Mary had the following transactions during May (Note: All amounts given in the question include GST of 10% unless otherwise stated). Assume Mary uses a Perpetual Inventory System and a GST clearing account Purchased inventory on terms 2/10, n/30, $9,900. The journal entry to record the transaction on 5 May is: Select one: а. Dr Inventory 9,000 Cr Cash 9,000 Dr Inventory 9,000 Dr GST clearing 900 Cr Cash 9,900 C. Dr Inventory 9,000 Dr GST clearing 900 Cr Accounts payable 9,900 O d. Dr Inventory 9,900 Cr Cash 9,900

Mary had the following transactions during May (Note: All amounts given in the question include GST of 10% unless otherwise stated). Assume Mary uses a Perpetual Inventory System and a GST clearing account Purchased inventory on terms 2/10, n/30, $9,900. The journal entry to record the transaction on 5 May is: Select one: а. Dr Inventory 9,000 Cr Cash 9,000 Dr Inventory 9,000 Dr GST clearing 900 Cr Cash 9,900 C. Dr Inventory 9,000 Dr GST clearing 900 Cr Accounts payable 9,900 O d. Dr Inventory 9,900 Cr Cash 9,900

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 1COMP: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account...

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Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
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Subject - account Please help me.
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A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days?