6 10 Date 02/07/2024 Transaction Mookie The Beagle Coach purchases the following inventory from Odin Enterprises, terms net 30, for resale to customers. Enter as a Purchase Order. Then enter Bill and add Purchase Order to the Bill. Note: When entering Vendor: Odin Enterprises into the Purchase Order (PO) and Bill, the PO and Bill will autofill with prior bill information. Delete the prior information before adding the new information below. .8 Dog Treat Training Pouches at a cost of $20 each .8 Dog Training Clickers at a cost of $4 each • 8 Dog Training Treats, Small size at a cost of $10 each ⚫ 8 Dog Training Treats, Large size at a cost of $16 each a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answers to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Debit Debit Debit Debit Credit Account Amount

6 10 Date 02/07/2024 Transaction Mookie The Beagle Coach purchases the following inventory from Odin Enterprises, terms net 30, for resale to customers. Enter as a Purchase Order. Then enter Bill and add Purchase Order to the Bill. Note: When entering Vendor: Odin Enterprises into the Purchase Order (PO) and Bill, the PO and Bill will autofill with prior bill information. Delete the prior information before adding the new information below. .8 Dog Treat Training Pouches at a cost of $20 each .8 Dog Training Clickers at a cost of $4 each • 8 Dog Training Treats, Small size at a cost of $10 each ⚫ 8 Dog Training Treats, Large size at a cost of $16 each a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answers to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Debit Debit Debit Debit Credit Account Amount

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 5RE: Using the information provided in RE8-4, prepare the journal entry to record the write-down of...

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Using the information provided in RE8-4, prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down if inventory.
Perpetual versus Periodic Inventory Systems Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred: Required: 1. Assume that Howard uses a perpetual inventory system. Prepare the journal entries to record the January inventory transactions. 2. Assume that Howard uses a periodic inventory system. Prepare the journal entries to record the January inventory transactions. Be sure to include any adjusting entries necessary. 3. Next Level Howards CEO states that a perpetual inventory system would result in a better inventory valuation. Evaluate this statement and provide a discussion of the benefits of each type of inventory system.
Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for Longmire Sons.
Purchase-Related Transactions Journalize entries for the following related transactions of Greenville Heating & Air Company: If an amount box does not require an entry, leave it blank. a. Purchased $24,000 of merchandise from Foster Co. on account, terms 2/10, n/30. fill in the blank 9546a7fcdff6053_2 fill in the blank 9546a7fcdff6053_3 fill in the blank 9546a7fcdff6053_5 fill in the blank 9546a7fcdff6053_6 b. Paid the amount owed on the invoice within the discount period. fill in the blank 208338fa001ef91_2 fill in the blank 208338fa001ef91_3 fill in the blank 208338fa001ef91_5 fill in the blank 208338fa001ef91_6 c. Discovered that $4,800 of the merchandise purchased in (a) was defective and returned items, receiving credit for $4,704 [$4,800 – ($4,800 × 2%)] fill in the blank 0c1296034072fc0_2 fill in the blank 0c1296034072fc0_3 fill in the blank 0c1296034072fc0_5 fill in the blank 0c1296034072fc0_6…
Travis Company purchased merchandise on account from a supplier for $10,700, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank a. 灣 b. Previous Next 0 苓 a 12:56 PM 12/11/2020 F18 hp 00
Journalize entries for the following related transactions of Lilly Heating & Air Company who uses the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.) a. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30.
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1. Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of 2/10, n/30. What is the net cost of the goods if Kingbird, Inc. pays within the discount period? 2. The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Answer for #1- 12,838 Answer for #2- Entry to accounts receivable for $2400 Why do you approach these questions differently? What are the keywords to look out for that tell me I do not approach question #2 the same as question #1?
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Cc stores is registered with vat Uses the perpetual inventory system. The following transactions took place Sales of merchandise ,R 5750( vat included)cash the cost price was R2500 (excluding vat) Journalize tge above transaction
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