Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. click to watch the tell me more learning objective

Click to watch the Tell Me More Learning Objective 2 video and then answer the...

90.2K

Verified Solution

Question

Accounting

image
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of the merchandise by Jones under a perpetual inventory system is a debit to and a credit to a. Accounts Payable-Smith Co.; Merchandise Inventory b. Accounts Receivable-Smith Co.; Merchandise Inventory c. Sales Returns and Allowances; Merchandise Inventory d. None of these choices are correct. 2. Assume the following data concerning a purchase of merchandise by Icon Co. on April 2: April 2. Purchased $4,000 of merchandise on account from Gamma Co., terms 2/10, n/30. 4. Returned $2,000 of the merchandise purchased on April 2. 12. Paid for the purchase of April 2 less the return and discount. The purchase amount that icon would record on April 2 would be a. $3,920 b. $4,000 C. $3,200 d. None of these choices are correct

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