Homework Answers
Journal entry for purchase of inventory from Yax, Co. on account
| Inventory | $5,000 | |
| Accounts Payable | $5,000 | |
| ( Purchase inventory on Credit) |
1. Answer is Option A . Inventory
Inventory account should be debited
2. Answer is Option B. Accounts Payble
Accounts payable should be credited
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Truex, Inc purchases inventory from Yax,Co on account. The cost of the inventory is $5,000. Terms...
Truex, Inc purchases inventory from Yox Co on account. The cost of the inventory is $5,000....
Truex, Inc purchases inventory from Yox Co on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. If Truex, Inc pays Yax before 10 days, what is the correct debit entry on Truex Inc.'s accounting records? O. Accounts payable for 54,900 Accounts payable for $5,000 Accounts receivable for $4,900 Accounts receivable for $5,000 Oc Od
5. Gruber & Moore, Inc. properly recorded the purchase of $5,000 of inventory with terms 2/10,...
5. Gruber & Moore, Inc. properly recorded the purchase of $5,000 of inventory with terms 2/10, n/30 on June 1st. The company paid cash for the goods on June 7th and earned the offered discount. How would the company record the June 7th cash payment in their accounting records assuming use of the perpetual inventory method? a. Debit accounts payable for $5,000, credit cash for $4,900 and credit inventory $100. b. Credit accounts payable for $5,000 and debit cash for...
21. Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $6,000, terms...
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QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account....
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27 On March 3, Byrde Inc purchases inventory on account for $3,200 with invoice terms of...
27 On March 3, Byrde Inc purchases inventory on account for $3,200 with invoice terms of 4/10, 1/30. Freight costs of $260, related to this purchase, were paid on March 5. On March 6, upon closer inspection, Byrde finds defective inventory with a cost of $300 and returns it. On March 12, Byrde pays the amount due for the March 3 purchase. Then, on March 29, Byrde sells the entire inventory which had been purchased on March 3, less the...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
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Suppose Sports-R-Us purchases $60,000 of sportswear on account from Northeast Trail, Inc., on December 1, 2018....
Suppose Sports-R-Us purchases $60,000 of sportswear on account from Northeast Trail, Inc., on December 1, 2018. Credit terms are 2/10, net 30. Sports-R-Us pays Northeast Trail, Inc., on December 8, 2018 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Sports-R-Us? 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
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...
Truex, Inc purchases inventory from Yox Co on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. If Truex, Inc pays Yax before 10 days, what is the correct debit entry on Truex Inc.'s accounting records? O. Accounts payable for 54,900 Accounts payable for $5,000 Accounts receivable for $4,900 Accounts receivable for $5,000 Oc Od
5. Gruber & Moore, Inc. properly recorded the purchase of $5,000 of inventory with terms 2/10, n/30 on June 1st. The company paid cash for the goods on June 7th and earned the offered discount. How would the company record the June 7th cash payment in their accounting records assuming use of the perpetual inventory method? a. Debit accounts payable for $5,000, credit cash for $4,900 and credit inventory $100. b. Credit accounts payable for $5,000 and debit cash for...
21. Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $6,000, terms 2/10, n/30. On July 20 Cajon Co. returns merchandise worth $1,000 to Cosmos Company. On July 24 payment is received from Cajon Co. for the balance due. What is the amount of cash received? a. $4,800 b. $4,900 c. $5,000 d. $6,000 22.Which of the following would require a compound journal entry? a. To record merchandise returned that was previously purchased on account. b....
QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3.000. On March 20. Home Furnishings granted the customer a $1,000 sales allowance for goods damaged in transit. For Home Furnishings, which of the following represents the correct way to record this transaction? Sales Returns and Allowances 1.000 Cash 1.000 Sales Revenge 1.000 1.000 Refunds Payable 1.000 Cash 1.000 800 Merchandise Inventory Estimated Returns Inventory 600 1,000 Refunds...
27 On March 3, Byrde Inc purchases inventory on account for $3,200 with invoice terms of 4/10, 1/30. Freight costs of $260, related to this purchase, were paid on March 5. On March 6, upon closer inspection, Byrde finds defective inventory with a cost of $300 and returns it. On March 12, Byrde pays the amount due for the March 3 purchase. Then, on March 29, Byrde sells the entire inventory which had been purchased on March 3, less the...
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...
ZB Company Purchased $5,000 of inventory on account from a supplier. ZB Company uses the periodic inventory system. What is the correct journal entry for this transaction? Purchases $5,000 Accounts Payable $5,000 Accounts Payable $5,000 Purchase:s $5,000 Inventory $5,000 Accounts Payable $5,000 Purchase:s $5,000 Accounts Receivable $5,000
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
Suppose Sports-R-Us purchases $60,000 of sportswear on account from Northeast Trail, Inc., on December 1, 2018. Credit terms are 2/10, net 30. Sports-R-Us pays Northeast Trail, Inc., on December 8, 2018 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Sports-R-Us? 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method...
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...
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