Using the facts in Problem #7, please do the journal entry for your company selling 250 items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the "perpetual"* and the the 'periodic" methods use the same account names when selling merchandise. Then do the journal entry for your customer returning $10,000 of the inventory on 2/13/19. Number 7 has already been answered it’s only there to provide assistance with number 9

Using the facts in Problem #7, please do the journal entry for your company selling 250 items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the "perpetual"* and the the 'periodic" methods use the same account names when selling merchandise. Then do the journal entry for your customer returning $10,000 of the inventory on 2/13/19. Number 7 has already been answered it’s only there to provide assistance with number 9

Name: Using the facts in Problem #7, please do the journal entry for your co
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Description: Using the facts in Problem #7, please do the journal entry for your company selling 250items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the"perpetual"*and thethe 'periodic"methods use the same account names when se

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 8Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...

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Could anyone help me understand this problem? How would you put these statements in a purchase journal? Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30. Date Vendor Name (AP Subsidiary #) Purchases (debit) Accounts Payable (credit) Total
For questions 25-27, your answer will be add on bank side, subtract on bank side, 21. A company sells $23,980 of inventory to a customer on account. The terms are 2/10, n30. If the customer pays in 10 days, write the entry to record receipt of the payment.
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7. Salem Computers has the following transactions in September related to purchase of merchandise inventory. A (Click the icon to view the transactions.) Journalize the purchase transactions for Salem Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sept. 1: Purchase of $24,500 worth of computers on account, term of 2/ 10, n/30. - X More info Date Accounts and Explanation Debit Credit Sept. 1 September 1. Purchase of $24,500 worth of computers on account, term of 2/10, n/30. September 3 Return of $5,000 of the computers to the vendor. September 9 Payment made on account. Print Done
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answer in text form please (without image), Note: .Every entry should have narration please