A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid $100 cash for freight in. The entry to record payment of invoice within 2 days by the purchaser would include (Assume a perpetual inventory system.) Yanıtınız: a debit to Accounts Payable for $3,000, a debit to Merchandise Inventory for $100, and a credit to Cash for $2,900 a debit to Accounts Payable for $2,940 and a credit to Cash for $2,940 a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $60, and a credit to Cash for $2,940 a debit to Accounts Payable for $2,940, a debit to Merchandise Inventory for $60, and a credit to Cash for $3,000 A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid $100 cash for freight in. The entry to record payment of invoice within 2 days by the purchaser would include (Assume a perpetual inventory system.) Yanıtınız: a debit to Accounts Payable for $3,000, a debit to Merchandise Inventory for $100, and a credit to Cash for $2,900 a debit to Accounts Payable for $2,940 and a credit to Cash for $2,940 a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $60, and a credit to Cash for $2,940 a debit to Accounts Payable for $2,940, a debit to Merchandise Inventory for $60, and a credit to Cash for $3,000
Expert Answer:
Answer rating: 100% (QA)
Cost of inventory purchased 3000 Purchase terms 215 n30 It means 2 percent discount will be ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
A company purchased inventory for $2,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned...
-
On April 11, Edwards Construction Company purchased inventory for $30,000 on terms of 2/10, n/30. It pays the account balance on April 21. Edwards uses a periodic inventory system. Required: 1....
-
A company purchased inventory for $2,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned...
-
The classic iPod is 10.5 millimeters thick. Suppose that the actual thickness T of any particular iPod has a maximum error tolerance that is less than 0.05 millimeter. (a) Write an absolute value...
-
Trustees of a local school board are given credit cards by the board for charging amounts pertaining to their responsibilities. Statements come to the board office and are reviewed by a staff person...
-
Robert Corp. granted an incentive stock option for 200 shares to Beverly, an employee, on March 14, Year 12. The option price and FMV on the date of grant was$150. Beverly exercised the option on...
-
In the decision-making process, what are the ways in which context can impact outcomes?
-
You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225...
-
How do advanced risk management frameworks intersect with continuous improvement strategies to proactively mitigate potential setbacks and enhance overall resilience in dynamic operational...
-
1. The clear majority of compute nodes in modern enterprise environments are networked. Can you think of any circumstances where a compute node would NOT be networked? Describe. 2. Many commercial...
-
Use Gaussian elimination or Gauss-Jordan elimination to solve the following system of linear equations -2-3y + 16z = 11 x-2y - 12z = 9 -+y+9z=-8 -z-y + 4z = -7
-
perhaps one seeks to examine attrition, and examines all the variables. The researcher than sorts the demographic variables for those who voluntary quit an organization, and force ranks demographic...
-
How to response this message;" I feel work disclosure level varies depending on the workplace culture and job requirements. I feel the line between personal and professional is between levels two and...
-
Providing a sense of progress and growth for employees is spot on! Implementing a career growth plan or a career advancement program can do a motivational pathway for employees. It shows that the...
-
career planning and transition management are both great organizational focus areas, as both go a long way towards helping an organization achieve its mission. Question to all - what about on an...
-
Analyze the intricate design considerations and trade-offs inherent in the development of modern file systems, with a focus on achieving data integrity, scalability, and fault tolerance in the face...
-
Consider the following pseudo-code If (Walking && Midnight) If (Raining) Take umbrella and searchlight Else Take searchlight End IF Else if (Running && Sunshine) IF (Raining) Take umbrella End IF...
-
An Atomic Energy Commission nuclear facility was established in Hanford, Washington, in 1943. Over the years, a significant amount of strontium 90 and cesium 137 leaked into the Columbia River. In a...
-
On January 1, 2016, North Company issued $2,000,000 of bonds with a stated rate of 10% that are due to mature December 31, 2025, and pay interest semiannually. The market rate of interest was 9% at...
-
On January 1, 2016, Johnson Corporation issued a 2 year note due December 31, 2017, with a face value of $10,000, receiving $7,694.68 in exchange. Required: Prepare the journal entries to account for...
-
Multiple Choice Questions 1. The present value of the minimum lease payments should be used by the lessee in the determination of a(n): 2. East Company leased a new machine from North Company on May...
-
A container of an organic liquid a $25^{\circ} \mathrm{C}$ has a mass of $1100 \mathrm{~kg}$ and a volume of $0.94 \mathrm{~m}^{3}$. Find the liquid's weight, its density, and its specific gravity.
-
What is the pressure one mile $(1.6 \mathrm{~km})$ beneath the ocean's surface?
-
A vertical, cylindrical tank with a diameter of $10 \mathrm{~m}$ and a depth of $4 \mathrm{~m}$ is filled to the top with water at $25^{\circ} \mathrm{C}$. If the water is heated to $60^{\circ}...
Study smarter with the SolutionInn App