Homework Answers
| Option B is the answer | |
|
The entry would be Debit : Freight in Credit : Cash |
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Question 5 (1 point) Freight charges, paid by the buyer on merchandise purchases should be debited...
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense...
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense account. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be overstated d. None of the above. 74. The return of merchandise was recorded as a debit to Accounts Payable and a credit to Purchases. This error would cause: a. the period end assets to be understated...
Purchase discounts. Freight costs paid by the seller. Freight costs paid by the buyer. Question 8...
Purchase discounts. Freight costs paid by the seller. Freight costs paid by the buyer. Question 8 2 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, 1/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: $1,568 $1,564 $200. $1.800. $1,600 Question 9 2 pts ViewSonic
Problem 7-3A Objective: To record and post purchases and freight charges McMillan Appliance and Supply Company...
Problem 7-3A Objective: To record and post purchases and freight charges McMillan Appliance and Supply Company is located in Albuquerque, New Mexico The following credit purchases were made by the firm during June 20XX Note: all directions before journalizing and posting the June transactions.): 20XX Jun. 1 Refrigerators from Allard Co., $7.790, Invoice No. 211; freight, $425, FOB Albuquerque. 5 Microwave ovens and toasters from Technical Products Co., $8,800, Invoice No. 212; freight, $510, FOB Birmingham, Alabama. 8 Ceiling fans...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
9 2 10urs. TUULI The 4. BaCo opens its business in 20X2 and purchases merchandise on...
9 2 10urs. TUULI The 4. BaCo opens its business in 20X2 and purchases merchandise on account for $88,000. In 20X2, BaCo pays $67,000 cash on the $88,000 due, sales are $145,000, and ending inventory is $24,000. BaCo's gross profit for 20X2 is .. a. $102,000 b. $81,000 c. $78,000 d. $57,000 5. LoCo, which uses the periodic method, purchases merchandise on account for $56,000, F.O.B. shipping point. Freight charges are $900 C.O.D. LoCo should record these purchases as ......
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...
Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an...
Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an increase O to the cost of goods sold of the seller. O in operating expenses for the seller. O in the selling expenses of the buyer. O to a contra-revenue account of the seller. Question 10 Under the perpetual inventory system, in addition to making the entry to record a sale, a company would O make no additional entry until the end of the...
Purchase discounts. Freight costs paid by the seller. Freight costs paid by the buyer. Question 8 2 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, 1/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: $1,568 $1,564 $200. $1.800. $1,600 Question 9 2 pts ViewSonic
Problem 7-3A Objective: To record and post purchases and freight charges McMillan Appliance and Supply Company is located in Albuquerque, New Mexico The following credit purchases were made by the firm during June 20XX Note: all directions before journalizing and posting the June transactions.): 20XX Jun. 1 Refrigerators from Allard Co., $7.790, Invoice No. 211; freight, $425, FOB Albuquerque. 5 Microwave ovens and toasters from Technical Products Co., $8,800, Invoice No. 212; freight, $510, FOB Birmingham, Alabama. 8 Ceiling fans...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
9 2 10urs. TUULI The 4. BaCo opens its business in 20X2 and purchases merchandise on account for $88,000. In 20X2, BaCo pays $67,000 cash on the $88,000 due, sales are $145,000, and ending inventory is $24,000. BaCo's gross profit for 20X2 is .. a. $102,000 b. $81,000 c. $78,000 d. $57,000 5. LoCo, which uses the periodic method, purchases merchandise on account for $56,000, F.O.B. shipping point. Freight charges are $900 C.O.D. LoCo should record these purchases as ......
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an increase O to the cost of goods sold of the seller. O in operating expenses for the seller. O in the selling expenses of the buyer. O to a contra-revenue account of the seller. Question 10 Under the perpetual inventory system, in addition to making the entry to record a sale, a company would O make no additional entry until the end of the...
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