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ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021 New)

ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021 New) PLDZ-14603 Free
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ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021 New)

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.  

 

 

15

 

Purchased merchandise with an invoice price of $72,500 and credit terms of 5/5, n/15.

 

 

29

 

Paid supplier the amount owed on the September 15 purchase.

 

 

  1.   
 

 

2

 

Purchased $4,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

 

 

3

 

Paid $330 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 $8,900 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 $8,900 owed on the April 18 purchase.

 

 

28

 

Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

 

3.

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 $96,000 and credit terms of 2/10, n/30.

 

 

11

 

Paid supplier the amount owed from the August 1 purchase.

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