Homework Answers
1.The notation "2/10/net 30" means that a 2% discount can be claimed by the buyer only if payment is received in full within 10 days from the date of the invoice, and that full payment is expected within 30 days.
2.In the present scenario truex purchases inventory from Yax co, here Yax co is a our creditor suppliyng material/goods and we are bound to make payment on credit terms as 2/10/net 30.
3.As stated above in point no 1 , Truex co would get a discount of $ 100 ( $5000 * 2%) , therefore Accounts payable woul be $4900.
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Truex, Inc purchases inventory from Yox Co on account. The cost of the inventory is $5,000....
Truex, Inc purchases inventory from Yax,Co on account. The cost of the inventory is $5,000. Terms...
Truex, Inc purchases inventory from Yax,Co on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. What account should be debited in the journal entry in the accounting records of Truex, Inc.? a b ос Od Inventory Accounts receivable Accounts payable Cash Question 10 (3 points) Truex, Inc purchases inventory from Yax Co. on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. What account should be credited in the journal entry in the...
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...
ZB Company Purchased $5,000 of inventory on account from a supplier. ZB Company uses the periodic...
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
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000...
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000 on account FOB shipping point with terms of 2/10 net/30. Which of the following entries would be made to record full payment to the seller the payment is made within 10 days? OA) The accounting entry would be a $2,060 debit to Accounts Payable, a $40 debit to Inventory and a $2,100 credit to Cash. OB) The accounting entry would be a $1,100 debit...
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...
4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with...
4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $62,000, a credit to Cash for $1,240, and a credit to Merchandise Inventory for $60,760 B) a debit to Merchandise Inventory for $1,240, a debit to Accounts Payable for $62,000, and a credit to Cash for $63,240...
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...
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for...
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...
Acompany that uses the perpetual inventory system purchased inventory for $1.050.000 on account with terms of...
Acompany that uses the perpetual inventory system purchased inventory for $1.050.000 on account with terms of 3/7 20. Which of the following correctly records the payment made 15 days after the date of VOICO? 1,050,000 1,050,000 1,050,000 O A. Cash Accounts Payable OB Accounts Payable Merchandise Inventory Cash OC. Accounts Payable Cash OD. Accounts Payable Merchandise Inventory 31.500 1,018.500 1,050,000 1,050.000 1.050.000 1,050,000
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...
Truex, Inc purchases inventory from Yax,Co on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. What account should be debited in the journal entry in the accounting records of Truex, Inc.? a b ос Od Inventory Accounts receivable Accounts payable Cash Question 10 (3 points) Truex, Inc purchases inventory from Yax Co. on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. What account should be credited in the journal entry in the...
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...
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
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000 on account FOB shipping point with terms of 2/10 net/30. Which of the following entries would be made to record full payment to the seller the payment is made within 10 days? OA) The accounting entry would be a $2,060 debit to Accounts Payable, a $40 debit to Inventory and a $2,100 credit to Cash. OB) The accounting entry would be a $1,100 debit...
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...
4) A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $62,000, a credit to Cash for $1,240, and a credit to Merchandise Inventory for $60,760 B) a debit to Merchandise Inventory for $1,240, a debit to Accounts Payable for $62,000, and a credit to Cash for $63,240...
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...
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...
Acompany that uses the perpetual inventory system purchased inventory for $1.050.000 on account with terms of 3/7 20. Which of the following correctly records the payment made 15 days after the date of VOICO? 1,050,000 1,050,000 1,050,000 O A. Cash Accounts Payable OB Accounts Payable Merchandise Inventory Cash OC. Accounts Payable Cash OD. Accounts Payable Merchandise Inventory 31.500 1,018.500 1,050,000 1,050.000 1.050.000 1,050,000
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...
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