On December 28, 2024. Videotech Corporation (VTC) purchased 15 units of a new satellite uplink system from Tristar Communications for $26,000 each. The terms of each sale were 1/10./30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 2 Date December 28, 202 Inventory Accounts payable January 06, 2025 Accounts payable Cash Answer is not complete. General Journal O Debit 9,000 Credit 390,000

On December 28, 2024. Videotech Corporation (VTC) purchased 15 units of a new satellite uplink system from Tristar Communications for $26,000 each. The terms of each sale were 1/10./30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 2 Date December 28, 202 Inventory Accounts payable January 06, 2025 Accounts payable Cash Answer is not complete. General Journal O Debit 9,000 Credit 390,000

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
On December 28, 2024, Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 110/110 , n30/n30 . VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 28, 2024. Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2025.
On December 28, 2018, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system fromTristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method toaccount for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
On December 28, 2021, Videotech Corporation (VIC) purchased 10 units of a new satellite uplink system from Iristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. Record the purchase on December 28, 2021. Note: Enter debits before credits. Date December 28, 2021 General Journal Inventory Accounts payable Debit Credit >
On December 28, 2024, Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 210/210 , n30/n30 . VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 2/10, n/30. Record the purchase on December 28, 2024. Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 2/10, n/30. Record the payment on January 6, 2025.
On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 28, 2021. Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2022.
Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 Record entry General Journal Clear entry Debit Credit View general journal
Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheet
On July 15, 2024, the Niche Car Company purchased 2,700 tires from the Treadwell Company for $30 each. The terms of the sale were 3/10. n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024.
! Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 3,000 tires from the Treadwell Company for $30 each. The terms of the sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date 1 July 15, 2024 Inventory Accounts payable 2 July 23, 2024 Accounts payable Interest expense Cash General Journal Debit 88,200 1,800…
On July 15, 2021, the Nixon Car Company purchased 2,800 tires from the Harwell Company for $35 each. The terms of the sale were 2/10, n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. a. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021.b. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. c.If Nixon instead uses a periodic inventory system, explain any changes to the journal entries created in requirements 1 and 2. The July 15th entry would include a debit to the ________ account instead of to ___________.
On December 15, 2022, ABC Company purchased merchandise from DEF Company with trade discounts of 10% and 15%. The list price is P 1,000,000 with payment terms of 2/15, n/45. On December 30, ABC Company paid DEF Company. Assume the company uses periodic method to account for their inventories. Prepare the journal entry on the payment of purchase under gross method on December 30, 2022.