Mastering inventory : accounting bookkeeping questions for aipb . Please answer the following..
ring Inventory 5. LoCo, which uses the periodic method, purchases merchandise on account fano To'1 098 bitw 101 6 7. VeCo, which uses the perpetual method, records merchandise purchases for $56,000, F.O.B. shipping point. Freight charges are $900 C.O.D. LoCo at gross. On October 3, VeCo buys $42,000 of merchandise on account. Terms are 2/10, n/40. On October 9, VeCo returns goods that cost $10,000. should record these purchases as . .. 56,000 October 11? On October 11, VeCo pays $31,360. What entry does VeCo record on a. Purchases 55,100 Accounts Payable Ton's don'tall enoilorweak 900 den iesarriving e a. Accounts Payable Cash maxs land mov gnianrgod a 56,900 Cash 31.360 31,360 b. Purchases Accounts Payable acongge wollA reside level 56,000 b. Accounts Payable Cash Cash 900 brooen DUAL ,but 32,000 Xer mecomand & i anego . 56,000 Purchase Discounts 31,360 Purchases 900 640 Freight-In c. Accounts Payable 56,000 006 10 Cash 32,000 Accounts Payable 31,360 Cash 009 182 d 000 8019 8 900 090 % Inventory 090,082 d. Purchases 55,100 640 d. Accounts Payable on dilw bXet purged Ded 31,360 Freight-In 900 000 878 Accounts Payable edorg.000,2838 55,100 OOO LT. Purchase Discounts 640 Cash Cash 900 000 85 31,360 Inventory 640 6. PiCo uses the perpetual method. On February 17, PiCo sells $30,000 in merchandise on account that cost $10,000. On February 23, 10% of these 000 8. MoCo begins operations in April, uses the perpetual method, and records goods are returned. Prepare the entry that PiCo makes on February 23 to merchandise purchases at net. MoCo makes two purchases on account. record the sales return. 000. Terms are 1/15, n/45. On April 4, MoCo purchases merchandise for an Jenijob 000.8V8 $3,000, which it pays for on April 16. On April 11, it makes a $9,000 a. Sales Returns 20 090,18 robnev and at8q 000,11 purchase that it pays for on April 29, but there are no sales in April. On Accounts Receivable deled sheveg elmwoods 3,000 3,000 000,83 April 30, the balance in MoCo's inventory ledger account is . .. b. Sales Returns 1,000 0core 00016 a. $12,000 b. $11,970 c. $11,880 d. $11,910 Gross Profit Accounts Receivable grog add esau 9019 0 2,000 00 3,000 000.878 9. XaCo begins business in June and uses the periodic method. Its June c. Sales Returns 000, EI merchandise purchases are $195,000 on account, F.O.B. shipping point. bund mom odd 10 000 era Merchandise that cost $3,000 is returned for credit. Goods that XaCo sells Accounts Receivable 3,000 3,000 000.08 for $11,000 and that cost $7,000 are returned to XaCo for cash refunds Inventory nov ett moni soonewolls Cost of Goods Sold edT.000, 12 10 210gooath: 1,000 000.& On July 6, XaCo pays a $6,000 freight bill for its June purchases. The net cost of XaCo's June purchases is .. . 1,000 d. Sales Returns Accounts Receivable d ooo. sese s 3,000 cea. $205,000 b. $198,000 c. $192,000 d. $209,000 3,000 000.ara Inventory Purchase Returns 1,000 1,000 201
