Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Dec 7 | Account receivable | 627400 | |
| Sales revenue | 627400 | ||
| Cost of goods sold | 518200 | ||
| Merchandise inventory | 518200 | ||
| Dec 8 | Sales return and allowance | 24700 | |
| Account receivable | 24700 | ||
| Dec 13 | Cash (602700*98%) | 590646 | |
| Sales discount | 12054 | ||
| Account receivable (627400-24700) | 602700 | ||
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QUESTION 7 The following transactions are for Daisy Ltd. 1 On 7 December Daisy Ltd sold...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $326,000. (2) On December 8 Thomson Co. was granted an allowance of $18,000 for merchandise purchased on December 3, (3) On December 13 lvanhoe Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe uses a...
The following transactions are for Metlock Company 1. On December 3, Metlock Company sold $536,100 of merchandise to Iv...
The following transactions are for Metlock Company 1. On December 3, Metlock Company sold $536,100 of merchandise to Ivanhoe Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $317.400. 2. On December 8, Ivanhoe Co. was granted an allowance of $24,800 for merchandise purchased on December 3. 3. On December 13, Metlack Company received the balance due from Ivanhoe Co. Prepare the journal entries to record these transactions on the books of Metlock. Metlock uses a perpetual...
Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516...
Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516,800 of merchandise to Cullumber Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $310,100. 2. On December 8, Cullumber Co. was granted an allowance of $23.300 for merchandise purchased on December 3. 3. On December 13, Marin Company received the balance due from Cullumber Co. (a) Prepare the journal entries to record these transactions on the books of...
The following transactions are for Splish Brothers Company. 1. On December 3, Splish Brothers Company sold...
The following transactions are for Splish Brothers Company. 1. On December 3, Splish Brothers Company sold $499,800 of merchandise to Sunland Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $317,400. 2. On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3. 3. On December 13, Splish Brothers Company received the balance due from Sunland Co. (a) Prepare the journal entries to record these transactions on the books of...
QUESTION 5 Forester Ltd identified the following transactions (listed as 1 to 5) at the end...
QUESTION 5 Forester Ltd identified the following transactions (listed as 1 to 5) at the end of the financial year 2020 that require an end of period adjustment. 1. Depreciation for the year at a rate of $360 per month has not been accounted for. 2. On 1 September 2020 Forester Ltd paid $16,000 for a one year insurance policy. 3. During the year the company purchased $1,500 of supplies. A count on 31 December determined that $600 of supplies...
(1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/10, n/30....
(1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $320,000. (2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3 (3) On December 13 Kale Company received the balance due from Thomson Co. Prepare the journal entries to record these transactions on the books of Kale Company. Kale uses a perpetual inventory system. (Credit account titles are automatically...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
Presented below are transactions related to Bogner Company. 1. On December 3, Bogner Company sold $570,000...
Presented below are transactions related to Bogner Company.
1. On December 3, Bogner Company sold $570,000 of merchandise
on account to Maris Co., terms 2/10, n/30, FOB shipping point. The
cost of the merchandise sold was $350,000.
2. On December 8, Maris Co. was granted an allowance of
$20,000 for merchandise purchased on December 3.
3. On December 13, Bogner Company received the balance due
from Maris co.
Prepare the journal entries to record these transactions on the books of...
please explain how to calculate thxxx Question 1 Biotek Ltd identified the following transactions (listed as...
please explain how to calculate
thxxx
Question 1 Biotek Ltd identified the following transactions (listed as 1 to 7) at the end of the financial year 2019 that require an end of period adjustment. Record the appropriate adjusting entries at 31 December 2019 in the space provided (narrations are not required). 1. On November 1, Biotek issued a $10,000, 3 month, 9% note payable to a supplier. The $225 total interest is to be paid when the note is paid....
The following transactions are for Tamarisk Company
The following transactions are for Tamarisk Company 1. On December 3, Tamaris Company sold $545,300 of merchandise to Carla Vista Co, on account, terms 3/10, 1/30. The cost of the merchandise sold was $327,100 2. On December 8, Carla Vista Co. was granted an allowance of $25.100 for merchandise purchased on December 3 3. On December 13, Tamaris Company received the balance due from Carla Vista Co Prepare the journal entries to record these transactions on the books of Tamarisk. Tamarisk uses a perpetual...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $326,000. (2) On December 8 Thomson Co. was granted an allowance of $18,000 for merchandise purchased on December 3, (3) On December 13 lvanhoe Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe uses a...
The following transactions are for Metlock Company 1. On December 3, Metlock Company sold $536,100 of merchandise to Ivanhoe Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $317.400. 2. On December 8, Ivanhoe Co. was granted an allowance of $24,800 for merchandise purchased on December 3. 3. On December 13, Metlack Company received the balance due from Ivanhoe Co. Prepare the journal entries to record these transactions on the books of Metlock. Metlock uses a perpetual...
Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516,800 of merchandise to Cullumber Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $310,100. 2. On December 8, Cullumber Co. was granted an allowance of $23.300 for merchandise purchased on December 3. 3. On December 13, Marin Company received the balance due from Cullumber Co. (a) Prepare the journal entries to record these transactions on the books of...
QUESTION 5 Forester Ltd identified the following transactions (listed as 1 to 5) at the end of the financial year 2020 that require an end of period adjustment. 1. Depreciation for the year at a rate of $360 per month has not been accounted for. 2. On 1 September 2020 Forester Ltd paid $16,000 for a one year insurance policy. 3. During the year the company purchased $1,500 of supplies. A count on 31 December determined that $600 of supplies...
(1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $320,000. (2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3 (3) On December 13 Kale Company received the balance due from Thomson Co. Prepare the journal entries to record these transactions on the books of Kale Company. Kale uses a perpetual inventory system. (Credit account titles are automatically...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
Presented below are transactions related to Bogner Company.
1. On December 3, Bogner Company sold $570,000 of merchandise
on account to Maris Co., terms 2/10, n/30, FOB shipping point. The
cost of the merchandise sold was $350,000.
2. On December 8, Maris Co. was granted an allowance of
$20,000 for merchandise purchased on December 3.
3. On December 13, Bogner Company received the balance due
from Maris co.
Prepare the journal entries to record these transactions on the books of...
please explain how to calculate
thxxx
Question 1 Biotek Ltd identified the following transactions (listed as 1 to 7) at the end of the financial year 2019 that require an end of period adjustment. Record the appropriate adjusting entries at 31 December 2019 in the space provided (narrations are not required). 1. On November 1, Biotek issued a $10,000, 3 month, 9% note payable to a supplier. The $225 total interest is to be paid when the note is paid....
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