Respuesta :
Answer:
Dr merchandise inventory($34,000+$540) $34,540
Cr accounts payable $34,000
Cr cash $540
Explanation:
The cost of inventory purchased is shown as an increase in merchandise inventory since perpetual system of inventory requires that inventory is updated each time there is a receipt or sale of inventory.
In other words, the cost of inventory purchased is debited to merchandise inventory and credited to accounts payable.
The cost of freight is also added to the cost of inventory while it is credited to cash account.
Answer:
The Record the purchase of inventory on February 2, including the freight charges would be as follows:
Debit Credit
February 2
Merchandise Inventory $34,000
Accounts Payable $34,000
(To Record the Company Purchases Inventory on Account)
Debit Credit
February 2
Merchandise Inventory $540
Cash $540
(To Record the Freight Charges Paid by the Company)
Explanation:
The Record the purchase of inventory on February 2, including the freight charges would be as follows:
The company purchases inventory on account on February 2, for $34,000, therefore, journal entry would be:
Debit Credit
February 2
Merchandise Inventory $34,000
Accounts Payable $34,000
(To Record the Company Purchases Inventory on Account)
The company also pays $410 for freight charges associated with the purchase on the same day. Therefore journal would be:
Debit Credit
February 2
Merchandise Inventory $540
Cash $540
(To Record the Freight Charges Paid by the Company)
