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The Following Inventory Transactions Occurred at Zapata,Inc \quad \quad

Question 173

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The following inventory transactions occurred at Zapata,Inc.which uses a perpetual inventory system:
October 2 \quad \quad Purchased 50 units of inventory from a supplier on cre dit. The goods cost $30 \$ 30 each and the credit terms were 2/10,n/15 2 / 10, \mathrm{n} / 15 The shipping costswere $100 \$ 100 under the terms FOB de stination
October 4 \quad \quad Returned 5 units of inventory to the supplier for credit on account.
October 6 \quad \quad Sold 15 units for $50 \$ 50 each to customers for cash.
October 7 \quad \quad Accepted a return of one unit of inventory from the customer for a cash refund.
October 11 \quad \quad Paid the supplier for one-half of the inventory purchased on October 2 nd.
October 17 \quad \quad Paid the remaining balence owed to the supplier. Record the appropriate journal entry for each of these transactions.

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Answered by Quizplus AI

October 2:
Inventory 1500 (50 units x $...

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