Required Information [The following Information applies to the questions displayed below.] Comfort Company purchased 180 units of Inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 25% trade discount. The terms of the sale were 2/10. /30. Comfort uses a perpetual Inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date General Journal 1 November 17, 2024 Inventory Accounts payable November 26. 2 Accounts payable 2024 Inventory Cash Debit Credit 67,500 67,500 67.500
Required Information [The following Information applies to the questions displayed below.] Comfort Company purchased 180 units of Inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 25% trade discount. The terms of the sale were 2/10. /30. Comfort uses a perpetual Inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date General Journal 1 November 17, 2024 Inventory Accounts payable November 26. 2 Accounts payable 2024 Inventory Cash Debit Credit 67,500 67,500 67.500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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