correct journal entry to record the payment on july 12th is

Q: Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold…

A: The terms 1/10, n/30 indicate that the buyer of the goods could avail a discount of 1% on the…

Q: Nix it company ledger on july 31 its fiscal year end includes the following accounts that have…

A: Closing Entries: Closing entries are those journal entries which are passed to transfer the balances…

Q: Journalize the following merchandise transactions. The company uses the perpetual inventory system.…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: On 3/1, a company buys $5,000 of merchandise with terms 2/10, n/15. On 3/7, the company returns $500…

A: >Journal entries are used to record transaction.>Purchase transaction is recorded byDebiting…

Q: Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB…

A: As student mentioned the specific date entry as on "Aug 08" i am providing the respective date…

Q: entry made by Oriole Retail to record the collection in full within the discount period in a…

A: A sales discount is a motivation provided by a seller to prompt buyers to make payments promptly. It…

Q: Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold…

A: Journal is the recording of financial or monetary transactions according to dual entity concept.

Q: AR company has the following financial statement information: Item Inventory Accounts receivable…

A: Here, Particulars Values Opening inventory  $       7,800.00 Ending inventory  $…

Q: . Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: The objective of the question is to identify the correct journal entry to record the return of…

Q: Newell Company used a perpetual inventory system and completed the following transactions in…

A: Cash Receipt :— It is the net cash collection from customer against sale of goods.  It is sales…

Q: A company using the periodic inventory system has merchandise inventory costing $333 on hand at the…

A: Formula to calculate cost of merchandise sold: Cost of merchandise sold = Opening merchandise…

Q: Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms…

A: The journal entries are prepared to record daily transactions of the business.

Q: Prepare journal entries to record each of the following transactions. The company records purchases…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…

A: Perpetual inventory system is an inventory system which records all purchase and sales in the…

Q: Roberto Company uses a perpetual inventory system. On December 1, the company purchased $3,300 of…

A: Journal Entries are the records of the transactions entered into by the organization during the…

Q: 3 6. 7 8 16 ... ·. Record the merchandise, cost $500, that was restored to inventory. Note: Enter…

A: Perpetual inventory system: Under this method of recording transactions, the track of the…

Q: merchandise A seller uses a periodic inventory system, and on credit (when its cost is $2,400 of…

A: Selling goods on credit refers to the concept when the seller sell its products to the buyer and…

Q: Journalize the following transactions for the buyer, Martin Company, using the net method to account…

A: Purchase discount is the discount which is allowed on purchases made during the period. Credit terms…

Q: Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of…

A: Ending inventory = Purchase - purchase return - cost of goods sold =…

Q: Transaction Subsidiary journal General ledger account 2 M " Amount 4 " 4

A: Periodic inventory system:There are different types of inventory systems one of which is the…

Q: Inventory system and the gross method. 1 Sold merchandise for $6,400, with credit terms n/30;…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: A company uses the perpetual inventory system and the gross method of accounting for purchases and…

A: Perpetual inventory system is that inventory system under which all transactions related to…

Q: Co. A engaged in the following transactions during July 2020. The company uses the Perpetual…

A: For accounting purposes, the journal entries are done to keep and maintain the records of all the…

Q: A company purchased $2,400 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

A: Step 1: It is given that the company is following perpetual inventory system to record the journal…

Q: Recording Purchases Dawson Enterprises, uses the perpetual system to record inventory transactions.…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory…

A: Lets understand the basics. There are two inventory methods are generally followed which are, (1)…

Q: Prepare the necessary journal entries to record the following transactions, assuming Eustace Company…

A: Eustace company uses perpetual inventory system in which inventory is to be maintained…

Q: 7. On January 1, 2020, Mariel Company iasued bonds payable with face amount of P8,000,000 and 10%…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A: 1. Journalize November 2018 transaction in the books of Company T.

Q: Dawson Enterprises uses the perpetual system to record inventory transactions. Dawson had the…

A: Under the perpetual inventory system, inventory is updated after each and every transaction of sale…

Q: Waterway Company uses a perpetual inventory system and made a purchase of merchandise on credit from…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500.…

A: The journal entries are prepared to record the transactions on regular basis. Under estimated…

Q: Prepare journal entries to record each of the following transactions. The company records purchases…

A: The objective of the question is to prepare journal entries for the given transactions using the…

Q: Journalize the following transactions for the buyer, Jones Company, using the net method to account…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Using the following information, what is the amount of merchandise available for sale? Purchases…

A: Formula: Cost of goods available for sale = Beginning inventory + Net purchases

Q: On March 6, Ayayai Company returned $91,500 of the merchandise purchased on March 2. The cost of the…

A: Using perpetual inventory system, the cost of goods sold ia recorded with every sales transaction.…