journal entry to record the Cost of goods sold in the books of seller under Perpetual inventory system?

Q: The following information is available for Riverbed Corp. for 2023: Payment for goods during year…

A: General Formula:—Cash paid to supplier for goods = Beginning accounts payable + Credit purchases —…

Q: Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,300 on account from…

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

Q: Slinky Company purchased merchandise on June 10, 2021, at a price of $38,000, subject to credit…

A: Date Account Debit Credit Jun 10 Merchandise inventory (38000*97%) 36,860     Accounts Payable…

Q: 21)April 4, 2020 Smith and West, who uses the periodic inventory system, purchased 1000 widgets from…

A: Credit purchase indicates the transaction made by the company on account and accepts the obligation…

Q: Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was…

A: Discount amount = Amount receivable x rate of discount = $72,500 x 2% = $1,450

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: 2/10 indicates that a sales discount of 2% is allowed if the payment is made within 10 days.

Q: Received credit invoice for TW Wheeler, No. TW53 for merchandise purchased on credit for R6 500. 10…

A: Note: Cost of goods sold is 75% of Sales value like 2,800 * 75% =2,100

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: 2019 2020 2021 Beginning inventory Cost of goods sold Ending inventory Cost of goods available for…

A: Beginning inventory is the amount of inventory available with a business at the beginning of the…

Q: Q2) Masader Co. purchased merchandise on March 4, 2018, at a price of OR30,000, subject to credit…

A: In net method of recording purchases, purchases are recorded net of discount. If the payment is not…

Q: 18/Sunlife mart sold goods on 6th August, 2018 of RO 88,000 on credit to a customer under the…

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

Q: Larkspur Furniture uses a perpetual inventory system and pays GST on an accrual basis. Larkspur…

A: A special journal is used to post those transactions which impact the same set of accounts and have…

Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000…

A: The correct option with proper explanation are as follows

Q: On June 3, 2022, Marigold Company sold to Ann Mount merchandise having a sales price of $7,600 (cost…

A: Lets understand the basics.Journal entry is required to make to record tranaction and event happen…

Q: 21) April 4, 2020 Smith and West, who uses the periodic inventory system, purchased 1000 widgets…

A: Given information, Mr smith and west has purchased widgets on account from ABC company. HST…

Q: Question 5 CBDC Company is a wholesaler which uses a perpetual inventory system. The following show…

A: The income statement is prepared to record the revenues and expenses of the current period. The…

Q: CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30.…

A: If goods were returned by buyer then net amount due is $9000-$1200= $ 7800 1. If amount is paid…

Q: retailer purchases some merchandise with an invoice price of $19,100 and terms of sale of 5/15,…

A: A partial payment is one that is given for a fraction of the total amount owing for a product,…

Q: 17. Aug L Co purchased goods on credit from Noir $200. 25 Aug L Co sold goods for $120. 31 Aug…

A: Inventory accounting means where inventory records are kept so as to find out value of inventory on…

Q: Slinky Company purchased merchandise on June 10, 2021, at a price of $31,000, subject to credit…

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

Q: ses we physica still on

A: Hello. Since your question has multiple parts, we will solve first question  for you. If you want…

Q: t whole dollar.)

A: 1) Calculation :   2021 2022 Estimated ending inventory at retail $453,800 $822,800…

Q: 17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment…

A: Perpetual inventory is a form of stock management that uses computerized point-of-sale processes and…

Q: Question Three: Journalize the following selected transaction for Paradise Co. during July 2022 12th…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Meteor Co. purchased merchandise on March 4, 2021, at a price of $40,000, subject to credit terms of…

A: Requirement 1 Purchase - March 4, 2021 Merchandise $40,000(debit) Liability- Trade Payable…

Q: They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this…

A: Term 3/10, n/20 represents that if the payment received for the sales made within 10 days then the…

Q: Amount to Be Withheld Percentage Wage-Bracket Method Method

A: Wage-Bracket Method:EmployeeGross Wageor SalaryAmount to BeWithheldRuiz S. (Single)$1040…

Q: records provide the following information: Merchandise inventory, January 1, 2021 Net purchases Net…

A: Solution:   Cost Retail Cost to retail % Beginning inventory $ 245,000 $ 350,000 70% Net…

Q: 26) th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms…

A: Discount=Accounts payable×Rate=RO 86,000×2%=RO 1,720

Q: Question 1 is pinned below i need solutions for this one.

A: 1 a. Jouyrnal entries are as follows

Q: Whispering Winds Corp. purchased merchandise inventory with an invoice price of $11700 and credit…

A: The inventory purchased on credit is recorded as purchases against account payable.

Q: Yoona, married with 3 qualified dependent children, a regular employee of SM Town Company, receives…

A: The question asked to compute the income subject to withholding tax in July.   According to the BIR,…

Q: Record each transaction. Assume the seller maintains a perpetual inventory. On October 1, we sell…

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

Q: Hussain Company purchased inventory on account from a supplier for Rs. 65,000, terms 1/10, n/30.…

A: Periodic and perpetual inventory systems are two main systems of inventory valuation. Under periodic…

Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Formula used: Cash paid to manufacturer = Invoice amount - Discount amount

Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…

A: The cash discount would be calculated on the amount, after deducting the trade discount from list…

Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: Arctic Adventures purchases merchandise from a supplier on credit, terms 1/10, n/30 for an amount of…

A: Inventory refers to the goods and materials held by a business for the purpose of resale or use in…

Q: Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On April 208, Jack traders purchased RO 25,500 of merchandise and paid cash .What is the journal…

A: Under Perpetual inventory system inventory balances are updated after every transaction. It is also…