The Following Inventory Transactions Occurred at Zapata, Inc

question 103

Essay

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.

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Definitions:

Norms

are unwritten social rules or standards that dictate acceptable behavior within a group or society, guiding interactions and social conduct.

Negotiate Norms

involves discussing and adjusting the rules or standards of behavior expected in a social group or culture.

Impression Management

The process by which individuals attempt to control the perceptions others have of them.

Symbolic Interactionism

A sociological perspective that analyzes society by studying the symbols and communication methods used by individuals to interpret and respond to their social environment.