[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $33,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $49,000 on October 12. Terms of the purchase were 210/210 , n30/�30 . Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $680 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12. During October inventory costing $20,700 was sold on account for $31,600. It was determined that inventory on hand at the end of October cost $61,000.   1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Cheese Factory uses a perpetual inventory system. The following activities occurred during May: • May 2 - Cheese Factory purchased $45,000 worth of inventory, on credit terms 3/10 n/30. . May 5 - Cheese Factory returned $5,000 worth of that inventory to the supplier. • May 9 - Cheese Factory paid for the inventory, taking advantage of all available discounts. Required: Prepare the journal entries to record the transactions above 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, put 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 box.

[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month:   The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash.   On October 31, Autumn paid for the inventory purchased on October 12   During October inventory costing $19,500 was sold on account for $30,000.   It was determined that inventory on hand at the end of October cost $42,360.   Assuming Autumn Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. Autumn considers purchase discounts lost as part of interest expense.

The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30.   3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice.   5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30.   6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 returned from purchase on July 5.   13 Paid Saxon Co. for invoice of July 3.   14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6.   19 Purchased merchandise from Southmont Co., $29,840, terms FOB shipping point, n/eom.   19 Paid freight of $410 on July 19 purchase from Southmont Co.   20 Purchased merchandise from Stevens Co., $22,200, terms FOB destination, 1/10, n/30.   30 Paid…

Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $

The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12. During October inventory costing $19,500 was sold on account for $30,000. It was determined that inventory on hand at the end of October cost $42,360.   1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and…

Falkenberg Company uses the periodic method. They had the following inventory transactions throughout the period. (Assume these are the only transactions for the period). Additionally, Falkenberg had $13,200 of Operating Expenses, $4,500 of Interest Revenue and $3,300 of Interest Expense for the period. March 3: Purchased $160,000 of merchandise from Lin Company under terms 2/10, n/30. March 4: Paid $900 in freight charges to ship goods from Lin Company. March 7: Returned $10,000 of goods to Lin Company that were deemed defective. March 13: Paid the balance due to Lin Company. March 20: Sold goods costing $120,000 to Renner company for $156,000 under terms 1/15, n/30. March 25: Renner returned $14,300 of goods to Falkenberg. The goods cost Falkenberg $11,000. April 4 – Renner paid Falkenberg the balance due. 1.What is Falkenberg’s Net Purchases? What is Falkenberg’s Cost of Goods Purchased? What is Falkenberg’s Cost of Goods Available for sale, assuming that beginning inventory is…