Timber Manufacturing uses the perpetual inventory system and purchased $6,000 of merchandise inventory on account. The seller prepays $300 in freight charges which were added to Timber Manufacturing's invoice.
The journal entry for the purchase of merchandise on account using the perpetual inventory system is:
a. merchandise inventory: 6,000 debit
delivery expense: 300 debit
accounts payable: 6,300 credit
b. merchandise inventory: 6,000 debit
accounts payable: 6,600 credit
c. merchandise inventory: 6,300 debit
cash: 6,300 credit
d. merchandise inventory: 6,300 debit
accounts payable: 6,300 credit
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Timber Manufacturing uses the perpetual inventory system and purchased $6,000 of merchandise inventory on account. The seller prepays $300 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
During the past year, a company had cash flow to creditors, an operating cash flow, and net capital spending of $30,026, $67,603, and $28,760, respectively.
Answers (1)
What is the main motive behind dealer incentives?
Answers (1)
A garden center sells a certain grass seed in 5-pound bags at $13.85 per bag, 10-pound bags at $20.43 per bag, and 25-pound bags at $32.25 per bag.
Answers (1)
The administrative head of a company proposes to replace and revolutionize the office furniture for the employees comfort. Which of the following roles does the administrator play in this scenario? a. Purchaser b. Initiator c. Influencer d.
Answers (1)
In investments, each type of depreciation is defined by a particular event. Which of the following best describes a depreciation type and an event it's tied to?
Answers (1)
New Questions in Business
Which is the most common ethical dilemma that financial planners face?
Answers (2)
Ribb Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selling Price $190 100% Variable Expenses 57 30% Contribution Margin $133 70% Fixed expenses are $913,000 per month.
Answers (1)
Is white wine homogeneous or heterogeneous?
Answers (1)
Nelson, a minor, misrepresents his age when agreeing to a contract to buy a restored, antique soda vending machine from old is new again, inc. ordinarily, nelson can disaffirm the contract
Answers (1)
The national restaurant association states that the restaurant industry has an economic effect of more than $1.7 trillion annually in the united states, with every dollar spent in restaurants generating an estimated total of $2.
Answers (1)