Purchase-related transactionsThe Stationery Company purchased merchandise on account from asupplier for $14,500, terms 2/10, n/30. The Stationery Company returnedmerchandise with an invoice amount of $3,500 and received full credit. a. What is the amount of cash required for the payment?b. Under a perpetual inventory system, what account is credited by TheStationery Company to record the return:

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable

Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank.   Page: 121   DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 Oct. 8       Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2         Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2   PURCHASES JOURNAL Page: 113 Date   Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019   Oct. 1     fill…

Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.

A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900

Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.

A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold

Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…

Current Attempt in Progress Prepare the necessary journal entries to record the following transactions, assuming Cullumber Company uses a perpetual inventory system. (a) Cullumber sells $57,500 of merchandise, terms 1/10, n/30. The merchandise cost $39,220. (b) The customer in (a) returned $5,300 of merchandise to Cullumber. The merchandise returned cost $3,710. (c) Cullumber received the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation (a) (To record credit sale.) (To record cost of goods sold.) Debit Credit SU