Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual...
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Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Feb.2: Derry purchased $21,500 worth of inventory on account with credit terms of3/15, n/30, FOB shipping point from Stone Medical Supplies Date Accounts Debit Credit Feb. 2 Feb.3: Derry paid a $150 freight charge. Date Accounts Debit Credit Feb. 3 Feb.7: Derry returned $6,200 of the merchandise due to damage during shipment. Date Accounts Debit Credit Feb. 7 Feb. 14: Derry paid the amount due, less return and discount. Date Accounts Debit Credit Feb. 14 Requirement 2. In the final analysis, how much did the inventory cost Derry? The inventory cost for Derry is Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Feb.2: Derry purchased $21,500 worth of inventory on account with credit terms of3/15, n/30, FOB shipping point from Stone Medical Supplies Date Accounts Debit Credit Feb. 2 Feb.3: Derry paid a $150 freight charge. Date Accounts Debit Credit Feb. 3 Feb.7: Derry returned $6,200 of the merchandise due to damage during shipment. Date Accounts Debit Credit Feb. 7 Feb. 14: Derry paid the amount due, less return and discount. Date Accounts Debit Credit Feb. 14 Requirement 2. In the final analysis, how much did the inventory cost Derry? The inventory cost for Derry is
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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