Homework Answers
| Date | Account | Debit | Credit |
|---|---|---|---|
| Oct 23 | Inventory | 118,800 | |
| Accounts Payable | 118,800 | ||
| (120,000 - 1%) |
Comment if you face any issues
Add Answer to:
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $120,000 of inventory on credit...
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $70,000 of inventory on...
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $70,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare jounal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $18,300 was sold...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 1/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018 2. Prepare the journal entry to record the payment on August 15, 2018 3. If Nixon instead uses a perpetual...
1 James Company began the month of October with inventory of $20,000. The following inventory transactions...
1 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 4 a. The company purchased merchandise on account for $29,500 on October 12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit...
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)...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms of 3/15, n/45. Defective inventory of $70,000 was returned 2 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 ________. A. $510,000 debit to Accounts Payable, $496,800 credit to Cash, and $13,200 credit to Merchandise Inventory B. $440,000 debit to Accounts Payable and $440,000 credit to Cash...
Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for...
Required:
1. Assuming that the James Company uses a
perpetual inventory system, prepare journal entries for the above
transactions. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
We were unable to transcribe this imageWe were unable to transcribe this imageOn October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October A unts payable 31 Accounts payable Record entry...
The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James u...
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...
2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Required information [The following information applies to the questions displayed below.) James Company began the month of October with...
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $70,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare jounal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 1/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018 2. Prepare the journal entry to record the payment on August 15, 2018 3. If Nixon instead uses a perpetual...
1 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 4 a. The company purchased merchandise on account for $29,500 on October 12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During...
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)...
Required:
1. Assuming that the James Company uses a
perpetual inventory system, prepare journal entries for the above
transactions. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
We were unable to transcribe this imageWe were unable to transcribe this imageOn October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October A unts payable 31 Accounts payable Record entry...
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...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Required information [The following information applies to the questions displayed below.) James Company began the month of October with...
Most questions answered within 3 hours.
-
A failure of an engine control unit causes it to fail an average
of 0.1 times...
asked 7 minutes ago -
A siren on an emergency car moving with velocity 90 km/hour
produces the sound with frequency...
asked 8 minutes ago -
Consider the schema below that models a bank’s branches,
customers and their accounts and loans. Provide...
asked 15 minutes ago -
What kinds of policies should be considered when individuals
decisions may likely impact public expense? For...
asked 23 minutes ago -
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 28 minutes ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 38 minutes ago -
The width of a tool used for semiconductor manufacturing
is assumed to be normally distributed with...
asked 39 minutes ago -
A
runaway train car that has a mass of 1,400 kg travels at a speed of...
asked 43 minutes ago -
The expected abnormal earnings of a firm that has earnings of
$40,000 with a required equity...
asked 42 minutes ago -
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 57 minutes ago -
Two capacitors with capacitances of 12 and 18.1 µF,
respectively, are connected in parallel. The system...
asked 44 minutes ago -
Let's say you are a small business owner that provides
business-to-business software-as-a-service to non-profit
organizations. Your...
asked 49 minutes ago