A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $700 to the vendor. Which of the following would be the correct journal entry to record these​ returns?         A. Accounts Payable 700           Merchandise Inventory   700   B. Merchandise Inventory 700           Accounts Payable   700   C. Purchase Returns 700           Accounts Payable   700   D. Accounts Payable 700           Purchase Returns   700

A company that uses the perpetual inventory system purchased inventory for $1,130,000 on account with terms of 5​/7, n/20. Which of the following correctly records the payment made 15 days after the date of​ invoice?   A. Accounts Payable 1,130,000        Merchandise Inventory   1,130,000   B. Accounts Payable 1,130,000        Merchandise Inventory   56,500      Cash   1,073,500   C. Accounts Payable 1,130,000        Cash   1,130,000   D. Cash 1,130,000        Accounts Payable   1,130,000

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Jade Company uses the perpetual inventory system. It bought merchandise from Lilac Company. After two months, Jade Company returned merchandise worth $400 to Lilac Company. Which of the following journal entries records the return of merchandise by Jade? a. A debit to Cost for Goods Sold for $400 and a credit to Merchandise Inventory for $400 b. A debit to Accounts Payable, Lilac Company for $400 and a credit to Merchandise Inventory for $400 c. A debit to Accounts Payable, Lilac Company for $400 and a credit to Cost for Goods Sold for $400 d. A debit to Accounts Payable, Lilac Company for $400 and a credit to Purchases Returns and Allowances for $400

Assume the perpetual inventory method is used. • The company purchased $13,700 of merchandise on account under terms 3/10, n/30. • The company returned $3,200 of merchandise to the supplier before payment was made. • The liability was paid within the discount period. . All of the merchandise purchased was sold for $21,400 cash. What effect will the return of merchandise to the supplier have on the accounting equation? Multiple Choice O Assets and liabilities are decreased by $3,104. Assets and liabilities are decreased by $3,200. None. It is an asset exchange transaction. Assets and stockholders' equity are decreased by $3,200. Help

Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv

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Journalze for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Purchased 55,100 of merchandise from Schell account, terms 1/10, n/30 paid the amount owed on the invoice discovered that merchandise with an invoice amount of 7,200 purchased in (a) was defective and returned items, receiving credit. Purchased $6200 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D)

M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.

Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.