Nov. 2 Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. 6. Returned $800 of defective merchandise purchased on November 2. Paid freight bill of $100 on November 2 purchase. Sold merchandise inventory on account for $6,100. Payment terms were 3/15, n/45. 10 11 Paid amount owed on credit purchase of November 2, less the return and the discount. Received cash from November 10 customer in full settlement of their debt, less the discount. 22

Please read and answer jorunal enrrty question using table provided

Posting from the purchases journal; balancing the ledgers The purchases journal of Southeastern Publishing Company follows: Requirements Total each column of the purchases journal. Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120), Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases journal. Use dates and posting references in the accounts. Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, jell Supply, and Leap Tech. Post from the purchases journal. Use dates and Posting references in the ledger accounts. Balance the Accounts Payable control account in the general ledger with the total of the ending balances in the accounts payable subsidiary ledger.

From the general​ journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate.   Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references.   Accounts Receivable Subsidiary Ledger   Henry Co.                                                     Lincoln Co.                                   Now post to the partial general ledger. Use transaction dates as posting references.   Partial General Ledger   Accounts Receivable 112                                                     Merchandise Inventory 142                                                     Sales 411                                                     Cost of Goods Sold 505

Describe the journal entries when recording a sale of inventory using the periodic inventory system.

A retailer acquires new computers for use in the business operations. When recording this transaction, and assuming a perpertual inventory system is used, the journal entry will include a account. O credit to Equipment O debit to Merchandise Inventory credit to Merchandise Inventory O debit to Equipment

Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry.   You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them.     Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…

What is the name of the account used to record sales of merchandise inventory? Multiple Choice Sales Returns and Allowances Sales Fees Income Accounts Receivable

Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done

What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodic