WebAnders uses the perpetual inventory system. The journal entry or entries that Anders will make on May 1 is: On May 1, Anders Company, Inc. purchased merchandise in the … WebHercules Company purchased a computer for $4500 on December 1. ... The steps in the accounting cycle for a merchandising company are the same as those in a service company except: a. an additional adjusting journal entry for inventory may be needed in a merchandising company. b.
Accounting 120 Exam Reveiw Flashcards Quizlet
WebASK AN EXPERT. Business Accounting A company purchased $4,500 of merchandise on May 1 with terms of 2∕10, n∕30. On May 6, it returned $250 of that merchandise. On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to. The cash paid on May 8 is a. $4,500. c. WebStudy with Quizlet and memorize flashcards containing terms like If a company failed to make the end-of-period adjustment to move the amount of management fees that were … item destiny 2
Pdf - Lecture notes 8 - 18 INVENTORY VALUATION …
WebThe cost of the merchandise was $650. May 4, we issued Empire a credit memo for $500 because of a slight defect in one of the items May 10, we received a check from Empire Company. Record the necessary journal entries. April 2, Sold merchandise on account to Brown Company for $18,900, 1/10, n/30. The cost of the merchandise sold was $13,300. WebTax for P380,000. 2. On June 1, 2012, Jeanah Company sold merchandise with a list price of P5,000,000 to a. C. Debit Accounts Receivable for P5,500,000 and credit Sales for P5,000,000 and Output customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30. Web11 de out. de 2024 · On may 1, anders company purchased merchandise in the amount of $5,800 from shilling, with credit terms of 2/10, n/30. anders uses the perpetual inventory - 6005538 item difficulty irt