Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Feb1, Business...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Feb1, Business purchased $6000 inventory from the Bestdeal Inc. Term'2/5, n/60 FOB. 2. Feb2, Business paid $250 delivery charges for the Febt Inventory purchase. 3. Feb4, business bought $7,500 inventory from Flanton Ltd. Term 1/10, n/30 FOB 4. Feb10, business paid the money owing to Bestdeal Inc. 5. Feb12, busines return $1200 inventory purchased from Flanton due to the defective product issues 6. Feb14 business bought $5000 inventory from QS-One inc. paid in cash 7. Feb17, business paid in full for the owing to Flanton Ltd 8. If the business did not pay Flanton Ltd on Feb17, instead, the business paid in full to Flanton on Feb 14, what entry should be recorded? Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Feb1, Business purchased $6000 inventory from the Bestdeal Inc. Term'2/5, n/60 FOB. 2. Feb2, Business paid $250 delivery charges for the Febt Inventory purchase. 3. Feb4, business bought $7,500 inventory from Flanton Ltd. Term 1/10, n/30 FOB 4. Feb10, business paid the money owing to Bestdeal Inc. 5. Feb12, busines return $1200 inventory purchased from Flanton due to the defective product issues 6. Feb14 business bought $5000 inventory from QS-One inc. paid in cash 7. Feb17, business paid in full for the owing to Flanton Ltd 8. If the business did not pay Flanton Ltd on Feb17, instead, the business paid in full to Flanton on Feb 14, what entry should be recorded?
Expert Answer:
Answer rating: 100% (QA)
Journal entries Date General Journal Debit Credit Feb 1 Merchan... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
Plot classify the given function and solve its energy and average power. 5 8(t)={{ 0t 4 0 > t 10 0 4t 8 8
-
Part (d) (10 points) Reproduce your diagram from part (c). Suppose that the household were offered Plan 2 instead of Plan 1. Would the household be better off, worse off, or indifferent? Support your...
-
You were given the absorption costing income statements of AZ Company for 2020 and 2021. 2021 Sales Cost of Goods Manufactured Finished Goods, beg Total Available Finished Goods, end Cost of goods...
-
In a task assignment situation, in how many different ways can five jobs be assigned to five machines if each job must be assigned to each machine and each machine must be assigned one job? Multiple...
-
Lasley & Linderman, a partnership, had the following inventory data: Lasley and Linderman need to know the companys gross profit percentage and rate of inventory turnover for 2014 under 1. FIFO. 2....
-
Nova Mine Engineering is a junior Canadian company with a variety of operating subsidiaries and other undertakings that provide mine engineering and management services in Canada and in several...
-
During 2015, The Mann Corporation borrowed \($500,000\) from The Biltmore National Bank. The loan agreement included a debt covenant restricting the companys level of debt relative to shareholders...
-
Is eBay doing the right thing by sticking to its current strategy? What changes, if any, would you recommend to Donahoe? Pop quiz: Name the high-tech company that got its start in someones living...
-
What is the dependent variable in the sentence below? Does health coaching reduce feelings of burnout among remote-working employees?
-
At the end of the day the clerk for Wales Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,204, whereas the total cash in the register...
-
Write a paragraph describing different real-world situations in which you would use natural numbers, integers, rational numbers, and irrational numbers. Give examples for each type of situation.
-
EXTRA CREDIT Corporations acquire treasury stock for a variety of purposes. Name three reasons why treasury stock may be acquired by a corporation. Reasons:
-
belles boutique has buyers for four primary _ _ _ _ : jewelry, accessories, and gifts; handbags, shoes, apparel
-
1.During the current year, the net sales of ABC Company, were 10% below last year's level. You should expect ABC's semi-variable costs to? 2.Hannah Company sells a single product at a sales price of...
-
Which members of a community might typically oppose a Walmart Supercenter? What are their objections? How can Walmart answer these complaints?
-
Questions: Do the two companies Walmart and Target have significant amount of bad debt expense? ( I am not just looking for a simple Yes or No answer. You need to justify your answers by using the...
-
! Required information [ The following information applies to the questions displayed below. ] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales...
-
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation -...
-
At the end of the year, Mercy Cosmetics balance of Allowance for Uncollectible Accounts is $600 (credit) before adjustment. The balance of Accounts Receivable is $25,000. The company estimates that...
-
Follettes Accessories maintains its books using cash-basis accounting. However, the company recently borrowed $50,000 from a local bank and the bank requires Follettes to provide annual financial...
-
How is gross profit calculated? What is the gross profit ratio? What is it designed to measure?
-
The average total cost curve rises at high levels of output because of _________ product.
-
When AVC is falling, MC must be _________ than AVC; and when AVC is rising, MC must be _________ than AVC.
-
In the _________ run, a company cannot vary its plant size and equipment, so the firm can only expand output by employing more _________ inputs.
Study smarter with the SolutionInn App