Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 4. jones inc. purchases $440,000 in inventory on j

4. Jones Inc. purchases $440,000 in inventory on June 1st from Hose Inc. with terms...

60.1K

Verified Solution

Question

Accounting

image

4. Jones Inc. purchases $440,000 in inventory on June 1st from Hose Inc. with terms 2/10, net 30. Jones pays $39,200 (in cash) on June 10th and the remaining balance on June 30th a. Assume that Jones uses the periodic inventory method and records transactions under the gross method. Please record the journal entries for June. June 1 Purchases 440,000 Accts. Payable 440,000 June 10. Accts Payable. 40,000 Cash. 39,200 Disc. Received. 800 June 30. Accts Payable 400,000 Cash. 400,000 b. Assume that Jones uses the perpetual inventory method and records transactions under the net method NOT DONE

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Problem 1. Suppose that R is a commutative ring with addition “+” and multiplication “·”, and that...

Operations Management
1.2K views

Question 3 (a) Financial evaluation is an import step in the project management. (i) Explain what is...

Chemistry
1.2K views

1.) Calculate the percent ionization of a 0.419 M solution of hydrofluoric acid. % ionization = ???? 2.) in...

Physics
1.2K views

What is the potential difference across the terminals of a battery if 45 kJ of...

Statistics
1.2K views

4 51 Pitchers The table shows the number of wins and the num ber of...

Calculus
1.2K views

Find the area of the region bounded by the graph of the equation.25.) y =...

Calculus
1.2K views

Find the quotient and remainder using long division 6 x6 3x4 4x x2 3 quotient...

Algebra
1.2K views

1 Find the difference quotient Accumo huo ulator is allowed f x h f x...

Accounting
1.2K views

with case Something Went Sour at Parmalat, What steps should Deloitte & Touche SpA have...

Accounting
1.2K views

Barlow Company manufactures three products: A, B, and C. The selling price, variable costs, and...

Finance
1.2K views

Diane works for Fashion Services in Alberta and earns an annual salary of $62,750.00 paid...

Finance
1.2K views

A taxpayer who is not a dealer sells a peice of equipment for $18,000, The...