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Please check over my work Asap. Unsure if im 100% correct. Thank you Bedrock Wholesale has the following transactions during the month of October 2021:
Please check over my work Asap. Unsure if im 100% correct. Thank you
Bedrock Wholesale has the following transactions during the month of October 2021: Oct. 1 Purchased Inventory from Fred Inc. for $25,000, FOB destination, terms 2/10 1/30 Oct. 2 The appropriate company paid $100 freight on the October 1 purchase. Oct. 6 Returned $3,000 worth of goods to Fred as they were the wrong colour. Oct. 7 Sold half of the remaining inventory purchased from Fred to Wilma Inc. for $16,000, FOB destination, terms 2120 1/30 The appropriate company paid $450 freight on the October 7 sale, Oct. 8 Oct. 10 Paid Fred the entire amount owed to him. Oct. 12 Purchased Inventory worth $15,000 from Bamey Inc., FOB shipping point terms 3/15 n/45 Oct. 13 The appropriate company paid $225 freight on the October 12 purchase Oct 17 Sold half of the inventory purchased from Barney to Betty Ltd. for $10,000. FOB shipping point, terms 1/10 20 Oct 18 The appropriate company paid $80 freight on the October 17 sale. Oct. 22 Betty returned $3,000 worth of the goods bought on October 17 as you shipped the wrong size. Oct. 25 Betty paid their outstanding balance Oct. 30 Wilma paid their outstanding balance. Oct. 31 Paid Barney the entire amount owed to him Record all of the transactions into the expanded accounting equation, with account names, and then answer the following questions. Question 40 (1 point) Saved How would Bedrock Wholesale record the October 1 transaction? a) Increase both Accounts Payable and Inventory b) Increase both Purchases and Inventory Expense Od Increase both Purchases and Inventory Od Increase both Accounts Payable and Purchases O Increase both Accounts Payable and Inventory Expense Question 41 (1 point) Saved How would Bedrock Wholesale record the October 2 transaction? O a) Increase both Freight Expense and Accounts Payable Ob) No entry Oc) Increase both Inventory and Freight Expense Od increase Freight Expense and decrease Cash Oe) Increase both Inventory and Accounts Payable Question 42 (1 point) Saved How would Bedrock Wholesale record the October 6 transaction? a) Decrease both Purchases and inventory Expense Ob) Decrease Accounts Payable and increase Purchase Returns Decrease both Accounts Payable and Inventory Od) Decrease Inventory and increase Purchase Returns Oe Decrease both Accounts Payable and Inventory Expense Question 43 (1 point) Srved How would Bedrock Wholesale record the October 7 transaction? a) Increase Sales and Accode. Receivable $15,000 each, and increase Cost of Goods Sold and decrease Inventory $16,000 each Ob) Increase Sales and Accounts Receivable $11.000 each, and increase Cost of Goods Sold and decrease inventory $16,000 each O Increase Sales and Accounts Receivable 516,000 each and increase Cost of Goods Sold and decrease Inventory $11,000 each d) Increase Cost of Goods Sold and decrease Inventory $11,000 each O e) Increase Sales and Accounts Receivable 516,000 each Question 44(1 point) Saved How would Bedrock Wholesale record the October 8 transaction? al Decrease both Cash and Inventory Ob) Increase both Accounts Payable and cost of Goods Sold Od No entry d) Increase both Accounts Payable and Freight Expense O e Decrease Cash and increase Freight Expense Question 45 (1 point) Suved How would Bedrock Wholesale record the October 10 transaction? O al Decrease Cash and Accounts Payable, and increase Inventory. Ob) Decrease Cash, Inventory, and Accounts Payable. Od Decrease Cash and Inventory, and increase Accounts Payable. Odl Decrease Cash and Accounts Payable only. Od Decrease Cash and increase both inventory and Accounts Payable. Question 46 (2 points) Saved How much does Bedrock Wholesale pay Fred on October 10? 21560 Question 47 (1 point) Served How would Bedrock Wholesale record the October 12 transaction! O al increase both Purchases and Inventory O increase both Accounts Payable and inventory Expense Od tocrease both Accounts Payable and chases d) increase both Parchases and inventory Expense el increase both Accounts Payable and wory Question 51 (1 point) Saved How would Bedrock Wholesale record the October 22 transaction? a) Increase Inventory and decrease Cost of Goods Sold $2,250 each, and decrease Accounts Receivable and increase Sales Returns $3,000 each Ob) Increase Inventory and decrease Cost of Goods Sold $2,250 each, and decrease Accounts Receivable and increase Sales Returns $2,250 each Oc) Decrease Accounts Receivable and increase Sales Returns $3,000 each Od) Increase Inventory and decrease Cost of Goods Sold $2,250 each e) Increase Inventory and decrease Cost of Goods Sold $3,000 each, and decrease Accounts Receivable and increase Sales Returns $3,000 each Question 52 (1 point) Saved How would Bedrock Wholesale record the October 25 transaction? a) Increase Cash and Sales Discounts (reducing net sales), and decrease Accounts Receivable Ob) Increase Cash and decrease both Sales and Accounts Receivable O Increase Cash and decrease Sales Discounts (increasing net sales), and decrease Accounts Receivable d) Increase both Cash and Sales and decrease Accounts Receivable Oel increase Cash and decrease Accounts Receivable only c) Question 53 (2 points) Sovets How much does Betty pay Bedrock Wholesale on October 25? 6930 Question 54 (1 point) Saved How would Bedrock Wholesale record the October 30 transaction? a) Increase both Cash and Sales, and increase Accounts Receivable Ob) Increase Cash and decrease both Sales and Accounts Receivable Od Increase Cash and increase both Sales and Accounts Receivable d) Increase Cash and decrease Accounts Receivable only Question 48 (1 point) Saved How would Bedrock Wholesale record the October 13 transaction? al Increase Freight Expense and decrease Cash ) Ob) Increase both Inventory and Accounts Payable Od Increase Inventory and decrease Cash d) No entry O e Increase both Freight Expense and Inventory Question 49 (1 point) Saved How would Bedrock Wholesale record the October 17 transaction? a) Increase Sales and Accounts Receivable $10,000 each Ob) Increase Sales and Accounts Receivable $10,000 each, and increase Cost of Goods Sold and decrease Inventory $10,000 each O Increase Cost of Goods Sold and decrease Inventory $7,500 each d) Increase Sales and Accounts Receivable $7,500 each, and increase Cost of Goods Sold and decrease Inventory $10,000 each e) Increase Sales and Accounts Receivable $10,000 each, and increase Cost of Goods Sold and decrease Inventory $7,500 each Question 50 (1 point) Saved How would Bedrock Wholesale record the October 18 transaction? Oal Decrease Cash and lincrease Inventory Ob) Decrease both Cash and Inventory Od Decrease Cash and increase Freight Expense d) No entry e) Increase both Accounts Payable and Freight Expense Question 55 (2 points) Saved How much does Wilma pay Bedrock Wholesale on October 30? 16000 A 36 Question 56 (1 point) Saved How would Bedrock Wholesale record the October 31 transaction? O al Decrease Cash and increase both Inventory and Accounts Payable. 45 Ob) Decrease Cash, Inventory, and Accounts Payable. Oc) Decrease Cash and Accounts Payable, and increase Inventory. d) Decrease Cash and Accounts Payable only O el Decrease Cash and Inventory, and increase Accounts Payable. 51 57 Question 57 (2 points) Saved How much does Bedrock Wholesale pay Barney on October 312 63 15000 Step by Step Solution
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