Question
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charges are $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system.Refer to Table 1, the entry on Feb. 12 to pay Company F using the periodic inventory system will include:
Debit to Accounts Payable for $9,200.00
Credit to Inventory for $9,200.00
Debit to Cash for $9,200.00
Credit to Cash for $9,500.00
Debit to Inventory for $9,500.00
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charges are $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system.Refer to Table 1, except that the terms are: 1/15, n/60, FOB Destination. The entry on Feb. 10 to record the payment of the inventory purchased will include:
Debit to Cash for $9,500.00
Credit to Inventory $9,500.00
Debit to Accounts Payable for $9,000.00
Credit to Inventory for $9,000.00
Debit to Accounts Payable for $9,200.00
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charges are $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system.Refer to Table 1, except that the terms are: 1/15, n/60, FOB Destination. The entry on Feb. 16 to record the payment of the inventory purchased will include:
Debit to Cash for $9,200.00
Credit to Inventory for $9,000.00
Debit to Accounts Payable for $9,200.00
Credit to Purchases for $9,200.00
Credit to Cash for $9,000.00
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charges are $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system.Refer to Table 1, except that Company E uses periodic inventory system. The entry on Feb. 10, to record the payment of the inventory purchased will include:
Debit to Cash for $9,000.00
Credit to Inventory for $9,000.00
Debit to Accounts Payable for $9,500.00
Credit to Purchase Discounts for $180.00
Debit to Cash for $8,820.00
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charges are $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system.Refer to Table 1, except that Company E uses periodic inventory system. The entry on Feb. 15, to record the payment of the inventory purchased will include:
Debit to Cash for $9,200.00
Credit to Accounts Payable for $9,000.00
Debit to Inventory for $9,000.00
Credit to Cash for $9,000.00
Debit to Accounts Payable for $9,200.00
Table 1: On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charges are $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system. The entry to record the return of merchandise on Feb. 2 will include:
Debit to Cash for $500.00
Credit to Inventory for $200.00
Debit to Accounts Payable for $500.00
Credit to Cash for $500.00
Debit to Purchases for $500.00
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