Homework Answers
The correct option is A.
| A. | Account payable | $300 | |
| Merchandise inventory | $300 | ||
| (To record the return) |
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This Que: 10pts possib Acompanyats per tory purchased tory on would med gode worth weder which...
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...
2) Jones used a perpetual inventory system and purchased inventory on account. He returned $600 worth...
2) Jones used a perpetual inventory system and purchased inventory on account. He returned $600 worth to the vendor before the payment was made. From the options below which would be the correct journal entry to record the return? A) T 6000 600 Purchase Returns Accounts Payable B Accounts Payable Purchase Returns C) Merchandise Inventory Accounts Payable D) Accounts Payable Merchandise Inventory 600 15) At the beginning of a period there is a balance of $4,000 in Prepaid Insurance. During...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,300, a credit to cash account for $500. Which of the following would be the correct way to complete the recording of the transaction? a. Credit the Grayton, Capital account for $500. b. Debit the Grayton, Capital account for $500. c. Credit an...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms of 3/15, n/45. Defective inventory of $70,000 was returned 2 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 ________. A. $510,000 debit to Accounts Payable, $496,800 credit to Cash, and $13,200 credit to Merchandise Inventory B. $440,000 debit to Accounts Payable and $440,000 credit to Cash...
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit...
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit forms of 1/16, 1/30. Defective inventory was received, but instead of a retum, an allowance of $500 is givesThe allowance is before the Inic is paid. The journal entry to record the payment for the lowance and within the discount period would be O A 190.000 abit to Cash and $0.0 credit to Accounts Payable OB. 56.500 debt to Accounts Payable595,535 credit to Cash...
Colors Company purchased a piece of machinery for $4,000. The company paid $1,500 at the time...
Colors Company purchased a piece of machinery for $4,000. The company paid $1,500 at the time of the purchase, and agreed to pay the remaining $2,500 one month later. The entry to record this transaction would include which of the following elements? Multiple Choice The Accounts Payable account displayed on the top line The Machinery account displayed on the line immediately above the description The Cash account indented about one-half inch from the left margin The Accounts Payable account indented...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth $500.000 malty to record the payment would be count with credit forms of I, 14. Defective invertory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted. If the OA 1442.000 debt to counts Payable, $12.900 credit to Merchandie try, and 30.000 cash OB. $500,000 de locuri Paybi 467,100 credit to Cash, and $12,00 Merchandise Inventory O c. $500,000 to Accounts...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
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...
2) Jones used a perpetual inventory system and purchased inventory on account. He returned $600 worth to the vendor before the payment was made. From the options below which would be the correct journal entry to record the return? A) T 6000 600 Purchase Returns Accounts Payable B Accounts Payable Purchase Returns C) Merchandise Inventory Accounts Payable D) Accounts Payable Merchandise Inventory 600 15) At the beginning of a period there is a balance of $4,000 in Prepaid Insurance. During...
0 A company using the perpetual invertory system purchased Inventory worth $97,000 on account with credit forms of 1/16, 1/30. Defective inventory was received, but instead of a retum, an allowance of $500 is givesThe allowance is before the Inic is paid. The journal entry to record the payment for the lowance and within the discount period would be O A 190.000 abit to Cash and $0.0 credit to Accounts Payable OB. 56.500 debt to Accounts Payable595,535 credit to Cash...
Acomparty the perpetual inventory s company and the voice 20 days latere om purchased Inventory worth $500.000 malty to record the payment would be count with credit forms of I, 14. Defective invertory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted. If the OA 1442.000 debt to counts Payable, $12.900 credit to Merchandie try, and 30.000 cash OB. $500,000 de locuri Paybi 467,100 credit to Cash, and $12,00 Merchandise Inventory O c. $500,000 to Accounts...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
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