Please journalize the Buy Side of the following transactions using the Perpetual Inventory System June 1st....
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Please journalize the Buy Side of the following transactions using the Perpetual Inventory System June 1st. Adams Inc. purchased on account, $500,000 of inventories from Mark Inc. Credit terms were 3/10, n/30. Mark Inc. had originally purchased those inventories for $390,000. June 2nd. FOB Shipping point for $300 was paid by cash by the relevant party. June 3rd. Adams Inc. returned damaged inventories to Mark Inc. from the June 1³¹ purchase totaling 85,000. Mark Inc. had originally purchased those inventories for $60,000. June 10th. Adams Inc. settle the account with Mark Inc. Date Account Name Debit Credit B. Please journalize the Sell Side of the following transactions using the Perpetual Inventory System June 1st. Adams Inc. purchased on account, $500,000 of inventories from Mark Inc. Credit terms were 3/10, n/30. Mark Inc. had originally purchased those inventories for $390,000. June 2nd. FOB Shipping point for $300 was paid by cash by the relevant party. June 3rd. Adams Inc. returned damaged inventories to Mark Inc. from the June 1st purchase totaling 85,000. Mark Inc. had originally purchased those inventories for $60,000. June 10th. Adams Inc. settle the account with Mark Inc. Date Account Name Debit Credit Please journalize the Buy Side of the following transactions using the Perpetual Inventory System June 1st. Adams Inc. purchased on account, $500,000 of inventories from Mark Inc. Credit terms were 3/10, n/30. Mark Inc. had originally purchased those inventories for $390,000. June 2nd. FOB Shipping point for $300 was paid by cash by the relevant party. June 3rd. Adams Inc. returned damaged inventories to Mark Inc. from the June 1³¹ purchase totaling 85,000. Mark Inc. had originally purchased those inventories for $60,000. June 10th. Adams Inc. settle the account with Mark Inc. Date Account Name Debit Credit B. Please journalize the Sell Side of the following transactions using the Perpetual Inventory System June 1st. Adams Inc. purchased on account, $500,000 of inventories from Mark Inc. Credit terms were 3/10, n/30. Mark Inc. had originally purchased those inventories for $390,000. June 2nd. FOB Shipping point for $300 was paid by cash by the relevant party. June 3rd. Adams Inc. returned damaged inventories to Mark Inc. from the June 1st purchase totaling 85,000. Mark Inc. had originally purchased those inventories for $60,000. June 10th. Adams Inc. settle the account with Mark Inc. Date Account Name Debit Credit
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QUESTION 1 June 1 Inventory 500000 Accounts Payable Mark Inc 500000 Date Account Name Debit Credit J... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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