Prepare the journal entries to record the above transactions by using the following: 1. Perpetual inventory system 2. Periodic inventory system

Q: JBL undertook the following transactions for the month of Nov Purchased merchandise or $80,000 less…

A: Net purchase = purchase x (1- trade discount rate) x (1- trade discount rate)  = 80000*(1-0.95)…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the…

A: Gross profit: It implies to the profit that is earned by the business after subtracting it's direct…

Q: What is the entry to record the transaction on Kiner's books?

A: When a company purchased inventory in cash the inventory account will be debited and cash account…

Q: Tony’s Market recorded the following events involving a recent purchase of merchandise: a. Received…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On September 12, Fang Company sold merchandise of $5,800 to Brown Company, with credit terms of…

A: Sales discount is an attempt to attract customers to make each payments for credit sales on time. It…

Q: Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Record  the following  transactions  for adcok 1.on April  12 sold$11000 of merchandise  to milton…

A: Credit terms refers to the terms prepared by seller to provide benefit to buyer in the form of…

Q: Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the…

A: The perpetual inventory system records the purchase of goods by debit inventory account. Under…

Q: Required: Prepare journal entries to record the transactions, assuming Evergreen Company records…

A: In perpetual inventory system at the time of inventory sales with record of sale it also records the…

Q: - Company purchased merchan paid $200 freight and sent Well harge of $200. Wellgrow uses t returned…

A: February 19: merchandise inventory account Dr$5200 To account payable$5200 (Being amount payable…

Q: Ballard Company uses the perpetual inventory system. The company purchased $8,700 of merchandise…

A: Gross margin = Sales revenue - Cost of purchase

Q: Hell Ltd. sold merchandise for $20,000 on credit. The cost of merchandise sold was $11,900.  The…

A: Perpetual Inventory System: A perpetual inventory system is a form of inventory control that uses a…

Q: Abdulla Co. purchased S2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: On March 12, Fret Company sold merchandise in the amount of $9,400 to Babson Company, with credit…

A: A perpetual inventory system is used to track the flow of inventory in real time through a business,…

Q: ABC Corporation sold merchandise worth $10,000 on credit with payment terms of 60 days. The cost of…

A: A formal accounting document that documents a business's financial activities is called a journal…

Q: Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The…

A: Note: 1/10, n/30: Here, 1 represents the discount rate if payment is made within ten days. And if…

Q: You are provided with the following credit sales and credit purchase transactions for Global Inc.…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 Sold…

A:

Q: Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: A company purchased P10,000 of merchandise inventory from a vendor who offers credit terms of 2/10…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The following transactions were selected from the records of Evergreen Company: July 12 Sold…

A: The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

Q: The following transactions were selected from the records of Evergreen Company:July 12 Sold…

A: Compute the amount received from company C as the payment has been received within the period of…

Q: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…

A: To record Sales Tax received from customer,  Debit cash account account Credit sales revenue account…

Q: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount…

A: Date  Account titles  Debit amount($) Credit amount($) 2nd July  Inventory A/c (300 units *$4.20)…

Q: Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of ?/10,…

A: Cost of good sold returned = (Cost of good sold / Sales)*Sales return = ($86,140 / $146,000)*$6,000…

Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: XYZ Company purchased inventory worth $10,000 on credit with terms of 2/10, net 30. The company pays…

A: The terms "2/10, net 30" mean that the company can receive a 2% discount if the invoice is paid…

Q: The ABC merchandise Company has the following transactions: May 01: The Company purchased 5 units…

A: Perpetual inventory system refers to the system of measuring the inventory. Under the perpetual…

Q: March 3 Purchases inventory on account for $3,500, terms 2/10, n/30. March 5 Pays freight costs of…

A: Journal entries refers to the entries which records the business transactions into the books of the…

Q: Your company completed the following merchandise transactions during year 6: 1. On January 1, Year…

A: Concepts covered in the solution:- Periodic inventory system:- Under periodic inventory system,…

Q: On September 1, ABC Company bought goods with a list price of $20,000 terms 2/10, n/30. On On…

A: This question is related to trade credit.   A company often sells its goods to its regular buyers…

Q: Darlington Company experienced the following business events during its first month of operations.…

A: Gross margin is the difference between net sales revenue and cost of goods sold. The cost of goods…