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samueltaye
08.04.2020 •
Business
FBS Corporation uses the perpetual inventory method and the gross method for recording purchases on account. On May 11, it purchased $44,000 of inventory, terms 2/10, n/30. On May 13, FBS returned goods that cost $4,000. On May 19, FBS paid the supplier. On May 19, the company should credit
A.purchase discounts for $880.
B.inventory for $880.
C.purchase discounts for $800.
D.inventory for $800.
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Ответ:
The correct answer is D
Explanation:
The journal entry are as follows:
On May 11
Inventory A/cDr $44,000
Accounts Payable A/cCr $44,000
Being purchased inventory worth $44,000
On May 13
Inventory A/cDr $4,000
Purchase Return A/cCr $4,000
Being inventory worth $4,000 returned
On May 19
Accounts Payable A/cDr $800
Inventory A/cCr $800
Being payment made to supplier
Working Note:
Payment amount = (Inventory purchased value - purchase return) × Discount
=($44,000 - $4,000) × 2%
= $40,000 × 2%
= $800
Ответ: