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Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise...
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
If a company uses the perpetual inventory method, the journal entry to record a purchase of...
If a company uses the perpetual inventory method, the journal entry to record a purchase of merchandise for $2,000 with terms of 2/10, net 30 would include a debit to: A. Purchases for inventory $1,960 B. Cost of Goods Sold for $,000 C. Inventory for $2,000 D Accounts Receivable for $1,960 How do I solve the question?
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
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
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...
Your company uses the Periodic Inventory method. Your vendor offers you terms of 2/10, net 30....
Your company uses the Periodic Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace period? Select one: O a.cr. Accounts Payable O b. cr. Purchases Discounts O c. dr. Cash O d.cr. Accounts Receivable O ecr. Merchandise Inventory Your company uses the Perpetual Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
A company that uses the perpetual inventory system sold goods to a customer for cash for...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold...
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Check all that apply. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Accounts Receivable $1,400 Debit Sales $1,400. Debit...
Question 1 Ivanhoe Company is a furniture retailer and uses the perpetual inventory system. On January...
Question 1 Ivanhoe Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Ivanhoe purchased merchandise inventory at a cost of $54,000. Credit terms were 2/10, n/30. The inventory was sold on account for $73,000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare journal entries to record each of these transactions. (Credit account titles...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Your company uses the Periodic Inventory system. What is the journal entry to record returning merchandise inventory to your vendor that was bought on- account? dr. Choose... Cr. Choose... dr. Merchandise Inventory dr. Purchases Returns & Allowances Your comp What is the account? cr. Accounts Payable cr. Merchandise Inventory cr. Purchases Returns & Allowances ndise inventory to your vendor that was bought on- dr. dr. Accounts Payable Your company uses the Perpetual Inventory system. What is the journal entry to...
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
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...
Your company uses the Periodic Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace period? Select one: O a.cr. Accounts Payable O b. cr. Purchases Discounts O c. dr. Cash O d.cr. Accounts Receivable O ecr. Merchandise Inventory Your company uses the Perpetual Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Check all that apply. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Accounts Receivable $1,400 Debit Sales $1,400. Debit...
Question 1 Ivanhoe Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Ivanhoe purchased merchandise inventory at a cost of $54,000. Credit terms were 2/10, n/30. The inventory was sold on account for $73,000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare journal entries to record each of these transactions. (Credit account titles...
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