11Avery Supplies uses periodic inventory. Avery purchased $10,000 of inventory on account. The terms were 3/10, n/30. The purchase was made on February 1. Which of the following journal entries properly records this transaction?
A)Purchases10,000
Accounts payable10,000
B)Accounts payable10,000
Purchases10,000
C)Inventory10,000
Accounts payable10,000
D)Inventory10,000
Cash10,000
12Avery Supplies uses periodic inventory. Avery purchased $10,000 of inventory on account. The terms were 3/10, n/30. The purchase was made on February 1. Avery paid the supplier on February 9. Which of the following journal entries properly records this payment transaction?
A)Accounts payable9,700
Cash9,700
B)Accounts payable9,700
Purchase discounts300
Purchases10,000
C)Accounts payable10,000
Cash9,700
Purchase discounts300
D)Accounts payable10,000
Cash10,000
13Avery Supplies uses periodic inventory. Avery purchased $10,000 of inventory on account. The terms were 3/10, n/30. The purchase was made on February 1. On February 2, Avery returned $400 of damaged goods to the supplier and was granted an allowance. How should Avery properly record the allowance?
A)Accounts payable400
Purchase returns and allowances400
B)Accounts payable9,600
Purchase discounts400
Purchases10,000
C)Accounts payable10,000
Cash9,600
Purchase returns and allowances400
D)Accounts payable400
Cash400
14Avery Supplies uses periodic inventory. Avery purchased $10,000 of inventory on account. The terms were 3/10, n/30. The purchase was made on February 1. Avery paid the shipper $250 cash for Freight in. How should Avery properly record the Freight in?
A)Freight in250
Cash250
B)Accounts payable250
Purchases250
C)Inventory250
Cash250
D)Freight in250
Accounts payable250
15Avery Supplies uses periodic inventory. Please refer to the following data:
Beginning inventory$3,000
Ending inventory2,100
Purchases24,000
Purchase discounts800
Purchase returns & allowances1,200
Freight in4,200
How much is Net purchases?
A) $26,000
B) $22,000
C) $25,000
D) $23,200
16Avery Supplies uses periodic inventory. Please refer to the following data:
Beginning inventory$3,000
Ending inventory2,100
Purchases24,000
Purchase discounts800
Purchase returns & allowances1,200
Freight in4,200
How much is Cost of goods sold?
A) $26,000
B) $22,000
C) $27,100
D) $29,200
17Journalize the following transactions (using the periodic inventory method):
Purchased merchandise on account for $4,300.