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week 4 quiz solutions

week 4 quiz solutions - Purchases 4,000 Accounts Payable...

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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
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October 6:
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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...
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