Pan Shoe Inc., sells luxury shoes. On May 17th, Pan Shoe Inc., sold $1,000 worth of shoes onaccount. The company had previously purchased that shoes for $250.The following journal entry was inputed, please fill in the blank.May 17.Accounts ReceivableRevenue$1,000$250$1,000Inventory$250To record the sale of inventory on credit Pan Shoe Inc., sells luxury shoes. On May 15h, Pan Shoe Inc., purchased $250 of inventory onaccount.The following journal entry was inputed, please fill in the blanks.May 17.$250To record the sale of inventory on credit$250

Journal entries are the basic method for recording financial transactions in the books of accounts.…

Pan Shoe Inc., sells luxury shoes. On May 15h, Pan Shoe Inc., purchased $250 of inventory on account. The following journal entry was inputed, please fill in the blanks. May 17. $250 To record the sale of inventory on credit $250

Pan Shoe Inc., sells luxury shoes. On May 15h, Pan Shoe Inc., purchased $250 of inventory on account. The following journal entry was inputed, please fill in the blanks. May 17. $250 To record the sale of inventory on credit $250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $37,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet P 2 Record the purchase of inventory on account. Note: Enter debits before credits. Date February 02 Record entry General Journal Clear entry Debit Credit View general journal
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On September 12, Vander Company sold merchandise in the amount of $8,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,400. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Purchases 8,600 Accounts receivable 8,600 Purchases 5,400 Accounts receivable 5,400 Purchases 8,600 Accounts payable 8,600 Merchandise inventory Accounts payable 8,600 8,600 Accounts payable Merchandise inventory 5,400 5,400
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