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Use this information for the next 5 questions for Jones Furniture Store (assume Jones uses a perpetual inventory accounting system) is as follows Jan. 2:
Use this information for the next 5 questions for Jones Furniture Store (assume Jones uses a perpetual inventory accounting system) is as follows Jan. 2: Jones purchased 20 tables at $300 each on account of 1/10, N/30. Jan. 10: Jones paid for the 20 tables purchased on Jan. 2, net of the discount. Jan. 14: Jones sold to a customer on account, with terms of 3/10, N/30, five of the tables purchased on Jan. 2 at a sales price of $500 each. Jan. 16: The customer returned one of the tables sold on Jan. 14 because it was the wrong color and received full credit on her account. Jan. 23.6. The customer paid the remaining amount due after the Jan. 16 return. less the discount for early payment. The journal entry by Jones for the Jan. 2 purchase would be: A. a B. b C. c D. d E. none of these The journal entry by Jones for the Jan. 10 payment would include a credit to A. Accounts Payable for $6,000. B. Cash for $6,000 C. Inventory for $60 D. Sales Discounts for $60 E. none of these (Use this information for the next 5 questions for Jones Furniture Store (assume Jones uses a perpetual inventory accounting system) is as follows Jan. 2: Jones purchased 20 tables at $300 each on account, terms of 1/10. N/30. Jan. 10: Jones paid for the 20 tables purchased on Jan. 2. net of the discount. Jan. 14: Jones sold to a customer on account, with terms of 3/10, N/30, five of the tables purchased on Jan. 2 at a sales price of $500 each. Jan. 16: The customer returned one of the tables sold on Jan. 14 because it was the wrong color and received full credit on her account. Jan. 23: The customer paid the remaining amount due after the Jan. 16 return, less the discount for early payment
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