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Skidmore Music Company had the following transactions in March: Sold instruments to customers for $15,400; received $10,600 in cash and the rest on account. The cost of the instruments was $7,700. Purchased $4,000 of new instruments inventory; paid $1,800
Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,000; received $10,100 in cash and the rest on account. The cost of the instruments was $8,600 b. Purchased $3,100 of new instruments inventory, paid $1,500 in cash and owed the rest on account. " c. Paid $580 in wages to employees who worked during the month. d. Received $3,500 from customers as deposits on orders of new instruments to be sold to the customers...
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. c. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question...
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. C. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question...
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. C. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question...
X Company, a merchandising company, had the following transactions during the year: Received $8,291 in cash contributions from the owners Purchased $8,294 worth of merchandise on account from suppliers Sold merchandise on account to customers for $12,180; the merchandise cost X Company $8,526 Paid $3,456 to suppliers for merchandise that X company had previously purchased on account. Collected $3,837 from customers who had previously purchased merchandise on account Bought equipment for $9,822 with a down payment of $5,618 and a...
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:John's purchased merchandise on account for $5,700. Freight charges of $650 were paid in cash.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $950 and John’s account was credited by the supplier.Merchandise costing $3,150 was sold for $5,900 in cash. Required:Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:John’s purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John’s account was credited by the supplier.Merchandise costing $2,850 was sold for $5,300 in cash. Required:Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select...
Wamerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units $50.00 per unit 400 units $55.00 per unit Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 420 units$85.00 per unit 120 units @ $60.00 per unit 200 units $62.00 per unit 160 units& $95.00 per unit 580 units 820...
Prepare closing entries.