TB 06-57 An electronics retailer purchases $25,000 of..An electronics retailer purchases $25,000 of computers on account for resale. The retailer returns $5,000 of computers to thesupplier and receives a credit on their account. Under a perpetual inventory system the journal entry to record the returnedgoods will include: $20,000 will be credited to Inventory and $20,000 will be credited to Purchases.$5,000 will be debited to Accounts Payable and $5,000 will be credited to Inventory.$25,000 will be debited to Accounts Payable and $25,000 will be credited to Inventory.$5,000 will be debited to Purchases Returns and $5,000 will be credited to Accounts Payable.

Under the perpetual framework, purchases, purchase returns and remittances, buy limits, deals, and…

TB 06-57 An electronics retailer purchases $25,000 of.. An electronics retailer purchases $25,000 of computers on account for resale. The retailer returns $5,000 of computers to the supplier and receives a credit on their account. Under a perpetual inventory system the journal entry to record the returned goods will include:

TB 06-57 An electronics retailer purchases $25,000 of.. An electronics retailer purchases $25,000 of computers on account for resale. The retailer returns $5,000 of computers to the supplier and receives a credit on their account. Under a perpetual inventory system the journal entry to record the returned goods will include:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Stylon Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $3,200, receiving a credit memo. a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank. Inventory v Accounts Payable v X Feedback b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. Accounts Payable Inventory v Feedback c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. 88 Accounts Payable Cash v Feedback d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Accounts Payable v
A company that uses the perpetual inventory system purchases inventory for P65,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? O a debit to Merchandise Inventory for P1,300, a debit to Accounts Payable for P65,000 and a credit to Cash for P66,300 O a debit to Accounts payable for P65,000, a credit to Merchandise Inventory for P1.300, and a credit to Cash for P63,700 O a debit to Accounts Payable for P63,700, a debit to Merchandise Inventory for P1,300 and a credit to Cash for P65,000 a debit to Accounts payable for P65.000 and a credit to Cash for P65,000 and a debit to Merchandise Inventory for P1.300
P5B-39A Journalizing purchase and sale transactions-periodic inventory system Journalize the following transactions that occurred in March 2018 for Double Com- pany. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Double estimates sales returns at the end of each month. Purchased merchandise inventory on account from Sidecki Wholesalers, $5,500. Terms 2/15, n/EOM, FOB shipping point. Paid freight bill of $70 on March 3 purchase. Purchased merchandise inventory for cash of $1,100. 6. Mar. 3 4 4 Returned $900 of inventory from March 3 purchase. to Herrick Comnany $3.400, on account. Terms
Homework i Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $3,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $260 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $6,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 3 April 4 April 17 April 18 April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $6,700 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list View journal entry…
Jade Company uses the perpetual inventory system. It bought merchandise from Lilac Company. After two months, Jade Company returned merchandise worth $400 to Lilac Company. Which of the following journal entries records the return of merchandise by Jade? a. A debit to Cost for Goods Sold for $400 and a credit to Merchandise Inventory for $400 b. A debit to Accounts Payable, Lilac Company for $400 and a credit to Merchandise Inventory for $400 c. A debit to Accounts Payable, Lilac Company for $400 and a credit to Cost for Goods Sold for $400 d. A debit to Accounts Payable, Lilac Company for $400 and a credit to Purchases Returns and Allowances for $400
People’s Discount sells medical supplies and purchases their merchandise from a manufacturer. Review the following transactions and prepare the entries if People’s Discount uses: the perpetual inventory system the periodic inventory system Apr. 7 People’s Discount purchases 50 medical stands on credit at a purchase price of $15 per stand. The terms of the purchase are 5/10, n/45, with an invoice date of April 7. Apr. 11 People’s Discount returns 18 stands to the manufacturer for a full refund. Apr. 17 People’s Discount pays in full for the remaining stands, less the return.
Aa 162.
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
Subject: acounting
Denger
Sales and Purchasing Transactions A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory system. Purchased merchandise for P6,000 on credit 4 Sold merchandise that cost 800 for P1,000 on credit 9 Paid for merchandise purchased on June 1 11 Received payment from the customer of June 4 15 Sold merchandise that costs 1200 for P2,000 on credit 24 Purchased merchandise for P3,500 on credit. June 1