Question

Required information [The following information applies to the questions displayed below.] Piere Imports uses the perpetual...

Required information

[The following information applies to the questions displayed below.]

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October.

Oct. 2 Purchased merchandise at a $4,600 price ($4,508 net), invoice dated October 2, terms 2/10, n/30.
10 Returned $800 ($784 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.
17 Purchased merchandise at a $8,600 price ($8,428 net), invoice dated October 17, terms 2/10, n/30.
27 Paid for the merchandise purchased on October 17, less the discount.
31 Paid for the merchandise purchased on October 2.

(a) Prepare entries to record the above transactions assuming that Piere Imports records invoices at gross amounts.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Required information [The following information applies to the questions displayed below.] James Company began the month...
Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $29,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $43,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $640 were paid in cash. On October 31, James paid for the merchandise...
Required information [The following information applies to the questions displayed below.] James Company began the month...
Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $31,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $46,000 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 $660 were paid in cash. On October 31, James paid for the merchandise...
Required information [The following information applies to the questions displayed below.] James Company began the month...
Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $31,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $46,000 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 $660 were paid in cash. On October 31, James paid for the merchandise...
The following information applies to the questions displayed below.] James Company began the month of October...
The following information applies to the questions displayed below.] James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $29,500 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 $550 were paid in cash. On October 31, James paid for the merchandise purchased on...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during October of the current year: Oct. 1. Purchased merchandise from UK Imports Co., $15,347, terms FOB destination, n/30. 3. Purchased merchandise from Hoagie Co., $9,900, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $235 was added to the invoice. 4. Purchased merchandise from Taco Co., $13,150, terms FOB destination, 2/10, n/30. 6. Issued debit memo to Taco Co. for $4,550 of merchandise returned...
Required information Skip to question [The following information applies to the questions displayed below.]    Sydney...
Required information Skip to question [The following information applies to the questions displayed below.]    Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $50,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $31,000. Sydney pays $300 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,000 of the $50,000 of goods...
Required information Skip to question [The following information applies to the questions displayed below.] Darlington Company...
Required information Skip to question [The following information applies to the questions displayed below.] Darlington Company entered into the following business events during its first month of operations. The company uses the perpetual inventory system. 1) The company purchased $12,100 of merchandise on account under terms 3/10, n/30. 2) The company returned $1,600 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for...
Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions...
Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Allen.) Jul. 1 Purchased merchandise from Allen Company for $10,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Garcia Co. for $3,200 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.    Apr. 2 Purchased $5,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $370 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. 17 Sent a check to Lyon Company...