Respuesta :
Answer:
Inventory 26026 debit
Accounts Payable 26026 credit
--to record purchase--
Accounts Payable 1078 debit
Inventory 1078 credit
--to record returned goods--
Accounts Payable 24,948 debit
Cash 24,948 credit
--to record payment within discount--
Explanation:
purchase:
338 units x $77 = 26,026
returned: 14 x $77 = 1,078
balance: 26,026 - 1,078 = 24.948
Answer:
June (1)
Debit Inventory $8,701
Credit Cash/Accounts Payable $8,701
Being entries to record inventory purchased
June (2)
Debit Accounts Payable $1,078
Credit Inventory $1,078
Being entries to record return of inventory on accounts
June (3)
For sales, the entries required are
Debit Cash/Accounts receivable $31,753
Credit Sales revenue $31,753
For the inventory aspect,
Debit Cost of sales $21,637
Credit Inventory $21,637
Explanation:
When a company purchases inventory, the entries required are debit Inventory and Credit Cash/Accounts Payable. When inventory is returned, the reverse entries earlier posted are posted to account for the return.
When Sales are made,there are two sides to it, one with reference to sale, the other with reference to Inventory.
For sales, the entries required are
Debit Cash/Accounts receivable
Credit Sales revenue
For the inventory aspect,
Debit Cost of sales
Credit Inventory
During June, (1)
Amount of inventory purchased
= 113 × $77
= $8,701
During June, (2)
Amount returned on credit
= 14 × $77
= $1,078
During June, (3)
Revenue earned = 281 × $113
= $31,753
Cost of goods sold = 281 × $77
= $21,637
