The following inventory transactions occurred at Zapata, Inc. which uses a perpetual inventory system:
October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/15. The shipping costs were $100 under the terms FOB destination.
October 4 Returned 5 units of inventory to the supplier for credit on account.
October 6 Sold 15 units for $50 each to customers for cash.
October 7 Accepted a return of one unit of inventory from the customer for a cash refund.
October 11 Paid the supplier for one-half of the inventory purchased on October 2nd.
October 17 Paid the remaining balance owed to the supplier.

Record the appropriate journal entry for each of these transactions.

Question

The following inventory transactions occurred at Zapata, Inc. which uses a perpetual inventory system:
October 2	Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/15. The shipping costs were $100 under the terms FOB destination.
October 4	Returned 5 units of inventory to the supplier for credit on account.
October 6	Sold 15 units for $50 each to customers for cash.
October 7	Accepted a return of one unit of inventory from the customer for a cash refund.
October 11	Paid the supplier for one-half of the inventory purchased on October 2nd.
October 17	Paid the remaining balance owed to the supplier.

Record the appropriate journal entry for each of these transactions.

Quizplus · Accepted Answer

The Answer of The following inventory transactions occurred at Zapata, Inc. which uses a perpetual inventory system:
October 2	Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/15. The shipping costs were $100 under the terms FOB destination.
October 4	Returned 5 units of inventory to the supplier for credit on account.
October 6	Sold 15 units for $50 each to customers for cash.
October 7	Accepted a return of one unit of inventory from the customer for a cash refund.
October 11	Paid the supplier for one-half of the inventory purchased on October 2nd.
October 17	Paid the remaining balance owed to the supplier.

Record the appropriate journal entry for each of these transactions.

The Following Inventory Transactions Occurred at Zapata, Inc