ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021 New)
ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021 New)
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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.
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15
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Purchased merchandise with an invoice price of $72,500 and credit terms of 5/5, n/15.
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29
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Paid supplier the amount owed on the September 15 purchase.
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2
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Purchased $4,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
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3
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Paid $330 cash for shipping charges on the April 2 purchase.
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4
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Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.
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17
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Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
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18
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Purchased $8,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
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21
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After negotiations, received from Frist a $500 allowance toward the $8,900 owed on the April 18 purchase.
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28
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Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
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3.
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.
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1
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Purchased merchandise with an invoice price of $96,000 and credit terms of 2/10, n/30.
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11
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Paid supplier the amount owed from the August 1 purchase.
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Click Here To Download Your Files :
https://www.hwtutorial.com/category/acc-291/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021 Ne