Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which is correct if either????? help asap! :(

WHICH IS CORRECT IF EITHER????? help asap! :( 15....

60.1K

Verified Solution

Question

Accounting

WHICH IS CORRECT IF EITHER????? help asap! :( image
image
image
15. Record the following transactions for Sparky's Pet Shop using the general jouma for Sparky's Pet Shop using the general journal form provided below. Assume Sparky s uses a perpetual inventory system. Omit transaction descriptions from entries: Date August 1 Transaction Purchased Purchased $6,000 of merchandise on account, terms 2/10, n/30. Returned $1,500 of merchandise purchased on August 1 due to defects. Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4.000. Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200. Paid for the merchandise purchased on August 1, less return. Received payment from sale of August 10. The customer took the discount. 110 AT&T LTE 11:27 PM 1 57% Answer 1 of 1 Done Journal entry Date Aug 1 Credit General journal Inventory Account payable Debit 6000 6000 Aug 3 1 500 Account payable Inventory 1500 Aug 7 9750 Cash Sales revenue 9750 4000 Cost of goods sold Inventory 4000 Aug 10 Account receivable Sales revenue Cost of goods sold Inventory 200 Aug 11 4500 Account payable Cash (4500*98%) Inventory Aug 20 Cash (500*99%) Sales discount Account receivable

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

Scale Factor 2 Center 2 1 R S T A

Geometry
Q

Create a lesson plan for a sport activity of your choosing with an emphasis on safety...

General Management
Q

How many kilometers in 101 miles Round to one decimal place 101 miles km

Biology
Q

19 Find the coordinates of the center of dilation What would be the scale factor...

Geometry
Q

Available Naprosyn 500 mg per tablet How many tablet s will the nurse administer

Algebra
Q

Merchants who buy goods from wholesalers for resale to customers are

Accounting
Q

For the current year, Furniture Company incurred the following: Month...

Accounting
Q

Misen Crum

Accounting
Q

Spartan Corporation, a U.S. corporation, reported $2 million of pretax income from its business operations...

Accounting
Q

Basie Ltd purchased a building at a cost of $1,200,000 on 30 June 2018. The...

Accounting
Q

Inventory information for Part 311 of Crane Corp. discloses the following information for the month...

Accounting
Q

as a general rule when should the employer deposit money associated with employee benefits

Accounting