Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit terms 3/15, n/60. Briggs returns $1,000 of the merchandise on April 15. Briggs paid for the remainder of the goods within the discount period on April 20. What entry would Briggs make to record the return on April 15 if it uses the perpetual inventory system? a. Cash 1,000  Inventory 1,000 b. Accounts Payable 1,000 Inventory 1,000 c. Accounts Payable 970 Inventory 970 d. Purchase Returns 1,000 Inventory 1,000

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

A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30.

Denger

Novak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is $1,350, and the cost of the goods is $940. Both companies use perpetual inventory systems.Journalize the transaction on the books of both companies.

Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise inventory to Watermelon Co., in which the sales price was $370, on account. The COGS was $290. According to Perpetual Method, the correct record for Watermelon Co. must be Select one: O a. Account Receivable $290 on Credit O b. Merchandise Inventory $370 on Credit O c. Cost of Goods Sold $290 on Debit O d. Sales Returns & Allowances $370 on Debit

Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,390. The retailer receives a 45% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $8,295 b. $15,390 c. $22,146 d. $8,465

Levine Company uses the perpetual inventory system.  April 8 Sold merchandise for $8,700 (that had cost $6,429) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $8,000 (that had cost $5,184) and accepted the customer's Continental Card. Continental charges a 2.5% fee.  Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)

Sales transaction Journalize the following merchandise transaction using the net method under a perpetual inventory system. A . Sold merchandise on account $18,000 with terms 1/10, and/30. Because of the goods sold was $10,800. If an amount box does not require an entry leave it blank. B. Received payment less the discount. If an amount box does not require an entry, Leave it blank. See. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

The following are the transactions of CARI, INC during 2022: The company follows a periodic inventory system   04.01.2022 Purchases merchandise, in cash SR 100,000.00 01.03.2022 Sales merchandise, on credit SR 180,000.00 06.03.2022 Customer takes discount and pays SR 162,000.00 15.10.2022 Pays downtow's shop rent SR 4,000.00 30.12.2022 Purchases a machinery, in cash SR 35,000.00 31.12.2022 Closes beginning inventory SR 30,000.00 31.12.2022 Records the ending inventory SR 12,000.00 31.12.2022 Revenues & expenses balanced off  TBD   Record the transactions, prepare the trial balance and show the following financial statements: → Balance sheet (Statement of Financial Position) as of 31.12.2022 → Profit & Loss account (Income Statement) for 2022