Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)
Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Please record the entries for the inventory
purchase transactions below (Perpetual
Inventory System)
1. Sep2, business bought $3,750 inventory
from DC Penny Inc. paid in Cash
2. Sep6, business bought $4,300 inventory
from the TJB Inc. Term 1/5, n/30 FOB
3. Sep7, Business purchased $9,200
inventory from Topaz's Inc.
4. Sep7. Business paid $235 shipping
charges for the inventory purchased on
Sep6
5. Sep11, business found $250 defective
units from the Sep7 purchase, returned
them back to Topaz's Inc.
6. Sep15 business paid TJB Inc in full
7. Sep 25, Business paid Topaz's Inc in full
8. Instead of paying Topaz's Inc on Sep25,
What would be the entry if the business
was paying](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a337a1b-244e-46c5-b3c7-29b4e392d904%2Fca6a8ae0-ba7d-4b6c-b83b-bd710ce0f354%2F6b0teoc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Please record the entries for the inventory
purchase transactions below (Perpetual
Inventory System)
1. Sep2, business bought $3,750 inventory
from DC Penny Inc. paid in Cash
2. Sep6, business bought $4,300 inventory
from the TJB Inc. Term 1/5, n/30 FOB
3. Sep7, Business purchased $9,200
inventory from Topaz's Inc.
4. Sep7. Business paid $235 shipping
charges for the inventory purchased on
Sep6
5. Sep11, business found $250 defective
units from the Sep7 purchase, returned
them back to Topaz's Inc.
6. Sep15 business paid TJB Inc in full
7. Sep 25, Business paid Topaz's Inc in full
8. Instead of paying Topaz's Inc on Sep25,
What would be the entry if the business
was paying
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