User Account

All Pages

What the correct journal entry to record the purchase

Assignment Help Accounting Basics
Reference no: EM133129901

Question - Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. What the correct journal entry to record the purchase on August 7?

Debit Accounts Payable $8,250; debit Purchase Returns $1,500; credit Merchandise Inventory $9,750.

Debit Merchandise Inventory $9,750; credit Accounts Payable $9,750.

Debit Merchandise Inventory $9,750; credit Sales Returns $1,500; credit Cash $8,250.

Debit Accounts Payable $9,750; credit Merchandise Inventory $9,750.

Debit Merchandise Inventory $9,750; credit Cash $9,750.

Reference no: EM133129901

Questions Cloud

Explain the meaning of the term elasticity : Explain the meaning of the term elasticity. Use your results to report the elasticity of output with respect to changes in capital.
What is the actual OH : If applied OH is 100 while COGS at actual cost is 800. COGS at normal cost is 820. What is the actual OH? Any under over applied OH is immaterial
Operating expenses expected to be generated : A machinery that costs $100,000, has a service life of 5 years and a salvage value of $10,000 at the end of service life. The Gross Income - Operating Expenses
How globalization relates to the practice of outsourcing : a. Discuss how globalization relates to the practice of outsourcing.
What the correct journal entry to record the purchase : Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. What the correct journal entry to record the purchase
What happened in the great depression : a. During the 2008 financial crisis and the subsequent recession, how did major U.S. banks responded to the actions of the Federal Reserve?
Determine the amount of the fringe benefits cost : Gibson Services Company has 52 employees, 31 of whom are assigned to Division A and 21 to Division B. Determine the amount of the fringe benefits cost
Annual income-tax savings : An industrial firm is considering purchasing several programmable controllers and automating their manufacturing operations. It is estimated that the equipment
What is the value of the firm : The owner of a firm expects to make a profit of $100 for each of the next two years and to be able to sell the firm at the end of the second year for $800.00. T

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the dividends per share on each class of stock

During its first four years of operations, the following amounts were distributed as dividends: first year, $30,000; Determine the dividends per share

  Why would you be interested in reviewing its statement

Why would you be interested in reviewing its statement of cash flows? What additional information can you gather from the statement of cash flows?

  Information about taxation

Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?

  The following selected account balances were taken from

the following selected account balances were taken from buckeye companys general ledger at january 1 2005 and december

  Prepare the consolidation worksheet entries to recognize

Prepare the consolidation worksheet entries to recognize the effects of the intra-entity bonds at each of the following dates. (If no entry is required)

  Make the journal entries for the transactions

Transactions during 2020 of the newly organized Uranus Company included the following: Make the journal entries for the transactions

  Valuation of business assets-financial statements

Why is it important to properly value a business's assets and how does asset valuation impact the financial statements of an organization?

  Prepare blossom journal entries to record dividends received

Prepare Blossom' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment

  Determine the cash balance per Oriole Limited books

The reconciled cash balance from June's bank reconciliation is $18,340. Determine the cash balance per Oriole Limited's books

  How long will the picking and packing operations

How long will the picking and packing operations have to work if we have a day with the maximum orders?

  Record the transactions on the books of the Town of Thomas

The levy became effective. All units of government provided for an estimated 2 percent in uncollectible taxes. Record transactions on the books of the Town

  Prepare the entries on each of the three dates

On January 1, Blue Spruce Corp. had 61,100 shares of no-par common stock issued and outstanding. Prepare the entries, if any, on each of the three dates

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd