E6-8 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3]
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June | 3 | Purchased goods for $4,000 from Diamond Inc. with terms 3/12, n/45. | ||
5 | Returned goods costing $950 to Diamond Inc. for credit on account. | |||
6 | Purchased goods from Club Corp. for $900 with terms 2.5/12, n/45. | |||
11 | Paid the balance owed to Diamond Inc. | |||
22 | Paid Club Corp. in full. |
Required:
Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
E6-8 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During...
E6-8 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,200 from Diamond Inc. with terms 3/12, n/45. 5 Returned goods costing $1,150 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,050 with terms 3/12, n/45. 11 Paid the balance owed to Diamond Inc. 22...
E6-22 (Supplement 6A) Recording Journal Entries for Purchases, Purchase Discounts (Net Method), and Purchase Returns Using a Perpetual Inventory System [LO 6-S1] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. June 5 Returned goods costing $1,100 to Diamond Inc. for credit on account. June 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30....
events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10,n/30 Returned goods costing $1,100 to Diamond Inc. for full credit Purchased goods from Club Corp. for $1,000 with terms 2/10, 1/30. 11 Paid the balance owed to Diamond Inc. Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on na at the beginning of the month. Calculate the cost of inventory as...
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $3,800 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $850 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $800 with terms 3/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and...
sales returns and allowances and sales discounts are EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
Sales Discounts & Returns Allbright Co. uses a perpetual inventory system, they incurred the following transactions: Feb. 10 Feb. 12 Feb. 12 Feb. 14 Feb. 18 Feb. 22 Purchased 80 units on account @$8 per unit, terms 2/10 n 30. Sold 60 units on credit @$22 per unit, terms 2/10 n 20. Returned 8 units purchased on Feb. 10th. Customer returned 12 units sold on Feb. 12th. Paid $564.48 of amount due from Feb. 10th. Collected $1,034.88 from units sold...
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10
HUIUI Kern's Book Warehouse using a perpetual inventory system. 2A (LO 2, 3, 5) Financial Statemen dising transactions in the month of Mount Renner Hardwa $5,000 and Owner's Capital of $5,000. ne Renner Hardware Store completed the following merchan- At the beginning of May, the ledger of Renner showed Cash of Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, Journalize, po May 1 Purchase GLS 5 o 10 11 12 15 12 n/30. Sold merchandise on account...
sales and purchase-related transactions using perpetual inventory system es and purchase-related transactions using perpetual inventory system following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual entory system. Wuly 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $890 added to the invoice 5. Purchased merchandise on account from Kester...
Journalize the following transactions for Foster Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. July 3 Purchased goods from Murphy Company on account, $15,000, terms 4/10, n/30. July 9 Returned merchandise to Murphy Company that was previously purchased on account, $2,400. July 13 Paid the amount due to Murphy Company.