FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 5-5 (Part Level Submission)

Question

FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 5-5 (Part Level Submission) Prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system. ? (a) 1 Your answer is partially correct. Try again. On March 2, Novy Company sold $995,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $575,000. (Credit account titles are automatically indented when amount is entered. Do E not indent manually.) Account Titles and Explanation DebitCredit 995000 Accounts Payable SSOW LIST OF ACCOUNTS LINK TO TXI Attempts: 3 of 3 used ? (b) [ Your answer is correct. Policy I 2000-2018 John yOley & Sons. Inc. All Rights Reserved. A Division of latn·Wiley & Sons, Inc. Practi O Type here to search F1 F3 FS 2 4 6 A/

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit mar 2 Merchandise inventory 995000     Account payable 995000 (To record purchase) Mar 6 Account payable 99500      Merchandise inventory 99500 (To record return) mar 12 Account payable 895500     Cash 877590     Merchandise inventory 17910 (TO record payment)

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