A company purchased inventory on account for $250,000. The company returned $20,000 of the inventory to the
Question:
A company purchased inventory on account for $250,000. The company returned $20,000 of the inventory to the supplier for credit. Record (1) the purchase of inventory on account (2) the purchase return, assuming the company uses a perpetual inventory system.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
To record the purchase of inventory ...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Discuss the causes, signs, and symptoms, and treatment of THREE major homeostatic imbalances under EACH of the following systems; a. Digestive System b. Urinary System C. Integumentary System d....
-
Discuss the causes, signs, and symptoms, and treatment of THREE major homeostatic imbalances under EACH of the following systems; a. Digestive System b. Urinary System C. Integumentary System d....
-
Discuss the causes, signs, and symptoms, and treatment of THREE major homeostatic imbalances under EACH of the following systems; a. Digestive System b. Urinary System C. Integumentary System d....
-
How does science affect the selection process? Explain your reasoning
-
Does purchasing power parity hold? If not, does PPP predict that the Brazilian real will appreciate or depreciate against the U.S. dollar? Explain. The Brazilian real has appreciated 33 percent...
-
1. Green logistics advocates a type of SCM that minimizes the environmental impacts including climate change, air pollution, water pollution, soil degradation, solid waste, noise, vibration, and...
-
Explain project value chain analysis and briefly discuss the steps involved in performing such an analysis.
-
Following is a list of account titles and balances for Pennington Investment Corporation as of January 31, 2011. Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
In the matrix of pressures for cost reduction vs pressures for local adaptation which is the best strategy that allows MNCs to learn from subsidiaries and transfer knowledge between these...
-
Consider a scenario in which Host A wants to simultaneously send packets III Hosts Band C. A is connected to Band C via a broadcast channel-a packet sent by A is carried by the channel to both Band...
-
Topanga Group began operations early in 2024. Inventory purchase information for the quarter ended March 31, 2024, for Topangas only product is provided below. The unit costs include the cost of...
-
Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers...
-
Convert 1800 to k.
-
Work Prob. 13.51 for the NRTL equation. Prob. 13.51 For the acetone(1)/methanol(2)/water(3) system, based on Eq. (13.19) and the Wilson equation, make the following calculations: (a) BUBL P : t =...
-
Change in labor productivity is one of the most watched international statistics of growth. Visit the St. Louis Federal Reserve website and find the data section (http://research.stlouisfed.org)....
-
When a parent-subsidiary relationship exists, consolidated financial statements are prepared in recognition of the accounting concept of a. Reliability. b. Materiality. c. Legal entity. d. Economic...
-
In determining whether or not a variable interest entity is to be consolidated, the FASB focused on a. Legal control. b. Share of profits and obligation to absorb losses. c. Frequency of intercompany...
-
Build a pro forma for a much needed hospital capital project or for capital equipment. Be sure to spend the appropriate amount of time to validate the volumes. Finish the analysis with an internal...
-
Log in to Connect or ask your instructor for access to the materials for Chapter 11. You will find a spreadsheet containing 5 years of monthly rates of return on ExxonMobil (XOM), BP, and Walmart...
-
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...
-
LED Corporation owns $1,000,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch's bonds fell by $450,000, due to concerns...
-
LED Corporation owns $1,000,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch's bonds fell by $450,000, due to concerns...
-
Wickum Corporation reports under IFRS, and recognized a $500,000 other-than-temporary impairment of an HTM debt investment in Right Corporation. Subsequently, the fair value of Wickum's investment in...
-
Could Arthur Murray have created language that would have avoided the application of impossibility of performance? What if Parker was not incapac-itated but that it was simply painful to dance after...
-
In the text's case on the county clerk and marriage licenses, whatare the ethical issues involved? What are the conflicting ethical values and whichvalues were maximized/minimized? The Case of the...
-
2 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units%;B cost $5.30 each. August 8 Purchased 8,000...
Study smarter with the SolutionInn App