ACC 291T Wk 1 - Practice: Connect Knowledge Check (New)
ACC 291T Wk 1 - Practice: Connect Knowledge Check (New)
PLDZ-13553
Free
In Stock
Free Download!
Description
***************************************************************
Click Here To Download Your Files :
https://uopcourse.com/category/acc-291/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You can buy more tutorials from the below link
https://uopcourse.com/
***************************************************************
ACC 291T Wk 1 - Practice: Connect Knowledge Check (New)
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.
|
|
1
|
|
Purchased merchandise with an invoice price of $78,000 and credit terms of 2/10, n/30.
|
|
|
11
|
|
Paid supplier the amount owed from the August 1 purchase.
|
Required information
[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products.
May
|
|
3
|
|
Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
|
|
|
5
|
|
Allied sold 1,000 of the units in inventory for $14 per unit (invoice total: $14,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $10,000.
|
|
|
7
|
|
Macy returns 100 units because they did not fit the customer’s needs (invoice amount: $1,400). Allied restores the units, which cost $1,000, to its inventory.
|
|
|
8
|
|
Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to compensate for the damage.
|
|
|
15
|
|
Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.
|
Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.
|
|
2
|
|
Purchased $5,500 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
|
|
|
3
|
|
Paid $200 cash for shipping charges on the April 2 purchase.
|
|
|
4
|
|
Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.
|
|
|
17
|
|
Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
|
|
|
18
|
|
Purchased $10,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
|
|
|
21
|
|
After negotiations, received from Frist a $500 allowance toward the $10,300 owed on the April 18 purchase.
|
|
|
28
|
|
Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
|
***************************************************************
Click Here To Download Your Files :
https://uopcourse.com/category/acc-291/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You can buy more tutorials from the below link
https:/