Homework Answers
| Merchandise inventory | 69,300 | |
| Accounts Payable | 69,300 | |
| (70,000 - 1%) |
.
| Accounts Payable | 69,300 | |
| Cash | 69,300 | |
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Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $70,000 of inventory on...
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $120,000 of inventory on credit...
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $120,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchases on October 23 and the subsequent payment on October 31
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 1/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018 2. Prepare the journal entry to record the payment on August 15, 2018 3. If Nixon instead uses a perpetual...
prepare journal entries to record the following transactions for a retail store. the company uses perpetual...
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $18,300 was sold...
Corey Davis Inc. uses a perpetual inventory system. On July 1 they purchased goods for $30,000...
Corey Davis Inc. uses a perpetual inventory system. On July 1 they purchased goods for $30,000 with credit terms 2/15, n/30. Davis recorded the purchase at the gross amount, $30,000. Corey paid for the goods on July 5, within the discount period. The journal entries Davis would make to record these transactions would include
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms of 3/15, n/45. Defective inventory of $70,000 was returned 2 days later, and the accounts were appropriately adjusted. If the company paid the invoice 30 days later, the journal entry to record the payment would be ________. A. $510,000 debit to Accounts Payable, $496,800 credit to Cash, and $13,200 credit to Merchandise Inventory B. $440,000 debit to Accounts Payable and $440,000 credit to Cash...
On October 1, the Sandhill Bicycle Store had an inventory of 23 ten speed bicycles at...
On October 1, the Sandhill Bicycle Store had an inventory of 23 ten speed bicycles at a cost of $158 each. During the month of October, the following transactions occurred. Assume Sandhill uses a perpetual inventory system. Oct 4 Purchased 182 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10,n/30. 5 Paid freight of $1,000 on the October 4 purchase. 6 Sold 13 bicycles from the October 1 inventory to Team America for $340 each,...
a company that uses the perpetual inventory system purchased A company that uses the perpetual inventory system pur...
a company that uses the perpetual inventory system
purchased
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $120,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchases on October 23 and the subsequent payment on October 31
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 1/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018 2. Prepare the journal entry to record the payment on August 15, 2018 3. If Nixon instead uses a perpetual...
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Corey Davis Inc. uses a perpetual inventory system. On July 1 they purchased goods for $30,000 with credit terms 2/15, n/30. Davis recorded the purchase at the gross amount, $30,000. Corey paid for the goods on July 5, within the discount period. The journal entries Davis would make to record these transactions would include
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
On October 1, the Sandhill Bicycle Store had an inventory of 23 ten speed bicycles at a cost of $158 each. During the month of October, the following transactions occurred. Assume Sandhill uses a perpetual inventory system. Oct 4 Purchased 182 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10,n/30. 5 Paid freight of $1,000 on the October 4 purchase. 6 Sold 13 bicycles from the October 1 inventory to Team America for $340 each,...
a company that uses the perpetual inventory system
purchased
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
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