On October 10, Silverman purchased 1,000 units of a product at $1 each with terms...
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Accounting
On October 10, Silverman purchased 1,000 units of a product at $1 each with terms 2/10, n/30. What is the journal entry Silverman will make under perpetual method?
a Debit: Cash $1,000 Credit: Sales
b Debit: Cost of goods sold $1,000 Credit: Cash $1,000
c Debit: Inventory $1,000 Credit: Cash $1,000
d Debit: Inventory $1,000 Credit: Accounts Payable $1,000
On October 12, Silverman returned 200 units of product purchased on October 10 at terms 2/10,n/30 to Hardeep Singh because they were defective. What is the journal entry Sliverman will make?
a Debit: Inventory $200 Credit: Accounts Payable $200
b Debit: Accounts Payable $200 Credit: Inventory $200
c Debit: Sales Return and allowance $200 Credit Cash $200
d Debit: Cost of Goods Sold $200 Credit: Cash $200
On October 10, Silverman purchased 1,000 units of a product at $1 each with terms 2/10, n/30 from Hardeep Singh. What is the journal entry Hardeep Singh will make under perpetual method for sales only?
a Debit Sales Revenue $1,000 Credit: Accounts Receivable $1,000
b Debit: Accounts Payable $1,000 Credit: Cash $1,000
c Debit: Accounts Receivable $1,000 Credit: Sales Revenue $1,000
d Debit: Cash $1,000 Credit: Sales Revenue $1,000
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