What do I put for inventory? View Policies Show Attempt History Current...
90.2K
Verified Solution
Link Copied!
Question
Accounting
What do I put for inventory?
View Policies Show Attempt History Current Attempt in Progress On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of $360 on June 11. Goods totaling $500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Inventory 7,300 Accounts Payable 7.300 June 11 Inventory 360 Cash 360 June 12 Accounts Payable 500 Inventory 500 June 19 Accounts Payable 6,800 Cash 6,596.00 Inventory 204
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!
