On October 10, Able Hardware purchased inventory on account for $500, and Able Hardware used the...
On October 10, Able Hardware purchased inventory on account for $500, and Able Hardware used the periodic system. Which entry will be made on Able’s books at the time of the inventory purchase?
Homework Answers
| Date | Account title and explanation | Debit | Credit | |||
| Oct-10 | Purchase | 500 | ||||
| Accounts Payable | 500 | |||||
| (Purchase of inventory on account) | ||||||
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net method to record purchases.
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The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30. James uses the
net method to record purchases.
The merchandise was shipped f.o.b. shipping point and freight
charges of $670 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
Record the sale of merchandise on account.
Record the cost of goods sold.
Record any necessary adjusting entry when the inventory on hand
at the end...
The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30. James uses the
net method to record purchases.
The merchandise was shipped f.o.b. shipping point and freight
charges of $670 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
Record the sale of merchandise on account.
Record the cost of goods sold.
Record any necessary adjusting entry when the inventory on hand
at the end...
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