$20,500 will be debited to Inventory, $20,000 will be credited to Accounts Payable, and $500 will be creditedto Cash.$20,000 will be credited to Inventory and $20,000 will be credited to Purchases.$20,000 will be debited to Inventory and $20,000 will be credited to Cash.$20,500 will be debited to costs of goods sold and $20,500 will be credited to Accounts Payable. An electronics retailer purchases $20,000 of computers for resale. The retailer spends $500 in cash for transportation cost.Under a perpetual inventory system the journal entry to record the purchase will include:Multiple Choice

Introduction: Recording of a business transactions in a chronological order. First step in the…

38Ve & An electronics retailer purchases $20,000 of computers for resale. The retailer spends $500 in cash for transportation cost Under a perpetual inventory system the journal entry to record the purchase will include: Multiple Choice

38Ve & An electronics retailer purchases $20,000 of computers for resale. The retailer spends $500 in cash for transportation cost Under a perpetual inventory system the journal entry to record the purchase will include: Multiple Choice

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 47 units @ $69 10 Sale 35 units 15 Purchase 27 units @ $72 20 Sale 21 units 24 Sale 14 units 30 Purchase 20 units @ $75 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal Cost…
Recording Purchases Compass Inc. purchased 1,250 bags of insulation from Glassco Corp. The bags of insulation cost $5.50 each. Compass paid Tremblay Trucking $320 to have the bags of insulation shipped to its warehouse. Compass returned 50 bags that were defective and paid for the remainder. Assume that Compass uses the perpetual inventory system and that Glassco did not offer a purchase discount. (Note: You are doing the accounting for Compass Inc.) Required: Question Content Area 1. Prepare the journal entry to record the purchase of the bags of insulation. blank - Select - - Select - (Purchased inventory on account) Question Content Area 2. Prepare the entry to record the payment for shipping. blank - Select - - Select - (Paid shipping fees) Question Content Area 3. Prepare the entry for the return of the defective bags. blank - Select - - Select - (Returned merchandise) Question Content Area 4. Prepare the entry to record the payment for the bags kept by…
On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.
People’s Discount sells medical supplies and purchases their merchandise from a manufacturer. Review the following transactions and prepare the entries if People’s Discount uses: the perpetual inventory system the periodic inventory system Apr. 7 People’s Discount purchases 50 medical stands on credit at a purchase price of $15 per stand. The terms of the purchase are 5/10, n/45, with an invoice date of April 7. Apr. 11 People’s Discount returns 18 stands to the manufacturer for a full refund. Apr. 17 People’s Discount pays in full for the remaining stands, less the return.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost of per unit Goods Sold # of units Cost per in ending inventory Cost # of units unit Inventory Purchases: December 7 December 14 December 21 Total
eBook Show Me How I Print Item Journal Entries-Periodic Inventory Instructions Chart of Accounts General Journal Instructions Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. January Transactions: Jan. Purchased merchandise on account from Elite Warehouse, $3,950. 8 Paid freight charge on merchandise purchased, $250. 12 Sold merchandise on account to Memories Unlimited, $4,650. 15 Received a credit memo from Elite Warehouse for merchandise returned, $680. 22 Issued a credit memo to Memories Unlimited for merchandise returned, $440. Required: Journalize the transactions in a general journal using the periodic inventory method.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…
answer in text form please (without image), Note: .Every entry should have narration please
Please get everything correct and have the answers in a box so I’ll know where to key it in
Owe
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.