Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the followings are the merchandise transactions ha

The followings are the merchandise transactions happened under perpetual inventory system: 1) Nov1 Business sold...

60.1K

Verified Solution

Question

Accounting

The followings are the merchandise transactions happened under perpetual inventory system:

1) Nov1 Business sold $7560 inventory to Tim's Inc., the cost is $3200. Terms 2/5, n/15 FOB

2) Nov1 Business purchased $5,250 of inventory from TTC's Inc. Terms 3/10, n/20 FOB

3) Nov2 Business paid delviery $450 for the inventory sales to Tim's Inc.

4) Nov3 Business purchased $3310 of inventory from LGC's Inc. paid in cash

5) Nov4, Business issued a debit memo to TTC's Inc. and returned defective $525 inventory back to TTC's Inc.

6) Nov6 Business Received Tim's Inc's money.

7) Nov9 business sold inventory $7730 (cost $2,350 ) to TST's Ltd, Terms: 1/5, n/10, FOB

8) Nov11 Business paid the TTC's Inc. in full.

9) Nov30 Received TST's Ltd money in full

Please make entries for the above transactions. If there is any calculation related entry, please also show the detailed calculations.

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

Finance
1.2K views

In mid-2009, Rite Aid had CCC-rated, 66-year bonds outstanding with a yield to maturity of 17.3...

Advance Math
1.2K views

You are the finance manager of your company. Your company is planning for capacity expansion and...

Chemistry
1.2K views

Which ONE of the following represents the CORRECT equilibrium constant expression for the reaction: H2PO4 ¯ +...

Electrical Engineering
1.2K views

Please, faster Please answer the following questions in \"Energy Efficiency Basics\" multiple choice: Which knowledge in the hands...

Basic Math
1.2K views

Question 9 You deposit 2000 in an account earning 3 interest compounded continuously How much...

Calculus
1.2K views

112 days weeks Simplify your answer Type a whole number or decimal rounded to the...

Algebra
1.2K views

2. In how many different ways can the letters of the word 'MATHEMATICS' be arranged...

Algebra
1.2K views

Set models can be created using tiles like the ones shown below Determine which set...

Accounting
1.2K views

6. The following accurately describes the post-World War II world: a. The United States achieved...

Accounting
1.2K views

Apr. The following assets were received from Kelly Pitney in exchange for 1. common stock:...

Accounting
1.2K views

Un proveedor de servicios de telefona celular cobra $6.00 por mes y $0.10 por minuto...

Accounting
1.2K views

he charter of a corporation provides for the issuance of 100,000 shares of common stock....