Question
In: Accounting
James Company began the month of October with inventory of $15,000. The following inventory transactions occurred...
|
James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: |
| a. |
The company purchased merchandise on account for $22,000 on October 12, 2016. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $500 were paid in cash. |
| b. | On October 31, James paid for the merchandise purchased on October 12. |
| c. | During October merchandise costing $18,000 was sold on account for $28,000. |
| d. | It was determined that inventory on hand at the end of October cost $19,060. |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
James Company began the month of October with inventory of $28,000. The following inventory transactions occurred...
James Company began the month of October with inventory of
$28,000. The following inventory transactions occurred during the
month:
The company purchased merchandise on account for $41,500 on
October 12, 2018. Terms of the purchase were 2/10, n/30. James uses
the net method to record purchases. The merchandise was shipped
f.o.b. shipping point and freight charges of $630 were paid in
cash.
On October 31, James paid for the merchandise purchased on
October 12.
During October, merchandise costing $19,950 was...
James Company began the month of October with inventory of $33,000. The following inventory transactions occurred...
James Company began the month of October with inventory of
$33,000. The following inventory transactions occurred during the
month:
The company purchased merchandise on account for $49,000 on
October 12. Terms of the purchase were 2/10, n/30. James uses the
net method to record purchases. The merchandise was shipped f.o.b.
shipping point and freight charges of $680 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
During October merchandise costing $20,700 was sold...
James Company began the month of October with inventory of $33,000. The following inventory transactions occurred...
James Company began the month of October with inventory of
$33,000. The following inventory transactions occurred during the
month:
The company purchased merchandise on account for $49,000 on
October 12. Terms of the purchase were 2/10, n/30. James uses the
net method to record purchases. The merchandise was shipped f.o.b.
shipping point and freight charges of $680 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
During October merchandise costing $20,700 was sold...
James Company began the month of October with inventory of $16,000. The following inventory transactions occurred...
James Company began the month of October with inventory of
$16,000. The following inventory transactions occurred during the
month:
The company purchased merchandise on account for $23,500 on
October 12, 2018. Terms of the purchase were 2/10, n/30. James uses
the net method to record purchases. The merchandise was shipped
f.o.b. shipping point and freight charges of $510 were paid in
cash.
On October 31, James paid for the merchandise purchased on
October 12.
During October, merchandise costing $18,150 was...
The following transactions occurred during the month of October, 2019 at the Tree Company. The balance...
The following transactions occurred during the month of October,
2019 at the Tree Company. The balance sheet for the Tree Company at
September 30, 2019 was as follows: Balance Sheet Assets
---------------------------------------Liabilities Cash $ 4,500
---------------- Accounts payable $ 16,000 Accounts receivable
24,000 -------- Notes payable 30,000 Supplies on hand 8,000
---------------- Wages & salaries payable 5,000 Equipment
51,000 ----------------Invested capital 50,000 Truck 20,000
--------------------- Retained earnings 6,500 TOTAL $107,500
----------- $107,500 According to the Chart of Accounts at Tree...
Tree Company The following transactions occurred during the month of October, 2019 at the Tree Company....
Tree Company
The following transactions occurred during the month of October,
2019 at the Tree Company.
The balance sheet for the Tree Company at September 30, 2019 was
as follows:
Balance Sheet
Assets
Liabilities
Cash
$ 4,500
Accounts payable
$
16,000
Accounts receivable 24,000
Notes payable
30,000
Supplies on hand
8,000
Wages & salaries payable
5,000
Equipment
51,000
Invested capital
50,000
Truck
20,000
...
During the month, the following transactions occurred for Trevor’s Supply Company. The company uses the perpetual inventory...
During the month, the following transactions occurred for
Trevor’s Supply Company. The company uses the
perpetual inventory method.
Dec. 1
Accepted a 4-month, 6% note from a customer in settlement of
$12,400 account.
3
Wrote off as uncollectible specific accounts totaling $680.
8
Purchased $17,200 of inventory on account, terms 2/10, n/30.
11
Sold $25,000 of inventory that cost $17,500, terms 1/15,
n/45.
12
Paid $13,750 for employee salaries.
15
Customers returned $8,000 of inventory sold on December
11th that cost...
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The following inventory transactions occurred at Zinc, Inc.,
which uses a perpetual inventory system:
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credit. The goods cost $30 each and the credit terms were 2/10,
n/30. The shipping costs were $100 under the terms FOB destination
and Zinc received the inventory on October 3rd.
October 4 Returned 5 units of inventory from the October 2nd
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The following transactions occurred during the month of October for Bella Boutique. Oct. 1 Sold merchandise...
The following transactions occurred during the month of October
for Bella Boutique.
Oct. 1
Sold merchandise on credit for $2,000, terms 2/10, n/30. The
items sold had a cost of $1,500.
3
Purchased merchandise for cash, $720.
4
Purchased merchandise on credit for $1,600, terms 3/20,
n/30.
5
Issued a credit memorandum for $1,000 to a customer who returned
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10
Received payment for merchandise sold October 1.
15...
Blackberry Mountain Inc began business on January 1, 2020. The following transactions occurred during the month...
Blackberry Mountain Inc began business on January 1, 2020. The
following transactions occurred during the month of January.
1 Company issued common stock for $21,000
2a Supplies are purchased for $3,000.
2b Insurance is paid for 6 months beginning January 1: $5,400
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2c Rent is paid for 3 months beginning in January: $4,500 (record
as an asset)
3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank (due
in the year 2025) at 12%
annual interest....
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