Journal entry worksheet 1 2 Record payment on November 26 using the net method of accounting for purchase discounts. Note: Enter debits before credits. Date November 26, 2024 General Journal Debit Credit Accounts payable Cash 51,744 Inventory Record entre Clear entry View general iournal Journal entry worksheet 1 2 Record the purchase of inventory. Note: Enter debits before credits. Date November 17, 2024 Inventory Accounts payable General Journal Debit Credit Record entor Clear entry View General journal >

Journal entry worksheet 1 2 Record payment on November 26 using the net method of accounting for purchase discounts. Note: Enter debits before credits. Date November 26, 2024 General Journal Debit Credit Accounts payable Cash 51,744 Inventory Record entre Clear entry View general iournal Journal entry worksheet 1 2 Record the purchase of inventory. Note: Enter debits before credits. Date November 17, 2024 Inventory Accounts payable General Journal Debit Credit Record entor Clear entry View General journal >

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6RE: Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal...

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Required Information [The following information opplies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Lncollectible Accounts $ 23,300 48, B00 $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 37, e00 72,100 28,980 37,eee 63, 8ee 39, 8ee Common Stock Retained Earnings Totals $172,408 $172,480 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,68e units for S168, 800 on account ($105 cach). January 8 Purchase 1,78e units for $187, e00 on account ($118 cach). January 12 Purchase 1, see units for $287,890 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,0ee. The cost of the…
Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for Longmire Sons.
Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping point conditions: a. Dr. Merchandise Inventory Cr. Cash b. Dr. Freight-out Cr. Cash c. Dr. Freight-in Cr. Cash d. Dr. Account Payable Cr. Merchandise Inventory
Which inventory system maintains a running record of inventory on hand, purchased,and sold?a. Accruedb. Periodicc. Consignedd. Perpetual
Subject :- Account
2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
The journal entry to record the return of inventory purchased on credit under a periodic inventory system is a. Dr Accounts Payable; Cr Purchase Returns and Allowances b. Dr Purchase Returns and Allowances; Cr Accounts Payable c. Dr Accounts Payable; Cr Inventory d. Dr Inventory; Cr Accounts Payable
Required information [The following information applies to the questions displayed below.] Nix'It 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 T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 44,800 129,300 7,000 161,600 4,300 Miscellaneous expenses $ 5,100 109,200 11,700 39,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,950.
A. How do I record the adjustment for entry? B. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? C. Prepare an updated gross profit section of a partial income statement accounting for this additional information.
68. This document is prepared when end users request for the issuance of inventories that are available on stock, Purchase requisition form Custodian Inventory Slip Purchase order Requisition and issue slip
The journal entry for the purchase of inventory on account using the perpetual inventory system is
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.