Question: 22. On Nov 2nd you realize that 10% of the goods shipped to you were not the correct goods. You send them back to Gibson.

 22. On Nov 2nd you realize that 10% of the goodsshipped to you were not the correct goods. You send them back

to Gibson. Your inventory account would be: (1 Point) Dr 2,000 Dr
3,000 G 2,000 O 3,000 23. Relating to the returned goods, which

22. On Nov 2nd you realize that 10% of the goods shipped to you were not the correct goods. You send them back to Gibson. Your inventory account would be: (1 Point) Dr 2,000 Dr 3,000 G 2,000 O 3,000 23. Relating to the returned goods, which account would you Dr? (1 Point) Cash AR A/P Gibson A/P UPS 24. You decide to pay your A/P to Gibson and take advantage of the discount terms. What would be the entry to Cash (1 Point) Dr. 30,000 Dr. 26,460 Dr. 27,000 24. You decide to pay your A/P to Gibson and take advantage of the discount terms. What would be the entry to Cash (1 Point) Dr. 30,000 Dr. 26,460 Dr. 27,000 Cr. 27,000 Cr. 26,460 25. Relating to the A/P to Gibson, what would be the entry? (1 Point) Dr. A/P Gibson 30,000 Dr. A/P Gibson 27,000 Dr. A/P Gibson 26,460 26. Which of the following entries would be correct as per the above (1 Point) Dr. Inventory 460 C. Inventory 460 Dr. Inventory 540 Cr. Inventory 540 22. On Nov 2nd you realize that 10% of the goods shipped to you were not the correct goods. You send them back to Gibson. Your inventory account would be: (1 Point) Dr 2,000 Dr 3,000 G 2,000 O 3,000 23. Relating to the returned goods, which account would you Dr? (1 Point) Cash AR A/P Gibson A/P UPS 24. You decide to pay your A/P to Gibson and take advantage of the discount terms. What would be the entry to Cash (1 Point) Dr. 30,000 Dr. 26,460 Dr. 27,000 24. You decide to pay your A/P to Gibson and take advantage of the discount terms. What would be the entry to Cash (1 Point) Dr. 30,000 Dr. 26,460 Dr. 27,000 Cr. 27,000 Cr. 26,460 25. Relating to the A/P to Gibson, what would be the entry? (1 Point) Dr. A/P Gibson 30,000 Dr. A/P Gibson 27,000 Dr. A/P Gibson 26,460 26. Which of the following entries would be correct as per the above (1 Point) Dr. Inventory 460 C. Inventory 460 Dr. Inventory 540 Cr. Inventory 540

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!