(a) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record purchase of bags of insulation.

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Answer 1

Question

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

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Recording Purchases Compass Inc. purchased 1,250 bags of insulation from Glassco Corp. The bags of insulation cost $5.50 each. Compass paid Tremblay Trucking $320 to have the bags of insulation shipped to its warehouse. Compass returned 50 bags that were defective and paid for the remainder. Assume that Compass uses the perpetual inventory system and that Glassco did not offer a purchase discount. (Note: You are doing the accounting for Compass Inc.) Required: 1. Prepare the journal entry to record the purchase of the bags of insulation. 2. Prepare the entry to record the payment for shipping. 3. Prepare the entry for the return of the defective bags. 4. Prepare the entry to record the payment for the bags kept by Compass. 5. What is the total cost of this purchase?

Record journal entries for the following purchase transactions of Apex Industries. Purchased 24 computers on credit for $510 per computer. Terms of the purchase are 4/10, n/60, invoice dated Nov. 6 November 6. Nov. Returned 4 defective computers for a full refund from the manufacturer. 10 Nov. Paid account in full from the November 6 purchase. 22 If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used.

Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 29 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 4 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Nov. 6 Purchases Purchases Accounts Payable Accounts Payable Nov. 10 Accounts Payable Accounts Payable Purchase Returns and Allowances Purchase Returns and Allowances Nov. 22 Accounts Payable Accounts Payable Cash Cash

Answer 2

Question

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Answer 6

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

Answer 7

Chapter 6, Problem 60E

To determine

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

Answer 8

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

Answer 9

To determine

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

Answer 10

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

Answer 11

To determine

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

Answer 12

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

Answer 13

To determine

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

Answer 14

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

Answer 15

To determine

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

Answer 16

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Answer 17

To determine

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Check out a sample textbook solution

See solution

Answer 21

Ch. 6 - Prob. 1DQ Ch. 6 - Describe the types of inventories used by...Ch. 6 - Compare the flow of inventory costs between...Ch. 6 - What are the components of cost of goods available...Ch. 6 - How is cost of goods sold determined?Ch. 6 - How do the perpetual and periodic inventory...Ch. 6 - Why are perpetual inventory systems more expensive...Ch. 6 - Prob. 8DQ Ch. 6 - Prob. 9DQ Ch. 6 - Prob. 10DQ

(a) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record purchase of bags of insulation.

Solution Summary: The author explains that journal entries are the source of recording revenues and expenses. Revenue is to be credited, expenses are debited, and purchases are expenses for the business.

Videos

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.

Want to see the full answer?

Chapter 6 Solutions

(a) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record purchase of bags of insulation.

Solution Summary: The author explains that journal entries are the source of recording revenues and expenses. Revenue is to be credited, expenses are debited, and purchases are expenses for the business.

Videos

(a) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record purchase of bags of insulation.

(b) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record the payment of shipping.

(c) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record the return of defective bags.

(d) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The journal entry to record the payment for the bags kept by compass.

(e) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The total cost of this purchase.

(f) Journal entries: These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited. The comparison of answers and explain the differences.

Want to see the full answer?

Chapter 6 Solutions

(a)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record purchase of bags of insulation.

(b)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment of shipping.

(c)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the return of defective bags.

(d)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The journal entry to record the payment for the bags kept by compass.

(e)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The total cost of this purchase.

(f)

Journal entries:

These are the source of recording the revenues and expenses. Revenue is to be credited and expenses are to be debited in this. As purchases are expenses for the business, thus, it is to be debited.

The comparison of answers and explain the differences.