Please record the entries for the inventorypurchase transactions below (PerpetualInventory System)1. Sep2, business bought $3,750 inventoryfrom DC Penny Inc. paid in Cash2. Sep6, business bought $4,300 inventoryfrom the TJB Inc. Term 1/5, n/30 FOB3. Sep7, Business purchased $9,200inventory from Topaz's Inc.4. Sep7. Business paid $235 shippingcharges for the inventory purchased onSep65. Sep11, business found $250 defectiveunits from the Sep7 purchase, returnedthem back to Topaz's Inc.6. Sep15 business paid TJB Inc in full7. Sep 25, Business paid Topaz's Inc in full8. Instead of paying Topaz's Inc on Sep25,What would be the entry if the businesswas paying

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Description: Please record the entries for the inventorypurchase transactions below (PerpetualInventory System)1. Sep2, business bought $3,750 inventoryfrom DC Penny Inc. paid in Cash2. Sep6, business bought $4,300 inventoryfrom the TJB Inc. Term 1/5, n/30 FOB3.

A Perpetual Inventory system is a method is used for recording inventory balance after each receipt…

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Business

Accounting

Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Apr1, business bought $6,300 inventory from the BNC Inc. Term 1/10, n/30 FOB 2. Apr3, Business purchased $7,650 inventory from PPL's Inc. Term 2/15, n/30 FOB 3. Apr7. Business paid $150 shipping charges for the inventory purchased on Apr3 4. Apr11, business paid BNC Inc in full 5. Apr12, business found $270 defective units from the Apr3 purchase, returned them back to PPL's Inc. 6. Apr13, business bought $2,300 inventory from TriStar Inc. paid in Cash 7. Apr 25, Business paid PPL's Inc in full 8. Instead of paying PPL's Inc on Apr25, What would be the entry if the business was paying PPL's Inc on Apr18.
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