Supplies Expense? Question-5.4Rainbow Stationers records office supplies inventory using a periodicsystem. Beginning supplies were $12,000, purchases $45,000, andending supplies count shows $15,000. The office supplies expense forthe period is:

Explanation of Periodic Inventory System: A periodic inventory system is a method of tracking…

Answered: Question-5.4 Rainbow Stationers records…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 20EB: Prepare journal entries to record the following transactions. A. November 19, purchased merchandise...

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Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
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On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.
Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder’s Materials, $500,000. 3 Purchased merchandise for cash, $400,000. 5 Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000. Prepare journal entries under the perpetual inventory system. Page: 1 ROW NUMBER DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT ROW NUMBER 1 20--June 1 blank blank - Select - - Select - 1 2 blank blank blank - Select - - Select - 2 3 blank blank blank blank blank blank 3 4 June 3 blank blank - Select - - Select - 4 5 blank blank blank - Select - - Select - 5 6 blank blank blank blank blank blank 6 7 June 5 blank blank - Select - - Select - 7 8 blank blank blank - Select - - Select - 8 9 blank blank blank blank blank blank 9 10 June 5 blank blank - Select - - Select - 10 11…
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Prepare journal entries to record the following transactions. Create a T-account for AccountsPayable, post any entries that affect the account, and calculate the ending balance for the account. Assume anAccounts Payable beginning balance of $7,500.A. May 12, purchased merchandise inventory on account. $9,200B. June 10, paid creditor for part of previous month’s purchase, $11,350
Receipt of inventory. sdi gait smuff Company wants you to provide information on the inventory methods available. You e asked to complete parts a, b, and c for the bookkeeper to provide information to the company. 7-3. nt gaiwollc oos are Record each of the following transactions using the periodic method. a. Purchased $7,900 of goods on account. The freight charges on the goods were $50. June 1 Found some of the goods from the June 1 purchase to be slightly damaged, but we can use them; informed the seller, who reduced the amount we owed by $45. June 13 June 20 Some items costing $150 were not what we had ordered and could not be used. We returned these items, and the supplier reduced the amount we owed. June 30 Paid the supplier the amount owed. for 7900 7900 Re Periodic Inventory Entries: Purchase Account Payable 7900 7900 Freight out Cash 50 50 ibohag od ol
The question in the picture please
purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and invoice date april1 preparing journal entries useing perodic inventory system
The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Oa. Jan. 1 Purchases Accounts Receivable 1,600 1,600 Ob. Jan. 1 Merchandise Inventory 1,600 Accounts Payable Oc. Jan. 1 Purchases Accounts Payable Od. Jan. 1 Office Supplies Accounts Payable 1,600 1,600 1,600 1,600 1,600
At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998. Date AccountDebited Invoice Number PR Accounts Receivable Dr.Sales Cr. Cost of Goods Sold Dr.Inventory Cr. May 6 Aaron Reckers 190 4,160 3,162 10 Sara Reed 191 3,220 2,657 17 Anna Page 192 1,433 843 25 Sara Reed 193 573 337 31 Totals 9,386 6,999 Mountain View also recorded the return of defective merchandise with the following entry. Date. General Journal Debit. Credit May 20. Sales Returns and Allowances. 425(debit) Accounts Receivable—Anna Page 425 (credit) Customer returned (worthless) merchandise. 3. Prepare a schedule of accounts receivable.
At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998. Date AccountDebited Invoice Number PR Accounts Receivable Dr.Sales Cr. Cost of Goods Sold Dr.Inventory Cr. May 6 Aaron Reckers 190 4,160 3,162 10 Sara Reed 191 3,220 2,657 17 Anna Page 192 1,433 843 25 Sara Reed 193 573 337 31 Totals 9,386 6,999 Mountain View also recorded the return of defective merchandise with the following entry. Date. General Journal Debit. Credit May 20. Sales Returns and Allowances. 425(debit) Accounts Receivable—Anna Page 425 (credit) Customer returned (worthless) merchandise. 2. Post the sales journal and any portion of the general journal entry that affects these accounts.

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Question-5.4 Rainbow Stationers records office supplies inventory using a periodic system. Beginning supplies were $12,000, purchases $45,000, and ending supplies count shows $15,000. The office supplies expense for the period is: