April 4, 2020 Smith and West, who uses the Perpetual inventory system, purchased 1000 widgets from ABC company on account, at a cost of $5 each. HST is applied and they charged the goods, PI-26. Terms: 5/10 n/30. On April 10, Smith and West sold 200 widgets to Mr. T on account at a price of $14 each. HST was collected. Terms: 5/10 n/30. What would be the 1st journal entry to record this transaction? (Hint: There are 2 journal entries) 1.Debit - Sales $2,800, HST Payable $364 </> Credit - A/P - Mr. T $3,164   2.Debit - Cash $3,164 </> Credit - Sales $2,800, HST Payable $364   3.Debit - A/R - Mr. T $3,164 </> Credit - Sales $2,800, HST Payable $364   4.Debit - Sales $2,800, HST Payable $364 </> Credit - A/R - Mr. T $3,164

JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 OD. $2,396

HI, may i know why didn't record cost , $5000?

Problem 3-3 Multiple choice (IAA) , Which statement is incorrect regarding notes to financial statements? a. IFRS requires specific note disclosures including disaggregation of inventories. b. IFRS requires a maturity analysis for receivables. IFRS requires that all notes should be clear, simple to understand and nontechnical in nature. d. All of the choices are correct. 2. Notes to financial statements a. Must be quantifiable. b. Must qualify as an element. c. Amplify items presented in the financial statements. d. All of the choices are correct 3. Which is a method of disclosing pertinent information? a. Supporting schedule b. Parenthetical explanation c. Cross reference and contra item d. All of these are methods of disclosing pertinent information 4. The disclosure of accounting policies is important to financial statement users in determining a. Net income for the year. b. Whether accounting policies are consistently applied from year to year. c. The value of obsolete goods in…