Using the perpetual inventory system, what account would be credited to record the return of merchandise...
Using the perpetual inventory system, what account would be credited to record the return of merchandise on account from the standpoint of the buyer?
Homework Answers
Under perpetual inventory system, if the merchandise is returned on account, the following entry would be recorded in the books of buyer.
Accounts payable (Debit)
Inventory (Credit)
Therefore, the answer is Inventory account would be credited to record the return of merchandise on account from the standpoint of the buyer.
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Using the perpetual inventory system, what account would be
credited to record the return of merchandise...
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Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
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Purchase-Related Transactions
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returned $8,000 of the merchandise and received full credit.
a. What is the amount of cash required for the
payment within the discount period?
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the amount of cash...
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Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How should they record this
purchase?
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How should they record this purchase? Select one: O a. increase in Merchandise Inventory. O b. decrease in Sales. O c. increase in Sales. O d. decrease in Merchandise Inventory.
Perpetual Inventory Return 3. Porter Morse returned $275 (selling price) of merchandise purchased on account to Labrie Co. The cost of the merchandise to Labrie Co. is $100. What would be the journal entries on the books of both the buyer and seller? Perpetual Inventory Freight 4 Capris Co. paid the cost of freight, $70. Journalize the transaction. Assume that Capris Co. is the buyer.
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
Purchase-Related Transactions
The Wheatland Company purchased merchandise on account from a
supplier for $30,000, terms 1/10, n/30. The Wheatland Company
returned $8,000 of the merchandise and received full credit.
a. What is the amount of cash required for the
payment within the discount period?
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the amount of cash...
Record each using the perpetual method
7-2. Sale of inventory. Now that New Sales has goods on hand, the company can start providing merchandise to customers. The following transactions occurred in the month of May. Complete parts a, b, and May 15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50. May 20 Accepted a return of merchandise which was the wrong color for the customer. We...
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...
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