Journal entry - Perpetual inventory system
Not what you're looking for?
Please see attached.
Preparing a journal entry
Accounts: Accounts Payable, Accounts Receivable, Cash, Cost of Goods Sold, Delivery Expense, Freight In, Merchandise Inventory, Purchase Discounts, Purchase Returns and Allowances, Purchases, Sales Discounts, Sales Returns and Allowances, Sales Revenue
REQUIREMENTS:
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Bedford?
Sept 2 Bedford buys $ 23,500 worth of inventory on account with credit terms of 1/15, n/30, FOB Shipping point
Sept4 Bedford pays a $ 120 freight charge
September 8 Bedford returns $ 5,500 of the merchandise due to damage during shipment
September 14 Bedford paid the amount due, less return and discount
Purchase this Solution
Solution Summary
Preparing a journal entry
Accounts: Accounts Payable, Accounts Receivable, Cash, Cost of Goods Sold, Delivery Expense, Freight In, Merchandise Inventory, Purchase Discounts, Purchase Returns and Allowances, Purchases, Sales Discounts, Sales Returns and Allowances, Sales Revenue
REQUIREMENTS:
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Bedford?
Sept 2 Bedford buys $ 23,500 worth of inventory on account with credit terms of 1/15, n/30, FOB Shipping point
Sept4 Bedford pays a $ 120 freight charge
September 8 Bedford returns $ 5,500 of the merchandise due to damage during shipment
September 14 Bedford paid the amount due, less return and discount
Education
- MPhil, Madurai Kamaraj University
- MCom, Annamalai University
- IATA, International Air Transport Association
Recent Feedback
- "Great explanations on how the answers were obtained."
- "Love the way she explains everything step by step."
- "Solutions were thoroughly explained."
- "Excellent explanations of how problems are solved"
- "Thanks"
Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)