Homework Answers
Purchases = 1800 ; Returns = 200
Net Accounts Payable = 1800 - 200 = 1600
Discount on payment = 1600 x 2% = 32
Journal Entry :
Accounts Payable a/c Dr. 1600
To Merchandise Inventory 32
To Cash 1568
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JPLS A company that uses the net method of recording purchases and a perpetual inventory system...
A company purchased $1,800 of merchandise on July 5 with terms2/10, n/30. On July 7,...
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is: Debit Accounts Payable $1,800; credit Cash $1,800. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. Debit Cash $1,600; credit Accounts Payable $1,600. Debit...
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7,...
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is: A) Debit Merchandise Inventory $1,600; credit Cash $1,600 B) Debit Merchandise Inventory $1,800; Credit Sales Return $200; Credit Cash $1,600 C) Debit...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is: Debit Merchandise Inventory $1,600; credit Cash $1,600. Debit Merchandise Inventory $1,800; credit Accounts Payable $1.800. Debit Merchandise...
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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...
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A company purchased $1,900 of merchandise on July 5 with terms 210, 1/30. On July 7, it returned $200 worth of merchandise. On July 29, it pa u the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise rctum on July 7 is: Multiple Choice o Debit Accounts Payale $1.800; creclit Purchase Returns $200: credit Merchandise inventory $1,600. o Debit Accounts Payab e...
Question 2 (3 points) A company that uses the perpetual inventory method purchases inventory of $2,000...
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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...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
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