1) Eustace Esdaille Corp., merchandisers of impellors for pumps, has provided the following details about operations:...
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1) Eustace Esdaille Corp., merchandisers of impellors for pumps, has provided the following details about operations: Nov. 5 Nov, 8 Nov. 13 Purchase returns Nov. 14 Allowances by vendor Nov. 20 Payment made to vendor for purchases on Nov. 5 Inventory purchased on account Paid Freight in $600.000 10,000 60,000 15,000 Credit terms are: 4/20, n/45, FOB shipping point. Provide joumal entries and calculate the net cost of inventory purchased assuning that there are no other inventory-related transactions during the month. Assume that the perpetual inventory system is used. (20pts) Date Accounts Debit Credit 1) Eustace Esdaille Corp., merchandisers of impellors for pumps, has provided the following details about operations: Nov. 5 Nov, 8 Nov. 13 Purchase returns Nov. 14 Allowances by vendor Nov. 20 Payment made to vendor for purchases on Nov. 5 Inventory purchased on account Paid Freight in $600.000 10,000 60,000 15,000 Credit terms are: 4/20, n/45, FOB shipping point. Provide joumal entries and calculate the net cost of inventory purchased assuning that there are no other inventory-related transactions during the month. Assume that the perpetual inventory system is used. (20pts) Date Accounts Debit Credit
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Eustace Esdaille Corp Rabsatt Motors Equipment Journal Enteries Journal Enteries Date Particulars ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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