Novak Corp. returned $330 of goods originally purchased on credit from Bridgeport Industries. Using the periodic Inventory approach, Novak would record this transaction as: Accounts Payable 330 Inventory 330 Purchase Returns and 330 Allowances Accounts Payable 330 Accounts Payable 330 Purchases Returns and Allowances 330 Inventory 330 Accounts Payable 330

Novak Corp. returned $330 of goods originally purchased on credit from Bridgeport Industries. Using the periodic Inventory approach, Novak would record this transaction as: Accounts Payable 330 Inventory 330 Purchase Returns and 330 Allowances Accounts Payable 330 Accounts Payable 330 Purchases Returns and Allowances 330 Inventory 330 Accounts Payable 330

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

See similar textbooks

Similar questions

Under the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds Payable
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Under the periodic inventory system, what account is credited when an estimate is made for sales made this year, but expected to be returned next year? (a) Merchandise Inventory (b) Customer Refunds Payable (c) Sales (d) Sales Returns and Allowances
Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Sales
Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory system, Crane would record this transaction as: Accounts Payable Purchases Purchases Accounts Payable Accounts Payable Inventory Inventory Accounts Payable 470 470 470 470 470 470 470 470
Marigold Corp. recorded the return of $170 of goods originally sold on credit to Discount Industries. Using the periodic inventory approach, Marigold would record this transaction as: Accounts Receivable 170 Sales Returns and 170 Allowances Sales Returns and Allowances 170 Accounts Receivable 170 Inventory 170 Accounts Receivable 170 Accounts Payable 170 Sales Returns and 170 Allowances
The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10, n/30. The Stationery Company returned $1,200 of the merchandise and received full credit. a. If Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by Stationery Company to record the return? Cost of Merchandise Sold ? Inventory ? Sales ? Accounts Payable?
Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Hider refunded the cash to the customer. The journal entries to record the return, using the perpetual inventory system and assuming an adjusting entry was recorded for estimated sales returns would be:
Assume the perpetual inventory method is used. The company purchased $12,700 of merchandise on account under terms 4/10, n/30. The company returned $2,200 of merchandise to the supplier before payment was made. The liability was paid within the discount period. All of the merchandise purchased was sold for $19,400 cash. What effect will the return of merchandise to the supplier have on the accounting equation?
Give me correct answer and explanation .f