Chancellor Company purchased merchandize worth $900 on credit, terms n/30 and returned merchandize worth $100 on next day. What is the required journal entry to record the merchandize returns under the periodic inventory system?
a. Accounts Payable 100
Purchases Returns and Allowances 100
b. Accounts Payable 100
Merchandize Inventory 100
c. Merchandize Inventory 100
Purchases Returns and Allowances 100
d. Purchases Returns and Allowances 100
Merchandize Inventory 100
A
You might also like to view...
Misty is applying for a job as an assistant bank manager. During one of the interviews, a manager takes three different phone calls. Misty is best advised to
A) smile, and wait for the interviewer to resume his or her conversation. B) say, "Excuse me, but is being rude standard practice in this bank?" C) whip out her cell phone, and make a few calls of her own. D) get up from the interview, and say, "I'll take a brief break right now."
Tiers can be used as a cost control strategy to allow expansion or investment or as a cost-cutting device to allow economic survival.
Answer the following statement true (T) or false (F)
Borich Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit$150.00Variable expense per unit$73.50Fixed expense per month$308,295The break-even in monthly unit sales is closest to: (Round your intermediate calculations to 2 decimal places.)
A. 4,194 B. 3,426 C. 2,055 D. 4,030
Fuson Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit$118Budgeted unit sales (all on credit): October 9,600 November 10,100 December 13,700 January 11,300 Raw materials requirement per unit of output 3poundsRaw materials cost$4.00per poundDirect labor requirement per unit of output 2.7direct labor-hoursDirect labor wage rate$23.00per direct labor-hourPredetermined overhead rate (all variable)$12.00per direct labor-hourCredit sales are collected:30% in the month of the sale70% in the following monthRaw materials purchases are paid:30% in the month of purchase70% in the following monthThe ending finished goods inventory should equal
10% of the following month's sales. The ending raw materials inventory should equal 10% of the following month's raw materials production needs.If the budgeted cost of raw materials purchases in October is $116,772 and in November is $129,120, then in November the total budgeted cash disbursements for raw materials purchases is closest to: A. $90,384 B. $120,476 C. $38,736 D. $81,740