Question

A merchandiser returned inventory worth $1,400 that was purchased on account. Under the periodic inventory system,...

A merchandiser returned inventory worth $1,400 that was purchased on account. Under the periodic inventory system, the journal entry to record the return would include ________.
Group of answer choices

a debit to Purchase Returns and Allowances for $1,400 and a credit to Accounts Payable for $1,400

a debit to Accounts Payable for $1,400 and a $1,400 credit to Purchase Returns and Allowances

a debit to Purchases for $1,400 and a credit to Accounts Payable for $1,400

a debit to Accounts Payable for $1,400 and a credit to Purchases for $1,400



The gross profit percentage is one of the most carefully watched measures of ________.
Group of answer choices

profitability

liquidity

solvency
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Question 142.5 pts Using the perpetual inventory system, the purchase of merchandise on account would include...
Question 142.5 pts Using the perpetual inventory system, the purchase of merchandise on account would include a: debit to Accounts Payable and a credit to Merchandise Inventory. debit to Sales and a credit to Accounts Receivable. debit to Merchandise Inventory and a credit to Accounts Payable. debit to Merchandise Inventory and a credit to Sales. Flag this Question Question 152.5 pts The return of merchandise to the supplier for credit using the perpetual inventory system would include a: debit to...
A company that uses the net method of recording purchases and a perpetual inventory system purchased...
A company that uses the net method of recording purchases and a perpetual inventory system purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is: a: Debit Merchandise Inventory $2,300; credit Cash $2,300. b:Debit Cash $2,300; credit Accounts Payable $2,300. c: Debit Accounts Payable $2,300; credit Merchandise Inventory $46;...
Nov. ​2: Purchased $ 3 comma 200 of merchandise inventory on account under terms 1​/10, ​n/EOM...
Nov. ​2: Purchased $ 3 comma 200 of merchandise inventory on account under terms 1​/10, ​n/EOM and FOB shipping point. Date Accounts Debit Credit Nov. 2 Purchases 3,200 Accounts Payable 3,200 Nov. ​6: Returned $ 600 of defective merchandise purchased on November 2. Date Accounts Debit Credit Nov. 6 Accounts Payable 600 Purchase Returns and Allowances 600 Nov. ​8: Paid freight bill of $ 130 on November 2 purchase. Date Accounts Debit Credit Nov. 8 Freight In 130 Cash 130...
On May? 1, Santelle Company purchased $700 of inventory on account with credit terms of 33?/10,...
On May? 1, Santelle Company purchased $700 of inventory on account with credit terms of 33?/10, net 30. Santelle uses the perpetual inventory system. On May? 2, the seller gave Santelle a $160 allowance due to a product defect. What journal entry did Santelle Company prepare on May? 2? A.debit Accounts Payable for $160 and credit Purchase Discounts for $160. B. debit Accounts Payable for $160 and credit Purchase Returns and Allowances for $160. C.debit Accounts Payable for $160 and...
JardCo purchased goods costing $3,000. The purchase was made on account with terms of 2/10, n/60....
JardCo purchased goods costing $3,000. The purchase was made on account with terms of 2/10, n/60. The original purchase was recorded with a DEBIT to Inventory and a CREDIT to Accounts Payable for $3,000. The account was paid in cash after eight days. Which ONE of the following is included in the journal entry to record the payment of cash on account after eight days? Group of answer choices CREDIT to Inventory for $60 DEBIT to Inventory for $60 DEBIT...
A company purchased $1800 of merchandise on July 5 with terms 2/10, n/30. On July 7...
A company purchased $1800 of merchandise on July 5 with terms 2/10, n/30. On July 7 it returned $200 worth of merchandise. On July 8 it paid the full amount due. Assuming the company uses the gross method to record purchases the journal entry to record the cash paid on July 8 is: Debit Accounts Payable $1568; Debit Merchandise Inventory $32; Credit Cash $1600 Debit Accounts Payable $1600; Credit Cash $1600 Debit Accounts Payable $1568; Credit Cash $1568 Debit Accounts...
A company using the periodic inventory system has the following account balances: Merchandise Inventory at the...
A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Transportation-In, $650; Purchases, $10,700; Purchase Returns and Allowances, $1,950; Purchase Discounts, $330. The cost of goods purchased is equal to a.$9,070. b.$8,420. c.$17,230. d.$12,670.
under a perpetual inventory system 1. increases in inventory resulting from purchases increase the purchases account...
under a perpetual inventory system 1. increases in inventory resulting from purchases increase the purchases account 2. the account purchase returns and allowances is increased when goods are returned to vendors 3. accoubtong records continually disclose the amount of inventory 4. there os no need for a year end physical count
Jackson Company uses the perpetual inventory system. It sold merchandise to Jenny. After one month, Jenny...
Jackson Company uses the perpetual inventory system. It sold merchandise to Jenny. After one month, Jenny returned $250 worth of the merchandise which had a cost of $150. Which of the following journal entries records the cost of merchandise returned? a.A debit to Cost of Goods Sold of $150, a credit to Merchandise Inventory of $150 b.A debit to Merchandise Inventory of $150, a credit to Cost of Goods Sold of $150 c.A debit to Accounts Receivable of $250, a...
1. Purchases, $96​; Gross​ Sales, $176​; Sales Returns and​ Allowances, $15​; Sales​ Discounts, $24​; Operating​ Expenses,...
1. Purchases, $96​; Gross​ Sales, $176​; Sales Returns and​ Allowances, $15​; Sales​ Discounts, $24​; Operating​ Expenses, $55​; Net​ Sales, $137​; ​Freight-In, $9​; Beginning​ Inventory, $18​; Ending​Inventory, $8​; Net​ Purchases, $62​; Cost of Goods​ Sold, $ 81 a. The gross profit is __ ​(Use parentheses or a minus sign to show a net​ loss.) b. The net income or net loss is __ 2. ​Jack's Online Service on April 30 has the following account​ balances: Sales $27,000 Sales Returns and Allowances...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT