Salieri Company purchased 70 keyboards on account for $25 each from Amadeus, Inc. When they unpacked the keyboards, Salieri found that 50 of the keyboards were damaged in shipping. What is the journal entry that Salieri will make to record the purchase return? OA. Debit Accounts Payable - Amadeus and credit Inventory, $1,250. QB. Debit Purchase Returns and credit Inventory, $1,250. OC. Debit Purchase Returns and credit Inventory, $1,750. OD. Debit Accounts Payable - Amadeus and credit Inventory, $1,750.
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- You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction? A. sales journal only B. purchases journal and the accounts payable subsidiary ledger C. cash receipts journal and the accounts receivable subsidiary ledger D. cash disbursements journal and the accounts payable subsidiary ledger E. general journal and the accounts payable subsidiary ledgerHaynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…Record journal entries for the following purchase transactions of Apex Industries. Purchased 24 computers on credit for $510 per computer. Terms of the purchase are 4/10, n/60, invoice dated Nov. 6 November 6. Nov. Returned 4 defective computers for a full refund from the manufacturer. 10 Nov. Paid account in full from the November 6 purchase. 22 If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used.
- On February 16th, Gates Gems received merchandise that was purchased on account from Gem Warehouse in the amount of $10,000. Half of the merchandise was damaged and they returned the damaged merchandise and kept the rest. What is the journal entry to record this transaction? Debit Accounts Receivable/Gem Warehouse, 10,000; credit Purchases Returns and Allowances, $10,000 Debit Accounts Payable/Gem Warehouse, $5,000; credit Purchases Returns and Allowances, $5,000 Debit Accounts Receivable/Gem Warehouse, $10,000; credit Purchases, $10,000 O Debit Accounts Receivable/Gem Warehouse, $5,000; credit Purchases $5,000Record journal entries for the following transactions for Captain Harry Outfitters using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Captain Harry Outfitters purchased 100 tents for $15,000 on account. 2. Captain Harry Outfitters purchased 10 display cases for $4,100 on account. 3. Captain Harry Outfitters purchased 50 rain ponchos for $800 cash. 4. Captain Harry Outfitters purchased 25 cartons of price tags for $255 for cash. 5. Captain Harry Outfitters paid for shipping costs for the purchase in transaction 1. Cost is $410. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5.Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 26 computers on credit for $550 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 5 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Nov. 6 Nov. 10 Nov. 22
- Sandra’s Store purchased merchandise from a manufacturer with an invoice price of$11,000 and credit terms of 3/10, n/60, and paid within the discount period.Requireda. Prepare the journal entries that the purchaser should record for the purchase andpayment.b. Prepare the journal entries that the seller should record for the sale and collection.c. Assume that the buyer borrowed enough cash to pay the balance on the last day ofthe discount period at an annual interest rate of 8% and paid it back on the last dayof the credit period. Calculate how much the buyer saved by following this strategy.(Use a 365-day year.)Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 29 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 4 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Nov. 6 Purchases Purchases Accounts Payable Accounts Payable Nov. 10 Accounts Payable Accounts Payable Purchase Returns and Allowances Purchase Returns and Allowances Nov. 22 Accounts Payable Accounts Payable Cash CashCould anyone help me understand this problem? How would you put these statements in a purchase journal? Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30. Date Vendor Name (AP Subsidiary #) Purchases (debit) Accounts Payable (credit) Total
- Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: Kelly purchased $45,000 of merchandise on account, terms 2/10,n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation No. (a) (b) (c) Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Cash Purchase Discounts Debit 45,000 3,000 42,000 Credit 45,000 3,000 41,160 840Record journal entries for the following transactions for Captain Harry Outfitters using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Captain Harry Outfitters returned 3 damaged tents for $400. The purchase was on account. 2. Captain Harry Outfitters received an allowance of $240 for 5 hats that were the wrong color. The purchase was on account. 3. Captain Harry Outfitters returned 25 rain ponchos for $50. Captain Harry Outfitters paid cash. 4. Captain Harry Outfitters paid the balance due on tents that were originally purchased for $19,000. The credit terms were 2/10, n/30, and the payment was made within the discount period. 5. Captain Harry Outfitters paid for the balance due on hats that were originally purchased for $1,100. The credit terms were 1/10, n/30, and the payment was not made within the discount period. No. Account Titles and Explanation…Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Hider refunded the cash to the customer. The journal entries to record the return, using the perpetual inventory system and assuming an adjusting entry was recorded for estimated sales returns would be: