chap 5 q3 Answer part e c. Discovered that merchandise with an invoice amount of $5,400 purchased in (a) was defective and returned items, receiving credit.Accounts Payable-Schell Co.InventoryFeedback▼ Check My Workc. This transaction reduces Inventory and the Accounts Payable. Since this return was made after payment was made at the discounted price, the credit will be for the cost of returned goods less the discount.Inventoryd. Purchased $4,400 of merchandise from Schell Co. on account, terms n/30.Accounts Payable-Schell Co.Feedback5,346CashAccounts Payable-Schell Co.5,3464,400Check My Workd. A purchase increases Inventory and Accounts Payable.Feedbacke. Received a refund from Schell Co. for return in (c) less the purchase in (d).4,400XXCheck My Worke. Compare the amount owed in (d) with the amount credited to the buyer in (c). Cash refunded from the supplier will be for the difference between these two amounts. Purchase-Related TransactionsJournalize entries for the following related transactions of Lilly Heating & Air Company: (If an amount box does not require an entry, leave it blank.)a. Purchased $27,000 of merchandise from Schell Co. on account, terms 1/10, n/30.InventoryAccounts Payable-Schell Co.Feedback▼ Check My Worka. A purchase increases inventory and the amount that is owed on account.Accounts Payable-Schell Co.Cashb. Paid the amount owed on the invoice within the discount period.InventoryFeedbackAccounts Payable-Schell Co.27,000InventoryFeedbackCheck My Workb. A payment of the invoice within the discount period reduces Accounts Payable and Cash for the amount of the invoice less the discount.Check My Work27,00027,000c. Discovered that merchandise with an invoice amount of $5,400 purchased in (a) was defective and returned items, receiving credit.Check My Work26,7305,3462705,346PreviousNext

Name: chap 5 q3 Answer part e c. Discovered that merchandise with an invoice
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Description: chap 5 q3 Answer part e c. Discovered that merchandise with an invoice amount of $5,400 purchased in (a) was defective and returned items, receiving credit.Accounts Payable-Schell Co.InventoryFeedback▼ Check My Workc. This transaction reduces Invento

Journal entries are used to record the accounting transactions in chronological order under double…

Business

Accounting

c. Discovered that merchandise with an invoice amount of $5,400 purchased in (a) was defective and returned items, receiving credit. Accounts Payable-Schell Co. Inventory Feedback Inventory Accounts Payable-Schell Co. Feedback ✓ Check My Work c. This transaction reduces Inventory and the Accounts Payable. Since this return was made after payment was made at the discounted price, the credit will be for the cost of returned goods less the discount. d. Purchased $4,400 of merchandise from Schell Co. on account, terms n/30. ✓ ✓ ✓ Feedback Cash Accounts Payable-Schell Co. 5,346 ✓ ✓ Check My Work d. A purchase increases Inventory and Accounts Payable. ✓ 5,346 ✓ 4,400 e. Received a refund from Schell Co. for return in (c) less the purchase in (d). 4,400 X X Check My Work e. Compare the amount owed in (d) with the amount credited to the buyer in (c). Cash refunded from the supplier will be for the difference between these two amounts.

c. Discovered that merchandise with an invoice amount of $5,400 purchased in (a) was defective and returned items, receiving credit. Accounts Payable-Schell Co. Inventory Feedback Inventory Accounts Payable-Schell Co. Feedback ✓ Check My Work c. This transaction reduces Inventory and the Accounts Payable. Since this return was made after payment was made at the discounted price, the credit will be for the cost of returned goods less the discount. d. Purchased $4,400 of merchandise from Schell Co. on account, terms n/30. ✓ ✓ ✓ Feedback Cash Accounts Payable-Schell Co. 5,346 ✓ ✓ Check My Work d. A purchase increases Inventory and Accounts Payable. ✓ 5,346 ✓ 4,400 e. Received a refund from Schell Co. for return in (c) less the purchase in (d). 4,400 X X Check My Work e. Compare the amount owed in (d) with the amount credited to the buyer in (c). Cash refunded from the supplier will be for the difference between these two amounts.

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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