week 4 quiz solutions

week 4 quiz solutions - Purchases .

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Answer Key Quiz 4 1. B 2. E 3. B 4. C Problem Answer: ( 60 points) October 6: Merchandise Inventory . ....................... 4,000 Accounts Payable .. Inventory purchase on terms of 2/10, n/30 4,000 October 8: Accounts Payable . ................................ 200 Merchandise Inventory. . .......... Returned defective units for credit 200 October 15: Accounts Payable . ................................ 3,800 Merchandise Inventory . ........... 76 Cash . ........................................ Paid amount due taking credit terms 3,724 Calculation: Discount = ($4,000 - $200) x .02 = $76
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
October 6:
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Purchases . ............................................ 4,000 Accounts Payable . .................... Inventory purchase terms of 2/10, n/30 4,000 October 8: Accounts Payable . ................................ 200 Purchase Returns and Allowances. . ......................................... Returned defective units 200 October 15: Accounts Payable . ................................ 3,800 Purchase Discounts . ................. 76 Cash . ........................................ Paid amount due 3,724 Calculation: Discount = ($4,000 - $200) x .02 = $76...
View Full Document

This note was uploaded on 11/17/2010 for the course AC 201 taught by Professor Leland during the Fall '10 term at Park.

Page1 / 2

week 4 quiz solutions - Purchases .

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online