Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. march 1 sold inventory on account for $1,500. the

March 1 Sold inventory on account for $1,500. The inventory cost $800. Terms 2/10, n/30....

90.2K

Verified Solution

Question

Accounting

March 1 Sold inventory on account for $1,500. The inventory cost $800. Terms 2/10, n/30.

March 3 Purchased inventory on account: $2,800. Terms: 2/10, n/30.

March 5 Inventory was returned from the March 3 sale. The inventory was badly damaged and was thrown out. A credit of $200 was given. The inventory had an original cost of $110.

March 9 Received payment for the inventory sold on March 1.

March 16 Purchased inventory on account: $500. Terms: 1/5, n/15.

March 18 Paid freight on March 16 inventory purchase: $50.

March 22 Sold inventory for $3,000 on account. The cost of inventory was $1,100. Terms 2/10, n/30.

March 24 Paid for inventory purchase from March 16.

March 31 Customer from the March 22 sale paid the amount owing.

Prepare journal entries based on the transactions above.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The term ‘innervation ratio’ refers to the average number of muscle fibres that are innervated by a...

Medical Sciences
Q

How do phagocytes eliminate pathogens? What group of pathogens are most easily phagocytosed and why?

Biology
Q

write 200 words about vegan diet and share why it matters, then develop a position or...

Biology
Q

Instruction Using the information from the characters below name each alien species based on their...

Biology
Q

Solve using elimination.x^2 + y2 = 41x^2-y2= 9x = 5, y = -4; x =...

Basic Math
Q

Pete estimates that he has spent $64.50 on supplies for his lawn mower. He charges...

Basic Math
Q

Consider the following functions Step 2 of 4 Find f g 1 Answer How to...

Calculus
Q

velue: 20.00 points The following information pertains to Peak Heights Company: Income Statement for Current...

Accounting
Q

Case Inc. is a construction company specializing in custom patios. The patios are constructed of...

Accounting
Q

Motorcars of Vancouver Inc. reported the following financial statements for 2020: E (Click the icon...

Accounting
Q

An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times...

Accounting
Q

Question 9-ras versus randus [2 points]: The First City Bank pays 6.6 percent interest, compounded...

Finance