24 . Reymeyer Inc. uses a perpetual inventory system. A purchase of inventory on
ID: 2367063 • Letter: 2
Question
24. Reymeyer Inc. uses a perpetual inventory system. A purchase of inventory on account for $2,000 will be recorded with the following journal entry: A)debit Merchandise Inventory, $2,000; credit Accounts Payable, $2,000B)debit Supplies, $2,000; credit Cash, $2,000
C)debit Cost of Goods Sold, $2,000; credit Merchandise Inventory, $2,000
D)debit Purchases, $2,000; credit Accounts Payable, $2,000
25. Jacobson Company purchased inventory for $5,000 from Hotard, Inc. After Jacobson agreed to retain merchandise with a cost of $500 that was defective, Hotard reduced the selling price for the damaged goods to $250. Hotard will record A)a sales discount of $250
B)cost of goods sold of $4,750
C)a sales return of $500
D)a sales allowance of $250
Hope you can explain to me the correct answer! thanks 24. Reymeyer Inc. uses a perpetual inventory system. A purchase of inventory on account for $2,000 will be recorded with the following journal entry: A)debit Merchandise Inventory, $2,000; credit Accounts Payable, $2,000
B)debit Supplies, $2,000; credit Cash, $2,000
C)debit Cost of Goods Sold, $2,000; credit Merchandise Inventory, $2,000
D)debit Purchases, $2,000; credit Accounts Payable, $2,000 Reymeyer Inc. uses a perpetual inventory system. A purchase of inventory on account for $2,000 will be recorded with the following journal entry:
25. Jacobson Company purchased inventory for $5,000 from Hotard, Inc. After Jacobson agreed to retain merchandise with a cost of $500 that was defective, Hotard reduced the selling price for the damaged goods to $250. Hotard will record A)a sales discount of $250
B)cost of goods sold of $4,750
C)a sales return of $500
D)a sales allowance of $250
Hope you can explain to me the correct answer! thanks 25. Jacobson Company purchased inventory for $5,000 from Hotard, Inc. After Jacobson agreed to retain merchandise with a cost of $500 that was defective, Hotard reduced the selling price for the damaged goods to $250. Hotard will record A)a sales discount of $250
B)cost of goods sold of $4,750
C)a sales return of $500
D)a sales allowance of $250
Hope you can explain to me the correct answer! thanks 25. Jacobson Company purchased inventory for $5,000 from Hotard, Inc. After Jacobson agreed to retain merchandise with a cost of $500 that was defective, Hotard reduced the selling price for the damaged goods to $250. Hotard will record A)a sales discount of $250
B)cost of goods sold of $4,750
C)a sales return of $500
D)a sales allowance of $250
Hope you can explain to me the correct answer! thanks Jacobson Company purchased inventory for $5,000 from Hotard, Inc. After Jacobson agreed to retain merchandise with a cost of $500 that was defective, Hotard reduced the selling price for the damaged goods to $250. Hotard will record 25. Jacobson Company purchased inventory for $5,000 from Hotard, Inc. After Jacobson agreed to retain merchandise with a cost of $500 that was defective, Hotard reduced the selling price for the damaged goods to $250. Hotard will record A)a sales discount of $250
B)cost of goods sold of $4,750
C)a sales return of $500
D)a sales allowance of $250
Hope you can explain to me the correct answer! thanks
Explanation / Answer
24 ) C)debit C ost of Goods Sold, $2,000; credit Merchandise Inventory, $2,000
25) A)a sales discount of $250
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