...
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet. Which of the following situation on the purchase return is the correct one on the financial statements? Assets Liab. + Stk. Equity Rev. Exp. Net Inc. Stmt of Cash Flows A. + NA + NA +OA B. + NA NA NA NA NA C. + NA T NA NA NA NA +OA D. + NA NA NA a A. A B.B D QUESTION 6...
A)
B)
C)
D)
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of the entry to record this transaction? Stk. Equity neV. NA A. B. Assets NA (400) NA (400) Liab. NA NA NA (400) Rev. NA NA Exp. NA 400 NA NA Stmt of Cash Net Inc. Flows NA (400) OA (400) (400) OA NA NA ΝΑΙ (400) OA (400) NA NA CN NA D. NA
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
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...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming the company uses the perpetual inventory method, the net effect of all journal entries required to properly record this sale would: a. decrease assets by $20,000. b. decrease net income by $20,000. c. increase retained earnings by $20,000. d. increase expenses by $20,000. 8. If land is sold for more than the company paid for it, the resulting "gain on sale" would: a. Decrease...
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