Williston Cattle Company uses a perpetual inventory system. Williston purchased sheep from Little H Ranch at a cost of $39,000, payable at time of delivery. The entry to record the delivery would be
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Williston Cattle Company uses a perpetual inventory system. Williston purchased sheep from Little H Ranch at a cost of $39,000, payable at time of delivery. The entry to record the delivery would be
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- Wilson cattle company uses a perpetual inventory system. Wilston purchased sheep from little H Ranch at a cost of $39,000, payable at time of delivery. The entry to record the delivery would bea. Purchases 39,000Accounts payable 39,000b. Inventory 39,000Cash 39,000c. Purchases 39,000Cash 39,000d. Inventory 39,000Accounts payable 39,000Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.On December 28, 2018, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system fromTristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method toaccount for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
- ABC Company purchased inventory for P750,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company paid the shipper 10,500 cash for freight in. The company paid the vendor 9 days after the sale. If there wasS no beginning inventory, the cost of inventory would be: (Assume a perpetual inventory system)Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 Record entry General Journal Clear entry Debit Credit View general journalKk129. Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27, 2021. Net Solution paid ABC Shipping agency $136 for the delivery and paid the balance on Nov 4. Assume the company uses perpetual inventory system. Journalize all the transactions for Net Solutions.
- GW sold merchandise to Mulligans for $10,000, offering term of 1/15, n/30. mulligans paid for the merchandise within the discount period. both companies use perpetual inventory system. I need a. Prepare the journal entries in the accounting records of GW to accounts for this sale and the subsequent collection. Assume the original cost of merchandise to GW had been $6,500 b. Prepare jurnal entire in the accounting records of mulligans accounts for the purchase and subsequent paymen.t Mulligans records purchase merchandise at net cost. c. Assume that, because of a change in personnel, Mulligans failed to pay for this mechandise within the discount period. prepare journal entry in the accounting records of Mulligans to record payment after the discount period.Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheetOn December 28, 2024, Videotech Corporation (VTC) purchased 15 units of a new satellite uplink system from Tristar Communications for $26,000 each. The terms of each sale were 1/10./30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 2 Date December 28, 202 Inventory Accounts payable January 06, 2025 Accounts payable Cash Answer is not complete. General Joumal · · • O 33 O Debit 9,000 Credit 390,000
- Glen Company provided the following for the current year: Warehouse Inventory on Consignment Beg Inventory 1,100,000.00 120,000.00 Purchases 4,800,000.00 600,000.00 Freight In 100,000.00 Transportation to consignees 50,000.00 Freight out 300,000.00 80,000.00 Ending Inventory 1,450,000.00 200,000.00 What is the cost of goods sold for the current year?Golf World sold merchandise to Mulligans for $10,000, offering terms of 1/15, n/30. Mulliganspaid for the merchandise within the discount period. Both companies use perpetual inventorysystems.a. Prepare journal entries in the accounting records of Golf World to account for this sale and thesubsequent collection. Assume the original cost of the merchandise to Golf World had been$6,500.00b. Prepare journal entries in the accounting records of Mulligans to account for the purchase andsubsequent payment. Mulligans records purchases of merchandise at net cost.c. Assume that, because of a change in personnel, Mulligans failed to pay for this merchandisewithin the discount period. Prepare the journal entry in the accounting records of Mulligans torecord payment after the discount period.Bates uses Periodic Inventory system . following transactions. a. bates invested additional $70000 cash in the business. b. Received $125,000 in advance from the state of iowa for service which is be performed at a later. c. Received merchandise (will be resold to customers ) purchases on account for $19,000.the terms were 2/10: n/30 ,FOB origination and the invoice included a $100 freight charge .Invoice is for $19,100. d. paid a six month insurance premium of $1800. e. Purchased a $45000 short term certificate of deposit from Home Saving Bank . The CD is considered a short term investment . f. Performed services for dane country and immediately received $50,000. g. Made a $1,050 mortgage payment was for interest nthe remainder was applied toward the loan principal. h. Returned a return of $2500 of the merchandise received in"C" above. i. sold merchandise on account for $12,000 terms were 2/10, n/30 " FOB origination j. Received a return of $3000 of the…