Accounts Payable Merchandise Inventory Cash 2,500 50 2,450
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Z-Mart uses the perpetual Inventory system and recorded the following journal entry:
2,500
Accounts Payable
Merchandise Inventory
The transaction was
Multiple Choice
O
O
Cash
A purchase
A return
A return and payment of the account payable
50
2,450
A payment of the account payable and recognition of a cash discount taken
A purchase and recognition of a cash discount taken](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb452fae2-5441-4f77-af49-db903ef3b481%2Fef88295f-5f64-434b-beb7-391e8071c0b3%2Fzshv0rx_processed.jpeg&w=3840&q=75)
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- Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventoryRecord the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry. (All purchases on credit are made with terms of 1/10, n/30, and Buckeye uses the periodic system of inventory.) July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500. July 12: Paid amount owed to Wildcat Corp.
- Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
- Our narrative and DFDs are created assuming that accounts payable result from the purchase of inventory using a perpetual inventory system. However, inventory is not the only item that a company might purchase. For each of the following situations, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result when the accounts payable was created. Make and state any assumptions you think are necessary. Situations: 1. Merchandise is purchased, and a periodic inventory process is used. 2. Merchandise is purchased, and a perpetual inventory process is used. 3. Office supplies are purchased. 4. Plant assets are purchased. 5. Legal services are purchased.Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…
- a. Chapters 1-7 G Traducir antaFe iriclars Sotems TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Iventory system, how should a company record the sale of Inventory costing $550 for $1,170 on account? 1. InventorY 550 Cost oE GOods Sold 550 Sales Revenue 1,170 Accounts Receivable 1,170 2. Accounts Receivable 1,170 Sales Revenue 1,170 Cost of Goods Sold 550 Inventory 550 550 3. Inventory 620 Gain 1,170 Sales Revenue 1,170 Accounts Receivable 550 Sales Revenues 620 Gain Multiple Choice Ne7 Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $19,600 was made on credit, 3/10, n/30. The journal entry to record this purchase is: Multiple Choice Account Title Debit Credit Merchandise Inventory 19,600 Accounts Payable 19,600 Account Title Debit Credit Purchases 19,600Suidd ping Sear Corporat... When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit O Accounts Receivable Accounts Payable Purchases Returns and Allowances O Inventory Next Previous Email Instructor
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