Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. company a had the following transactions during au

Company A had the following transactions during August: ...

90.2K

Verified Solution

Question

Accounting

Company A had the following transactions during August:
5-Aug Purchased $3,000 of merchandise on account, terms 2/15 n/60, FOB shipping point
10-Aug Returned $500 of defective merchandise purchased on Aug 5
15-Aug Sold $1,200 of merchandise on account which cost the company $800
Assuming the perpetual inventory system is used, prepare the journal entries to record the above. Remember that perpetual inventory will affect inventory.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Eastman Publishing Company is considering publishing an electronic textbook about spreadsheet applications for business. The fixed cost...

Statistics
Q

What is the heat treatment of metals? what is the benefit of it? why and how...

Mechanical Engineering
Q

Concerning Salesforce, Inc. 2018 financials; Does the company use the indirect or direct method for preparing the...

Accounting
Q

A comparative study of organic and conventionally grown produce was checked for the presence of...

Statistics
Q

55 50 45 8 Thousands of dollars per year 9 25 20 15 10 5...

Statistics
Q

12 30 points Let f x F x and h x be defined as the...

Calculus
Q

An expression about whether financial statements conform with generally accepted accounting principles

Accounting
Q

Below are departmental income statements for a guitar manufacturer. The company classifies advertising, rent, and...

Accounting
Q

On September 1, 2016, Your Company lent $45,000 to Ace Company. It is a one...

Accounting
Q

Sequoah Company sells its product for $56 and has variable costs of $35 per unit....

Accounting
Q

Q4 Break-Even in Units and Sales Dollars, Margin of Safety Aubrey Company produces...

Accounting
Q

You just came back from Canada, where the Canadian dollar was worth $0.85. You still...

Finance