MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net.  Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases                                            8,000,000 Purchase discounts taken                    100,000 Accounts payable                               3,000,000 The adjusted accounts payable on September 30, 2021 should be Group of answer choices 2,900,000 2,950,000 2,600,000 3,000,000

The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.

Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheet

Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3. Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 Record entry General Journal Clear entry Debit Credit View general journal

Andy Company records its purchases at gross but wishes to change to recording purchases at net.  Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases                                 8,000,000 Purchase discounts taken         100,000 Accounts payable                     3,000,000 The adjusted accounts payable on September 30, 2021 should be? A. 2,950,000 B.3,000,000 C. 2,900,000 D. 2,600,000

An entry to record Purchases and related Accounts Payableof $13,000 for merchandise purchased on December23, 2018, was recorded in January 2019. This merchandisewas not included in inventory at December 31, 2018. Whateffect does this error have on reported net income for2018? What entry should be made to correct for this error,assuming that the books are not closed for 2018?

Adjusto Corporation (which is on a December 31 fiscal year-end) engaged in the following transactions during 2019 and 2020: 2019     Nov. 1 Issued a 120-day, 12% note, face value of $20,000, to Johnson Company to settle an open account of that amount. Dec. 1 Issued a 90-day, 12% note, face value of $32,000, to Winslow Corporation for the purchase of merchandise (the perpetual inventory method is used). 2020     Mar. 1 Paid the principal and interest on both the Johnson and the Winslow notes.     Required:   Prepare journal entries to record the preceding transactions on Adjusto’s books, including the adjusting entries at the end of 2019. Assume a 360-day year.

As of January 1, 2020, Sandhill Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2020, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances (a) Cost $28,100 94,560 2,900 Selling Price $43,500 11,000 9,200 6,000 3,000 153,800 154,200 3,900 7,500 Compute Sandhill's June 30, 2020, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Inventory under the conventional retail method $

A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $50,000 and then sells this inventory on account on March 7, 2021, for $70,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event select "No Journal Entry Required" in the first account field.)

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