The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $16,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $23,500 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges
The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $16,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $23,500 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $16,000. The following inventory transactions occurred during the month:
The company purchased inventory on account for $23,500 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $510 were paid in cash.
On October 31, Autumn paid for the inventory purchased on October 12.
During October inventory costing $18,150 was sold on account for $28,200.
It was determined that inventory on hand at the end of October cost $21,390.
1. Assuming Autumn Company uses a perpetual inventory system, prepare
- The company purchased inventory on account for $23,500 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases.
-
- The inventory was shipped f.o.b. shipping point and freight charges of $510 were paid in cash.
-
- On October 31, Autumn paid for the inventory purchased on October 12.
-
- Record the sale of merchandise on account.
-
- Record the cost of goods sold.
-
- Record any necessary
adjusting entry when the inventory on hand at the end of October cost $21,390.
- Record any necessary
![2
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.
3
Required Information
[The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $16,000. The following Inventory transactions occurred
during the month:
View transaction list
4
a. The company purchased inventory on account for $23,500 on October 12. Terms of the purchase were 2/10, n/30.
Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight
charges of $510 were paid in cash.
6
b. On October 31, Autumn paid for the Inventory purchased on October 12.
c. During October Inventory costing $18,150 was sold on account for $28,200.
d. It was determined that inventory on hand at the end of October cost $21,390.
2/10, n/30. Autumn uses the net method to record
purchases.
The inventory was shipped f.o.b. shipping point and
freight charges of $510 were paid in cash.
On October 31, Autumn paid for the inventory purchased
on October 12.
Record the sale of merchandise on account.
5 Record the cost of goods sold.
Note :
Record any necessary adjusting entry when the inventory
on hand at the end of October cost $21,390.
journal entry has been entered
Record entry
Clear entry
X
12.
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F969dc51c-cfbc-4a88-8223-4a4d6f7856c4%2F8d15e5af-655b-458c-84b2-19475acae637%2Ffii69bw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2
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.
3
Required Information
[The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $16,000. The following Inventory transactions occurred
during the month:
View transaction list
4
a. The company purchased inventory on account for $23,500 on October 12. Terms of the purchase were 2/10, n/30.
Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight
charges of $510 were paid in cash.
6
b. On October 31, Autumn paid for the Inventory purchased on October 12.
c. During October Inventory costing $18,150 was sold on account for $28,200.
d. It was determined that inventory on hand at the end of October cost $21,390.
2/10, n/30. Autumn uses the net method to record
purchases.
The inventory was shipped f.o.b. shipping point and
freight charges of $510 were paid in cash.
On October 31, Autumn paid for the inventory purchased
on October 12.
Record the sale of merchandise on account.
5 Record the cost of goods sold.
Note :
Record any necessary adjusting entry when the inventory
on hand at the end of October cost $21,390.
journal entry has been entered
Record entry
Clear entry
X
12.
Credit
View general journal
>
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