accounting-explain

posted by .

April.4 purhcase merchandise from RediX, Inc.,$1900;term 2/10, n/60,FOB shipping point, frieght of $85 added to the invoice.

April 10 returned $850 of merchandise to Redix.Inc.

perpetual invetory:

April 4
(Debit) Inventory $1985
(Credit) Accounts Payable $1985

April 10
(Debit) Accounts Payable $250
(Credit) Inventory $250

What i dnt understand is...how they got the $250....HELP PLZ...thnz!

  • accounting-explain -

    Are you certain it is not a typo? $850?

  • accounting-explain -

    this is a practice and i typed exactly how its written on the question and answer...:-S...

  • accounting-explain -

    :S

  • to: Bobpursley -

    hi...sry...i just got a msg from my professor...he made a mistake and that $250 is $850...thnx... :-)

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Business math

    Tod's Furniture buys a living room set with a $4000 list price and a 55% trade discount. Freight (FOB shipping point) of $50 is not part of the list price. What is the delivered price(including freight) of the living room set , assuming …
  2. Accounting urgent

    Prepare the journal entries to record the following transactions on Panther Company‚Äôs books using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.) (a) On March 2 Panther Company …
  3. accounting

    Write the journal entries to record the following transactions. A) Purchased $4,900 of merchandise from a supplier on account, terms FOB shipping point, 1/10, n/30, transportation charges of $80 were added to the invoice. B) Received …
  4. bookkeeping

    a store purchased 500 in merchandise on account.using the periodic inventry system,how would you record your entry?
  5. accounting

    Kudos Leather Goods purchased the following items during the month of April: 1. April 12, 34 wallets @ $12.95 each 2. April 08, 24 wallets @ $13.10 each 3. April 18, 15 wallets @ $13.25 each 4. April 26, 20 wallets @ $13.27 each On …
  6. accounting

    Kudos Leather Goods purchased the following items during the month of April: 1. April 12, 34 wallets @ $12.95 each 2. April 08, 24 wallets @ $13.10 each 3. April 18, 15 wallets @ $13.25 each 4. April 26, 20 wallets @ $13.27 each On …
  7. Accounting

    Journalize the following transactions and omit the explanations. A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. B. The corporation paid $60,000 for a two-year …
  8. FND 154 Fundamentals of Accounting

    Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, …
  9. Accounting

    XO company sold merchandise on account to Brandy company, $14000 , terms FOB shipping point, 2/10, n/30. XO company paid transportation costs of $350, which were added to the invoice. The cost of the merchandise sold was $8000
  10. accounting

    Determine the ending balance of the Merchandise Inventory account given the following transactions: TooDaLoo had a beginning balance of $8,500 in its Merchandise Inventory account. They purchased $45,000 worth of inventory on account …

More Similar Questions