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During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows:
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Jan. |
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6 |
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Purchased goods for $1,060 from Noah with terms 2/10, n/30. |
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6 |
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Purchased goods from Emma for $890 with terms 1/10, n/30. |
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14 |
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Paid Emma in full. |
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15 |
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Paid Noah in full. |
On January 14, when Ava pays Emma, the credit to cash will be ?
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- On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalReview the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $1,200 from Green with terms 2/10, n/30. January 6 Purchased goods from Munoz for $900 with terms 2/10, n/30. January 14 Paid Green in full. February 2 Paid Munoz in full. February 28 Purchased goods for $350 from Reynolds with terms n/45. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Cost of Inventory
- During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $3,400 from Diamond Incorporated with terms 2/12, n/45. June 5 Returned goods costing $1,150 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,350 with terms 2.5/12, n/45. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round intermediate calculations. Round your answer to 2 decimal places.)During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $3,800 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $850 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $800 with terms 3/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Cost of Inventory $ % * 1 + 1 delet
- During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $2,200 from Green with terms 3/10, n/30. January 6 Purchased goods from Munoz for $1,900 with terms 3/10, n/30. January 14 Paid Green in full. February 2 Paid Munoz in full. February 28 Purchased goods for $850 from Reynolds with terms n/45. Required: Prepare journal entries to record the transactions, assuming Axe records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $7,700 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $2,900 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $2,800 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Prepare journal entries to record the transactions, assuming Ace records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list No 1 2 3 4 5 Date June 03 June 05 June 06 June 11 June 22 View journal entry worksheet Inventory Accounts Payable Accounts Payable Inventory Inventory Accounts Payable Accounts Payable Cash Accounts Payable Cash General Journal Debit 7,700 2,900 2,800 7,546…During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: 6 Purchased goods for $1,200 from Green with terms 2/10, n/30. 6 Purchased goods from Munoz for $900 with terms 2/10, n/30. 14 Paid Green in full. Jan. 2 Paid Munoz in full. 28 Purchased goods for $350 from Reynolds with terms n/45. Feb. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Cost of Inventory
- During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows:Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.6 Purchased goods from Munoz for $900 with terms 2/10, n/30.14 Paid Green in full.Feb. 2 Paid Munoz in full.28 Purchased goods for $350 from Reynolds with terms 2/10, n/45.Required:Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at thebeginning of January, and no sales were made during January and February. Calculate the cost ofinventory as of February 28.During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $260 to Wizard Incorporated with terms 2/30, n/60. The goods cost Solitare $78. January 6 Sold goods to Spyder Corporation for $104 with terms 2/10, n/30. The goods cost Solitare $68. January 14 Collected cash for the amount due from Wizard Incorporated. February 28 Collected cash for the amount due from Spyder Corporation. Required: Compute the Net Sales Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales 132 H 11 **** 1 +During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $550 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $165. 6 Sold goods to Spyder Corp. for $270 with terms 1/10, n/60. The goods cost Solitare $155. 14 Collected cash for the amount due from Wizard Inc. Feb. 28 Collected cash for the amount due from Spyder Corp. Required: Prepare journal entries to record the transactions, assuming Solitare records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)