Rescue Sequences LLC purchased inventory by issuing a $30,000, 10%, 60-day note on October 1. Required:   Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year.

Q: Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods…

A: In case of F.O.B shipping, the ownership relating to goods is transferred to the purchaser (buyer)…

Q: A company using the perpetual inventory system purchased inventory worth $550,000 on account with…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: DDD Company took a physical inventory at the end of the year and determined that P1,900,000 of goods…

A: The inventory sold or purchased with FOB destination term, is included in the inventory of buyer…

Q: During January 2018, FRS Company completed the following transactions. Beginning inventory as of…

A: Journal records the day to day transactions of the business.

Q: ABC Inc purchased $9,000 inventory during the month of November from CDE Co. CDE applied a credit…

A: Formula used: Net purchases = Purchases - Purchase returns. Deduction of purchase returns value from…

Q: In November 2016, the Brunswick Company signed two purchase commitments. The first commitment…

A: Commitment of purchases are the commitments that are taken up by a business to buy merchandise or…

Q: inventory was purchased for cash at the contract price. On the purchase date of January 5, the…

A: As per prevailing accounting standards the value of inventory should be measured at cost or net…

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: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Calculation of Cost of Goods Sold and value of ending inventory using FIFO Method, Periodic…

Q: A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account…

A: The Perpetual inventory system keeps the record of inventory separately and it is updated with every…

Q: King Supply maintains its internal inventory records using perpetual FIFO, but for financial…

A: Date Account Titles and Explanation Debit Credit   Cost of Goods sold  $      15,000…

Q: Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of…

A: 1/15 net 45 means 1% discount is allowed if payment is made within 15 days. If payment after 45 days…

Q: On December 28, 2018, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink…

A:

Q: The following are selected 2020 transactions of Wildhorse Corporation. Purchased inventory from…

A: INTEREST BEARING NOTE ARE THOSE DEBT INSTRUMENTS ISSUED BY A COMPANY WHICH HAVE A SPECIFIED COUPON…

Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that…

Q: Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December…

A: The question is based on the concept of Cost Accounting.

Q: Slack Company provided the following inventory information relating to television sets for the…

A: Cost of goods sold (units)=Goods available-Ending inventory=200+300+500-300=700 units

Q: The following are selected 2020 transactions of Astin Corporation.   Sept. 1 Purchased inventory…

A: a. Required journal entries:

Q: On April 15, Jones, Inc. purchased merchandise inventory at an invoice price of $350,000, with terms…

A: Discount on Payment = Invoice amount x rate of discount = $350,000 x 3% = $10,500

Q: On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each.…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: A company that uses the perpetual inventory system purchased inventory for $1,130,000 on account…

A: A perpetual inventory system seems to be an application that constantly assesses your inventory…

Q: Shahi Foods & Spices Company purchased goods for OMR 25,000 and sold 70% of such goods during the…

A: Prudence concept says that if there is any anticipated profit , then it should be ignored but if…

Q: On September 1, ABC Company purchased P950,000 of inventory items on credit with the terms 1/15, net…

A: Under the net method of accounting for purchase discount, the accounts payable and purchase are…

Q: The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul,…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Q: The following are selected 2020 transactions of Teal Corporation. Purchased inventory from Ripken…

A: Balance Sheet is the part of financial statement which shows the financial position of the Company…

Q: On July 15, 2021, the Nixon Car Company purchased 2,800 tires from the Harwell Company for $35 each.…

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

Q: (i) FIFO method. (ii) Specific identification method.

A: (i) FIFO method.   Purchases Cost of Goods Sold Ending inventory   Qty Rate       Qty Rate…

Q: Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January…

A: Last-In, First Out (FIFO): The Last-In, First-Out (LIFO) approach operates on the presumption that…

Q: June 1 Balance 11 Purchased 20 Purchased 450 units @ $1 1,200 units @ $2 750 units @ $3 300 units @…

A: .FIFO: This is a method of  inventory valuation .Asset acquired first are sold first in this method…

Q: Abacus Ltd undertook the following transactions during May 2022. Purchased $18,480 inventory; terms…

A: The journal entry which records the financial events within a continuous accounting period is called…

Q: The following units of an inventory item were available for sale during the year : beginning…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Windsor, Inc. took a physical inventory on December 31 and determined that goods costing $222,500…

A: Prepare Windsor’s ending inventory.

Q: Stitch Ships Inc. has the following inventory purchases during the fiscal year ended December 31,…

A: Perpetual inventory system is that system, under which all purchases and sales related to inventory…

Q: The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul,…

A: As per the guidelines, only one question is allowed to be sold. Please upload different questions…

Q: Whitelands Inc. had the following operating transactions during January 2020, its first month of…

A: Balance sheet is the financial statement which is useful for knowing the financial position of an…

Q: Gato Inc. had the following inventory situations to consider at January 31, its year-end. Identify…

A: What does inventory mean?Inventory represents the goods that your small business has for sale or…

Q: Rescue Sequences LLC purchased inventory by issuing a $30,000, 60-day, non-interest bearing note on…

A: Discount amount = Face value of note x discount rate x no. of days /360 = $30000*15%*60/360 = $750

Q: ABC Co. uses the gross method for discounts of inventory purchased. ABC Co. has the following…

A: Under the gross method for a discount on inventory purchase, the inventory is recorded at full…

Q: Nelson Company bought inventory for $50,000 on terms of 2/15, n/60. It pays for the first $37,500 of…

A: SOLUTION-   GROSS PRICE-  IN THAT PURCHASE WILL BE RECORDED AT FULL COST PRICE IRRESPECTIVE OF THE…

Q: Company A began operations in the current year. The entity used perpetual inventory system.…

A: If the creditors pay their dues on time, they get the discount on their dues from the suppliers. The…

Q: On August 31, 2018, the Silva Company sold merchandise to the Bendix Corporation for $500,000. Terms…

A:

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: Cost of Inventory after trade discount = $100 units x $500 x 70% = $35,000   Under the net method,…

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…