Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 une 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? O Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit

Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 une 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? O Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit

Name: Recording Purchases of MerchandiseOn June 1st Maximum Appliances purc
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Recording Purchases of MerchandiseOn June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3June 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the f

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Purchased $6,000 of merchandise on account, terms 2/10, n/30
Prepare the entries for transaction below and indicate what journal it is 9 Aug purchased inventory from khan co. For $9200 terms: 3/15, n/60 24 august paid khan co. The balance due
Prepare journal entries for the selected transactions Sept. 1 - Purchased inventory from Orion Company on account for $60,000. Darby records purchases gross and uses a periodic inventory system. Dr Cr Oct. 1 - Issued a $60,000, 12-month, 8% note to Orion in payment of account. Dr Cr Oct. 1 - Borrowed $85,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $92,000 note. Dr Cr
Journalize each of the following transactions assuming a periodic inventory system and PST at 8% along with 5% GST. June 1 Purchased $3,800 of merchandise; terms 1/10, n/30. 5 Sold $2,800 of merchandise for $3,200; terms n/15. No 1 2 Date June 01 June 05 Purchases Accounts receivable Purchases Answer is not complete. General Journal 3 ** Debit 3,800 > Credit 3,360 2,800 **
GLO402 (Static) - Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) August 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corporation August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for $600. The merchandise was…
on february 3 smart company sold merchandise in the amount of 2000 to truman company with credit terms of 2/10, n/30 the cost of the items sold is 1380 smart uses the perpetual inventory system and the gross method truman pays the invoice on february 8th and takes the appropriate discount the journal entry that smart makes on february 8th is what?
Don't give answer in image format
William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 Balance Purchase Purchase Sale 12 Sale Units 20 40 40 (20) (50) Purchase Price $5.00 $5.50 $9.00 Assume all sales and purchases are on credit. Sales Price $8.00 $8.00
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, $30,000. 3 Purchased merchandise for cash, $24,000. 5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. Prepare journal entries under the perpetual inventory system.
Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Records—Periodic System The following are selected transactions for Jefferson, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30. April 27 Lind Stores returned defective merchandise billed at $300 on April 20. April 29 Received from Lind Stores a check for full settlement of the April 20 transaction. Required Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries JEFFERSON, INC. GENERAL JOURNAL Date Description Debit Credit Apr. 20 Answer Answer Answer Answer Answer Answer Sold merchandise to Lind Stores terms 1/10, n/30. 27 Answer Answer Answer Answer Answer Answer Merchandise returned by Lind Stores. 29…
s
Jan. 2 Purchased merchandise on account from Nunez Company, $27,600, terms 3/10, n/30. (Wildhorse uses the perpetual inventory system.) 1 Issued a 9%, 2-month, $27,600 note to Nunez in payment of account. Feb. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,200 in cash and signing a 10%, 3-month, $68,400 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare Journal entries for the listed transactions and events. Post the accounts Notes Payable, Interest payable, and Interest Expense. Show the balance sheet presentation of notes and interest payable at December 31. What is the total interest expense for the year?