**Recording Inventory Transactions Using the Perpetual Method**This guide demonstrates how to record inventory purchase and payment using the perpetual method and the gross method.1. **Transaction Details:** - The company uses the perpetual method for inventory transactions.2. **Instructions:** - If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. - Credit account titles are automatically indented when the amount is entered. - Record journal entries sequentially as presented.3. **Journal Entries:** **Date: July 1** - **Account Titles and Explanation:** - *Inventory* - **Debit**: $46,000.00 - *Accounts Payable* - **Credit**: $46,000.00 **Date: July 10** - **Account Titles and Explanation:** - *Accounts Payable* - **Debit**: $46,000.00 - *Inventory* - **Credit**: Amount not provided - *Cash* - **Credit**: Amount not providedThis table helps in understanding how to maintain accurate records of inventory purchases and payments within accounting systems, ensuring that all transactions are properly documented and aligned with accounting principles. Cullumber Co. purchased $50,000 of inventory on July 1, 2017, subject to a trade discount of 8% and with credit terms of 4/10, n/30. Bolt paid the invoice on July 10.

The question is related to Journal entry. In the given question goods purchased inventory on July…

Answered: Assuming that Cullumber uses the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sheridan Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) No. Prepare all necessary journal entries for Sheridan. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) (a) (1) (a) (2) (b) On July 1, (1) Sheridan purchased $69,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Sheridan paid freight costs of $1,095. O On July 3, Sheridan returned damaged goods and received credit of $6,900. On July 10, Sheridan paid for the goods. Date July 1 July 1 July 3 July 10 V Account Titles and Explanation Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Inventory Debit 69000 1095 6900 Credit 69 1 6
M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
I just need to know how to find the cost of imventory sold
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
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A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Pald frelght charge on merchandise purchased, $230. 12 Sold merchandise on account to Blg TIme Spoller, $3,500. The merchandise cost $2,500. 15 Recelved a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Blg Time Spoller for merchandise returned, $820. The cost of the merchandise Is $550. Required: 1. Journalize the above transactions In a general journal using the perlodic Inventory method. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 July 5 1. 2 3. July 8 4 4. July 12 July 15 6. July 22 10 10 2. Journalize the above transactions In a general journal using the perpetual Inventory method. If an amount box does not requtre an entry, leave it blank. Page: 1 POST. DEBIT CREDIT…
What is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetual
Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.
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
Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.

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