Homework Answers
Answer: Option D $430,000 debit to accounts payable and $430,000 credit to cash
|
Date |
Description |
Debit $ |
Credit $ |
|
Accounts payables (500,000-70,000) |
430,000 |
||
|
Cash |
430,000 |
||
|
(To record the payment made to supplier after 25 days) |
|||
Note:
The payment is paid after 15days due to which no Discount is received
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A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms...
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a company that uses the perpetual inventory system purchased A company that uses the perpetual inventory system pur...
a company that uses the perpetual inventory system
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A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
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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...
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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a company that uses the perpetual inventory system
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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...
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
A company purchased inventory for 372,000 from a vendoron ont Fon shipping point with vendor nine days after the invoice date. If there was no beginning inventory, the cost of inventory The company paid the whipper 31.500 cash for fight in the company de uma p alinvertorys ) OA $70,020 OB. 573.500 Oc567 OD 75000Cost of A merchandiser uses a perpetual inventory system. The beginning Retained Earings balance of the merchandiser was 3140.000. During the year, S e vere amounted...
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...
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