Business, 03.12.2021 21:40 scastrowilson618

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Oct. 2 Purchased merchandise at a $3,500 price ($3,430 net), invoice dated October 2, terms 2/10, n/30.
10 Returned $750 ($735 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.
17 Purchased merchandise at a $6,400 price ($6,272 net), invoice dated October 17, terms 2/10, n/30.
27 Paid for the merchandise purchased on October 17, less the discount.
31 Paid for the merchandise purchased on October 2.
Prepare entries to record the above transactions assuming that Piere Imports records invoices at net amounts.

1. Returned $3,500 price ($3,430 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.

2. Received a credit memorandum toward the return of $750 ($735 net) of merchandise that it purchased on October 2

3. Purchased merchandise at a $6,400 price ($6,272 net), invoice dated October 17, terms 2/10, n/30.

4. Paid for the merchandise purchased on October 17, less the discount.

5. Paid for the merchandise purchased on October 2. (Payment was mistakenly delayed, which caused the discount to be lost.)

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 21:10

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.

Answers: 1

Answer

Business, 22.06.2019 23:20

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?

Answers: 3

Answer

Business, 23.06.2019 02:50

Which of the following will be a source of cash flows for a shareholder of a certain stock? i. sale of the shares at a future date ii. the firm in which the shares are held paying out cash to shareholders in the form of dividends iii. the firm in which the shares are held increasing the total number of shares outstanding through a stock split

Answers: 2

Answer

Business, 23.06.2019 10:20

Assume you plan to start a new enterprise; you know the probability of having losses for the first three years of operations is almost 90 percent, and you know you will report a substantial amount of income from other sources during those same three years. from a tax perspective, which of the following entity choices would not allow you to offset the entity losses against your income from other sources? c corporation s corporation llc general partnership

Answers: 1

Answer

You know the right answer?

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the followin...

Questions