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1.Purchased $1,000 of merchandise inventory on account terms 1/10, n/30. Please complete all 5 Purchased $1, 000 of merchandise inventory on account terms 1/10, n/30.
1.Purchased $1,000 of merchandise inventory on account terms 1/10, n/30. Please complete all 5
Purchased $1, 000 of merchandise inventory on account terms 1/10, n/30. A. Merchandise Inventory 990; Accounts Payable 990 B. Merchandise Inventory 990; Cash 990 C. Accounts Payable 990; Merchandise Inventory 990 D. Merchandise Inventory 1, 000; Accounts Payable 1, 000 Returned $100 of merchandise purchased in question 1. A. Merchandise Inventory 99; Accounts Payable 99 B. Accounts Payable 99; Merchandise Inventory 99 C. Returns and Allowances 99; Merchandise Inventory 99 D. Merchandise Inventory 100; Returns and Allowance 100 Sold merchandise on account for $2, 200. Payment terms were 1/15, n/30. These goods cost $1, 500. A. Accounts Receivable 2, 178; Sales 2, 178; COGS 1, 500; Merchandise Inventory 1, 500 B. COGS 1, 500; Cash 1, 500 Accounts Receivable 2, 200; Sales 2, 200 C. Cash 2, 200; Sales 2, 200 GOGS 1, 500; Merchandise Inventory D. Accounts Receivable 700; Sales 700 COGS 700; Merchandise Inventory 700 Received prompt payment from customer purchasing merchandise in question #3. A. Cash 2, 200; Accounts Receivable 2, 200 B. Cash 2178; Accounts Receivable 2178 C. Accounts Receivable 2, 200; Cash 2, 200 D. Cash 2178, Sales Discount 22; Accounts Receivable 2, 200 Paid for the merchandise inventory purchased in question #1. A. Cash 891; Accounts Payable 891 B. COGS 891; Merchandise Inventory 891 C. Accounts Payable 891; Cash 891 D. Cash 891; Accounts Payable 900 and Merchandise Inventory 9Step by Step Solution
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