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?
Homework Answers
Answer : C) Inventory for $ 2,000
Record the Purchase of Merchandise under Perpetual Method
| Debit | Credit | |
| Inventory | $2000 | |
| Accounts Payables | $2000 |
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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
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transactions of Cabela’s, which uses the perpetual inventory system
and the gross method.
Journal entry worksheet in second pic goes 1 through 17
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company...
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