Coronado Industries uses the perpetual inventory and the gross method. On March 1, it purchased $52000 of inventory, terms 2/10, n/30. On March 3, Coronado returned goods that cost $5200. On March 9, Coronado paid the supplier. On March 9, Coronado should credit

Coronado Industries uses the perpetual inventory and the gross method. On March 1, it purchased $52000 of inventory, terms 2/10, n/30. On March 3, Coronado returned goods that cost $5200. On March 9, Coronado paid the supplier. On March 9, Coronado should credit

Name: Coronado Industries uses the perpetual inventory and the gross method
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Coronado Industries uses the perpetual inventory and the gross method. On March 1, it purchased $52000 of inventory, terms 2/10, n/30. On March 3, Coronado returned goods that cost $5200. OnMarch 9, Coronado paid the supplier. On March 9, Coronado s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13
On June 10, Sage Hill Company purchased $7,500 of merchandise from Oriole Company, on account, terms 2/10, n/30. Sage Hill pays the freight costs of $360 on June 11. Goods totaling $300 are returned to Oriole for credit on June 12. On June 19, Sage Hill Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Sage Hill Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
carla vista electronics store uses a perpetusl inventory system. The company had the following transactions in March: March 16 - Purchased $12,500 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination March 18 - Carla Vista received an allowance of $750 for the merchandise purchased on March 16 because of minor damage to the goods. March 25 - Paid the balance due to Venus. For each transaction, indicate the amount by which the transaction increased or decresed total assets, total liabilities, and owner's equity.
Two different companies, Quick Cleaners and JunkTrader entered into the following inventory transactions during December. Both companies use a perpetual inventory system. • December 3 - Quick Cleaners sold inventory on account to JunkTrader for $550,000, terms 3/10, n/30. This inventory originally cost Quick Cleaners $330,000. . December 8 - JunkTrader returned inventory to Quick Cleaners for a credit of $20,000. Quick Cleaners returned this inventory to inventory at its original cost of $12,000. December 23 - JunkTrader paid Quick Cleaners for the amount owed. Required: Prepare the journal entries to record these transactions on the books of Quick Cleaners using the gross method. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, type in your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this…
On July 15, 2024, the Niche Car Company purchased 2,700 tires from the Treadwell Company for $30 each. The terms of the sale were 3/10. n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024.
On March 24, 2021, blue Company purchased merchandise with an invoice price of 48,000 and terms of 3/10, n/30 from red Company.blue Company is using the periodic inventory system and applying the net method in recording merchandise transactions. blue pays redhalf of the invoice price on March 31, 2021 and the remaining half on April 15, 2021.1. What is the journal entry in the books of blue on March 24, 2021?2. What is the journal entry in the books of blue on April 15, 2021??
Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13
Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of inventory, terms 2/10, n/30. On March 3, Bramble returned goods that cost $ 5400. On March 9, Bramble paid the supplier. On March 9, Bramble should credit a) purchase discounts for $ 1080. b) purchase discounts for $ 972. c) inventory for $ 972. d) inventory for $ 1080.
On June 10, Blue Spruce Company purchased $8,400 of merchandise on account from Ayayai Company, FOB shipping point, terms 3/10, n/30. Blue Spruce pays the freight costs of $460 on June 11. Goods totaling $700 are returned to Ayayai for credit on June 12. On June 19, Blue Spruce pays Ayayai Company in full, less the discount. Both companies use a perpetual inventory system.
Please help me
HI, may i know why didn't record cost , $5000?
Irene uses a calendar-year accounting period and a periodic inventory system. Assume Irene had the following independent situations: Situation 1. Goods shipped to Irene by a vendor f.o.b. shipping point on 12-28-11 were in transit at 12-31-11. The goods cost $15,000. On 12-29-11, Irene recorded a credit purchase of $15,000. Situation 2. Goods shipped to Irene by a vendor f.o.b. destination on 12-28-11 were in transit at 12-31-11. The goods cost $7,000. On 01-04-12, the day the goods arrived, Irene recorded a credit purchase of $7,000. Situation 3. Goods shipped to Irene by a vendor f.o.b. shipping point on 12-29-11 were in transit at 12-31-11. The goods cost $9,000. On 01-03-12, the day the goods arrived, Irene recorded a credit purchase of $9,000. Situation 4. Goods shipped by Irene to a customer f.o.b. destination on 12-30-11 were in transit at 12-31-11. The goods cost $8,000. On 12-30-11, Irene billed the customer and recorded a credit sale of $20,000. Situation 5. Goods shipped…