Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 3 4 5 6 The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits.
Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 3 4 5 6 The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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![!
Required information
[The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred
during the month:
a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30.
Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight
charges of $520 were paid in cash.
b. On October 31, Autumn paid for the inventory purchased on October 12.
c. During October inventory costing $18,300 was sold on account for $28,400.
d. It was determined that inventory on hand at the end of October cost $23,470.
Required:
1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1
2 3 4 5 6
The company purchased inventory on account for $25,000 on October 12.
Terms of the purchase were 3/10, n/30. Autumn uses the net method to
record purchases.
Note: Enter debits before credits.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F429f8c7a-3687-475c-be0c-1fba953ec6b3%2F7f7dfb7e-56c3-4f82-bc85-9dd54c4f0ce7%2Fgokwre_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred
during the month:
a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30.
Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight
charges of $520 were paid in cash.
b. On October 31, Autumn paid for the inventory purchased on October 12.
c. During October inventory costing $18,300 was sold on account for $28,400.
d. It was determined that inventory on hand at the end of October cost $23,470.
Required:
1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1
2 3 4 5 6
The company purchased inventory on account for $25,000 on October 12.
Terms of the purchase were 3/10, n/30. Autumn uses the net method to
record purchases.
Note: Enter debits before credits.
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