Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 image text in transcribed

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 9

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays On The Quality Of Audited Financial Statements

Authors: Ulf Mohrmann

1st Edition

3832541853, 978-3832541859

More Books

Students also viewed these Accounting questions

Question

* What is the importance of soil testing in civil engineering?

Answered: 1 week ago

Question

Explain the concept of shear force and bending moment in beams.

Answered: 1 week ago

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago