Purchase of inventory on credit for $14,350. Please select the correct journal entry for it' O Dr Dr O Dr O Dr Cr Inventory Cr Cr Cr Inventory expense Inventory Expenses Cash 14,350 Inventory Accounts payable Inventory 14,350 14,350 14,450 14,350 14,350 14,350 14,350
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- 1. Record purchases GROSS OR NET - example using purchase of $800 of inventory, terms 2/10, n30 - both periodic and perpetual inventory systems. A. Pay vendor within the discount period B. Pay vendor after discount period expires C Record return of goods and associated reduction of A/P or cash refundSunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for Longmire Sons.
- Which of the following items will be included in the inventory note?Itrading inventory of R58900 II trading inventory of R62490 III stationary on hand R60 IV Stationary expense A.i and ii B.ii and iv C.ii and iii D.All of the aboveWhat is the correct ending balance of Inventory under the LIFO method given the following information? Beginning Inventory: 35 units @€17, Purchase 1: 10 units @€22, Purchase 2: 15 units @€35, Ending Inventory: 40 units. Assume that the sale occurs after all inventory purchases. Answer: XWhich of the following items will be included in the inventory note? I. Trading inventory of R58 900 II. Trading inventory of R62 490 III. Stationery on hand of R60 IV. Stationery expense of R390 OA. (ii) and (iv) B. All of the above. OC. (i) and (ii) OD. (ii) and (iii)
- Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST* any available discount is taken only on the sale price before taxes. Journalize each of the transactions assuming a periodic inventory system and PST 8% along with 5% GST.what would the journal entries be for the probelm p6-39 Accounting for inventory using the perpetual inventory system-FIFOinventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
- Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Date May 7 On June 1, Swifty sold 26 units, and on August 27, 43 more units. June 1 Number of Units Prepare the perpetual inventory schedule for the above transactions using FIFO. July 28 Aug. 27 $ $ 50 $ 30 $ Unit Cost $15 15 Purchases 750 0 360 0 Product E2-D2 $ $ $ $ Cost of Goods Sold 0 390 0 $ $ $ $ Balance 750 360 360 285Beginning inventory, purchases, and sales for Item CSW15 are as follows: August 1 Inventory 106 15 9 Sale 91 16 Purchase 128 19 25 Sale 78 Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the inventory value on August 31Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.