Business, 09.07.2021 04:20 rileigh2302

On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each. After closer examination, Staley determines 20 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $15 each. Required:Record transactions for the purchase, return, and sale of inventory.

Answers: 3

Show answers

Answers

Answer from: lex68259100

See the journal entries below.

Explanation:

First, we have:

Units of inventory purchased = 100

Units of inventory returned = 20

Units of inventory sold = Units of inventory purchased - Units of inventory returned = 100 - 20 = 80

Therefore, the journal entries will be as follows:

Date Details Debit ($) Credit ($)

June 5 Inventory (100 * $10) 1,000

Accounts payable 1,000

(To inventory purchased on account.)

June 9 Accounts payable (20 * $10 ) 200

Inventory 200

(To record inventory return.)

June 16 Account receivable (80 * $15) 1,200

Sales 1200

(To record sales on account.)

Cost of goods sold (80 * $10) 800

Inventory 800

(To record cost of goods sold on account)

Answer from: Quest

Sample response: tara should research cheaper colleges, living at home while attending school, and good savings plans. this is the answer that they are looking for on edgenuity

Answer from: Quest

i think the answer is a. science center.

Another question on Business

Business, 22.06.2019 19:10

Pam is a low-risk careful driver and fran is a high-risk aggressive driver. to reveal their driver types, an auto-insurance company a. refuses to insure high-risk drivers b. charges a higher premium to owners of newer cars than to owners of older cars c. offers policies that enable drivers to reveal their private information d. uses a pooling equilibrium e. requires drivers to categorize themselves as high-risk or low-risk on the application form

Answers: 3

Answer

Business, 22.06.2019 19:40

Lauer corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: date transaction number of units cost per unit 1/1 beginning inventory 210 $ 910 5/5 purchase 310 $ 1,010 8/10 purchase 410 $ 1,110 10/15 purchase 255 $ 1,160 during the year, lauer sold 1,025 laptop computers. what was cost of goods sold using the lifo cost flow assumption?

Answers: 1

Answer

Business, 22.06.2019 21:00

Warner inc. sells a high-speed retrieval system for mining information. it provides the following information for the year. budgeted actual overhead cost $965,700 $905,000 machine hours 58,570 49,200 direct labor hours 107,300 104,200 overhead is applied on the basis of direct labor hours. compute the predetermined overhead rate. predetermined overhead rate $ per direct labor hour link to text determine the amount of overhead applied for the year. the amount of overhead applied $

Answers: 1

Answer

Business, 23.06.2019 00:00

Which of the following is not a factor to consider when deciding whether to accept a special order? whether this order will hurt the brand name of the company whether other potential orders would be more profitable whether additional fixed costs would need to be incurred whether the offered price is sufficient to cover prime costs and fixed overhead allocated all of the above

Answers: 2

Answer

You know the right answer?

On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each. After closer...

Questions