Please show the complete solution. Thank you so much.    1. LEVIATAN Company is using perpetual inventory system and net method. On May 1, the company purchased P200,000 worth of inventory on account with terms of 2/10, n/30; FOB shipping point, freight prepaid of P10,000. On May 5, the company returned P60,000 defective units. On May 11, the company paid in full the amount due. There were no other transactions during the month. Question: What is the amount paid on May 11 and the amount of general ledger balance of "Merchandise Inventory" as of May 30, respectively.

Q: 1. What is the entry if the company returned goods previously purchased amounting 6,000?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: During the months of January and February, Axe Corporation purchased goods from three suppliers. The…

A: Given transactions are: Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.6…

Q: A company that uses a perpetual inventory system made the following cash purchases and sales.  There…

A: let us first  find the cost of  goods sold and gross margin for all the three methods. 1)  FIFO -…

Q: A company has the following transactions during March: March 3 Purchases inventory on account for…

A: Solution Concept Under perpetual inventory system the inventory records is updated regularly This…

Q: Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following…

A: LIFO stands for Last In First Out

Q: On June 10, Pharoah Company purchased $8,500 of merchandise on account from Flounder Company, FOB…

A: Given that: Total value of merchandise purchased = $8500 Merchandise returned = $500

Q: On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30.…

A: Journal Entries - Journal Entries are the primary record of the transaction entered into by the…

Q: Using the AVCO/Weighted Average Method, what is the value of ending inventory after accounting for…

A: Weighted Average cost method: It is the method where the cost of closing inventory is calculated on…

Q: Assume the perpetual inventory system is used unless stated otherwise. Accounting principles for…

A: Given information is: Some of M and C Electronics’s merchandise is gathering dust. It is now…

Q: The Wilson Company purchased $26,000 of merchandise from the Poole Wholesale Company. Wilson also…

A: Under perpetual inventory system, the cost of goods purchased increases with the expenses like…

Q: On June 10, Oriole Company purchased $6,400 of merchandise from Ivanhoe Company, terms 2/10, n/30.…

A: The perpetual inventory system records and updates the inventory after each and every transaction.…

Q: On June 10, Pharoah Company purchased $ 8,500 of merchandise on account from Flounder Company, FOB…

A:

Q: NorthWave Products has provided you with the following transactions for the month of September 2019.…

A: Journal Entries are the primary step to record transaction in the books of accounts. The total…

Q: A company using the perpetual inventory system purchased inventory worth $24,000 on account with…

A: Inventory refers to the goods that are available for sale or available for further production.

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB…

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, the…

A: Types of Inventory includes: Raw materials Work-in-progress Finished goods

Q: Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: ABC Company is using the perpetual inventory system purchased inventory worth P25,000 on account…

A: Net Purchases = Purchases - Purchase Return                                  = P25,000 - P2,000…

Q: Mei Company engaged in the following transactions for the month of April. Record the transactions…

A: Perpetual inventory system is one of the inventory system. Under this system, all purchase and sale…

Q: On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point,…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Assuming that there was no beginning inventory balance, the cost of inventory would be: (Assume a…

A: Given that: A company purchased inventory for $2,000 from a vendor on account, FOB shipping point,…

Q: Avtosh LLC is an car dealer company established in Baku, Azerbaijan. The Company uses perpetual…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…

A: Journal: Recording of a business transactions in a chronological order.

Q: On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB…

A: Sales discount =  Net sales x discount rate = $9,150 x 2% = $183

Q: Bonita Inc. took a physical inventory at the end of the year and determined that $845000 of goods…

A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory…

A: Calculation under LIFO Date   Units Amount Amount           Jan 1 Opening  100 21 2,100…

Q: The inventory records of Sixto Corp at Dec 31, 20X1 show a balance of P260,000. Also the following…

A: Inventory is one of the important current asset of the business. It includes inventory of raw…

Q: Assume the perpetual inventory system is used unless stated otherwise.Accounting principles for…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory…

A: The cost of goods sold is calculated by adding the beginning inventory and purchases to obtain the…

Q: On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB…

A: Introduction: Credit terms are given to customers to encourage timely and quicker payment of the…

Q: On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system.…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount…

A: Date  Account titles  Debit amount($) Credit amount($) 2nd July  Inventory A/c (300 units *$4.20)…

Q: HOW DO I PREPARE A TRANSACTION CHART?   On June 10, Wildhorse Company purchased $9,500 of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: 2. Worried Co. had the following transactions during the period: a) Purchased goods worth P50,000 on…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of…

A: Under FIFO method of inventory  valuation goods purchased first, are sold first. Specific…

Q: On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Long Horn Music Store uses a perpetual inventory system and had the following transactions during…

A: Journal entries recording is the first step in the accounting process in which atleast one account…

Q: During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence ofevents…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Company Y had the following transactions in Year 2. The perpetual FIFO inventory system is used. 1.…

A: There are different accounting methods of available to record the inventory out of which the company…

Q: Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for…

A: Using periodic inventory system, the cost of goods sold is calculated at year end.

Q: Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system.…

A: 1. Last-in, first-out (LIFO) cost flow assumption - Under LIFO Method, Inventory purchased last is…

Q: A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms…

A: FOB Shipping means the buyer must pay the cost of delivery (freight-in).Cost of inventory will…

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A:

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is