On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account . The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodi
Q: Sept 4 Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB…
A: Journal is a book of original entry in which transactions are recorded in a chronological order i.e.…
Q: Chico Company allows its customers to return merchandise within 30 days of purchase. *At December…
A:
Q: Goods costing $2,500 are purchased on account on July 15 with credit terms of 2/10, n/30. On July…
A: As per the perpetual inventory system, a detailed and continuous record of inventory purchased or…
Q: Walmart sells a bike that cost $100 to a customer for $250 cash. Using a perpetual inventory system,…
A: Under a traditional periodic Inventory System, the inventories are recorded by physical counting on…
Q: Preparing a perpetual inventory record and journal entries—LIFO Requirements Prepare Boston…
A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that…
Q: Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19…
A: Journal: Recording of a business transactions in a chronological order.
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: Last in first out (LIFO) is a system used for inventory accounting that first reports the most newly…
Q: Marshall Supplies is a janitorial supply store that uses perpetual inventory. Journalize the…
A: Date Accounts title and Explanation Debit ($) Credit ($) 4-Jul Merchandise Inventory $8,500.00…
Q: Marshall Supplies is a janitorial supply store that uses perpetual inventory. Journalize the…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for…
A: Perpetual inventory methodology of accounting of inventory states that the update accounting records…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: There are various types of inventory methods.
Q: Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of…
A: The Term 4/15 means customer is eligible for 4% discount if payment made within 15 days. The amount…
Q: On April 5, a customer returns 23 bicycles with a sales price of $230 per bike to Barrio Bikes. Each…
A: The financial transactions are recorded in the form of journal entry.
Q: On April 5, a customer returns 20 bicycles with a sales price of $280 per bike to Barrio Bikes. Each…
A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…
Q: Nizwa Electronics LLC has been doing a Wholesale Merchandise business for the past 5 years. He…
A: Trade discount is the type of discount given to the customers on their list price. This is not…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: FIFO refers to first-in, first-out, indicating that the earliest stock unit is first registered as…
Q: Pharoah Office Supply uses a perpetual inventory system. On September 12, Pharoah sold 30…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: discount if the invoice is paid before 12th March 2019
A: Sales return and allowance = 40 * 70 = OMR 2800 This returns and allowance would reduce the invoice…
Q: How ABA record the purchase return? How Luna record the sales return?
A: Entry in the book of ABA will be : LUNA a/c Dr. $437.5 To Purchase Return a/c…
Q: 23. On July 15, a company purchases on account goods costing $3,000 with credit terms of 2/10, n/30.…
A: solution question 23 as required by you concept the meaning of credit term 2/10 , n/30…
Q: olesalers issued the following credit note: RG WHOLESALERS
A: Given: Date: 24 February 2021 CREDIT NOTE No: 5859 To: Africa Traders, 499 Tshwane Drive…
Q: On September 1, Jenspert Supply had an inventory of 15 backpacks at a cost of P250 each. The company…
A: Journal: Recording of a business transactions in a chronological order.
Q: a Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and…
A: Since Mrs. South has settled her account.
Q: • On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for…
A:
Q: on february 3 smart company sold merchandise in the amount of 2000 to truman company with credit…
A: Perpetual inventory system: The perpetual inventory system involves tracking inventory after every,…
Q: Sundance Systems has the following transactions during July.July 5 Purchases 40 LCD televisions on…
A: Under the perpetual inventory system, inventory account is used to record purchases.
Q: On April 5, a customer returns 25 bicycles with a sales price of $300 per bike to Barrio Bikes. Each…
A: Perpetual Inventory System In perpetual inventory system whenever the firm took the decision of…
Q: The following information is about a merchandise organization. Write journal entries under perpetual…
A: Perpetual inventory system and Periodic inventory system are two types of inventory systems. Under…
Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…
A: Perpetual inventory system is one of a method used in accounting for inventory, under this method…
Q: Geranium Traders is a clothing store in Diepkloof. Petunia Mokoena owns it. Geranium Traders use the…
A: SOLUTION- TRANSACTIONS- IT IS A BUSINESS EVENT HAVING MONETARY IMPACT ON THE FINANCIAL STATEMENTS OF…
Q: Marshall Supplies is a janitorial supply store that uses a perpetual inventory system. Journalize…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: LIFO - Last in first out is a method of stock valuation in which stock received in last is sent out…
Q: On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to…
A: Inventory purchased = $525 * 1,700 = $892,500
Q: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount…
A: Date Account titles Debit amount($) Credit amount($) 2nd July Inventory A/c (300 units *$4.20)…
Q: Tool Retailer operates in a city where HST 11% is charged on all goods and services. During June…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82…
A: Journal entries are the basic method of recording transactions in the books of accounts. These are…
Q: Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…
A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…
Q: On April 5, a customer returns 22 bicycles with a sales price of $250 per bike to Barrio Bikes. Each…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each…
A: Perpetual inventory system: It is a method of inventory management that records real time…
Q: ABC is a Wholesale Merchandise trader. He uses periodic inventory system. He received an order from…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On April 5, a customer returns 16 bicycles with a sales price of $270 per bike to Barrio Bikes. Each…
A: A. Date Accounts Debit Credit April 5 Sales return and allowances (16 bicycles x $270 per bike)…
Q: Geranium Traders is a clothing store in Diepkloof. It is owned by Petunia Mokoena. Geranium Traders…
A: Here to analyze the each transaction how these transaction is effected in the totality in the Assets…
Q: On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500…
A: Perpetual Inventory System: It is the inventory management system in which inventory or transaction…
Q: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,…
A: Perpetual inventory system is that inventory system under which all transactions related to…
On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account . The bikes are in sellable condition. Prepare the
A. the perpetual inventory system
B. the periodic inventory system
Step by step
Solved in 2 steps
- On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: A. the perpetual inventory system B. the periodic inventory systemSunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses the perpetual inventory system the periodic inventory system
- On April 5, a customer returns 19 bicycles with a sales price of $240 per bike to Barrio Bikes. Each bike cost Barrio Bikes $130. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. Question Content Area A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales return Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Apr. 5 Cost of inventory returned Merchandise Inventory Merchandise Inventory B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts ReceivableOn April 5, a customer returns 25 bicycles with a sales price of $300 per bike to Barrio Bikes. Each bike cost Barrio Bikes $120. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank.On April 5, a customer returns 22 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales return Apr. 5 Cost of inventory returned B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory Sales Returns and Allowances
- On April 5, a customer returns 20 bicycles with a sales price of $280 per bike to Barrio Bikes. Each bike cost Barrio Bikes $130. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales return Apr. 5 Cost of inventory returned B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank. Apr. 5On April 5, a customer returns 16 bicycles with a sales price of $270 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank.On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $480 per board. The cost to Bates is $150 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank.
- Prepare the journal entries to record the following transactions on Skysong, Inc.'s books using a perpetual inventory system. On March 2, Riverbed Company sold $932,000 of merchandise on account to Skysong, Inc., terms 3/10, n/30. The cost of the merchandise sold was $592,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation I eTextbook and Media List of Accounts norcal_archives_20....zip On March 6, Skysong, Inc. returned $93,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) A Debit QCA 5.docx Credit response essay.docx NPrepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system. On March 2, Blue Company sold $999,000 of merchandise to Crane Company, terms 3/10, n/30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CrediteBook On April 5, a customer returns 23 bicycles with a sales price of $230 per bike to Barrio Bikes. Each bike cost Barrio Bikes $150. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales return - Select - - Select - - Select - - Select - Apr. 5 Cost of inventory returned - Select - - Select - - Select - - Select - B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 - Select - - Select - - Select - - Select -