42% . , Thu 10: Edit View History Bookmarks People Window Help x D Connect Chapt

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42% . , Thu 10: Edit View History Bookmarks People Window Help x D Connect Chapter 3 HomewoxG another word for owners witr xD Virginia Community Collegex Sylabus-NV280.AcC 2m e https Check my work mode: This shows what is correct or Incorrect for the work you have completed so far. It does not Indicate completion. Return to question 90 Required information The following information applies to the questions displayed below. Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Oet. 2 Purchased merchandise at a $3,000 price (52,940 net), involee dated oetober 2, terma 2/10, n/30, 10 Received a oredis menorandum toward the returs of $500 (5490 net) of merehandise that it parehased 17 hurehased serehandise at a SS,400 Price CSS ,292het), ?sraice dated 0etober 17, tern. 2/10, ano. 27 Paid for the necchandise parchased os detobee 17. lesn the discount 1 aid for the merchandise parchased os Oetober 2. (ayment vas nistakenly delayed, which ceused the - (b) Prepare entries to record the above transactions assuming that Piere limports records invoices at net amounts O Answer is not complete 0 3.000 Accounts payable 3,000 O 29 o" 39 Next 5 8 0 0

Explanation / Answer

Solution:

Journal Entries - Piere Imports Date Particulars Debit Credit 2-Oct Merchandise inventory Dr $2,940.00         To Accounts payable $2,940.00 (To record purchase of inventory) 10-Oct Accounts payable Dr $490.00         To Merchandise inventory $490.00 (To record puchase returns) 17-Oct Merchandise inventory Dr $5,292.00         To Accounts payable $5,292.00 (To record purchase of inventory) 27-Oct Accounts payable Dr $5,292.00         To Cash $5,292.00 (To record payment to supplier) 31-Oct Accounts payable Dr $2,450.00 Merchandise inventory Dr $50.00         To Cash $2,500.00 (To record payment to supplier)

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