Homework Answers
Tabular
| Assets | = | Liabilities | + | Stockholder's equity | ||||||||||||
| Retained earnings | ||||||||||||||||
| cash | + | Account receivable | + | Inventory | = | Accounts payable | + | Common Stock | + | Rev | - | Exp | - | Div | ||
| Oct 4 | 27000 | 27000 | ||||||||||||||
| Oct 6 | 2500 | 2500 | Sales revenue | |||||||||||||
| -1500 | -1500 | Cost of goods sold | ||||||||||||||
| Oct 7 | -1200 | -1200 | ||||||||||||||
| Oct 13 | -250 | -250 | Sales return and allowance | |||||||||||||
| 150 | -150 | Cost of goods sold | ||||||||||||||
| Oct 14 | -25800 | -25800 | ||||||||||||||
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*Exercise 235 On October 1, the kile Bicycle Store had an inventory of 20 ten speed...
On October 1, the Sandhill Bicycle Store had an inventory of 23 ten speed bicycles at...
On October 1, the Sandhill Bicycle Store had an inventory of 23 ten speed bicycles at a cost of $158 each. During the month of October, the following transactions occurred. Assume Sandhill uses a perpetual inventory system. Oct 4 Purchased 182 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10,n/30. 5 Paid freight of $1,000 on the October 4 purchase. 6 Sold 13 bicycles from the October 1 inventory to Team America for $340 each,...
On October 1, the Ivanhoe Bicycle Store had an inventory of 24 ten speed bicycles at...
On October 1, the Ivanhoe Bicycle Store had an inventory of 24 ten speed bicycles at a cost of $157 each. During the month of October, the following transactions occurred. Assume Ivanhoe uses a perpetual inventory system. Oct 4 Purchased 189 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10, 1/30 5 Paid freight of $900 on the October 4 purchase. Sold 14 bicycles from the October 1 inventory to Team America for $250 each,...
On October 1, Belton Bicycle store had an inventory of 20 Bicycles at a cost of...
On October 1, Belton Bicycle store had an inventory of 20 Bicycles at a cost of $200 each. During the month of October, the following transactions occurred Oct. 4. Purchased 25 bicycles at a cost of $200 each from Kuhn Bicycle company, terms, 2/10 n/30 6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30 7. Received credit from Kuhn Bicycle company for the return of 2 defective bicycles 13. Issued credit to Team...
MLEM 3.Perpetual System 1 Belton Bicycle Store nad an inventory of 20 ten speed bicycles at...
MLEM 3.Perpetual System 1 Belton Bicycle Store nad an inventory of 20 ten speed bicycles at a cost of $200 eaching Actober, the following transactions occurred Oct. 4 Purchased 30 bicycles at a cost of $200 each from Kuhn Bicycle Company, terms 22/10, 1/30 6 Sold 18 bicycles to Team America for $300 each, terms 2/10, 1/30. 7 Received credit from Kuhn Bicycle Company for the return of 2 defective bicycles 12 issued a credit memo to Team America for...
*Brief Exercise 218 On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The...
*Brief Exercise 218 On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The selling price of the goods is $900 and the cost of goods is $600. Both companies use the perpetual inventory system. Use a tabular summary for each company to record the transactions for both companies. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Roberta's knickknacks: Assets = Liabilities + Stockholder's Equity Retained Earnings Rev. ....
Questions 9 a) ABC Company's ledger at the end of the current year shows Accounts Receivable...
Questions 9 a) ABC Company's ledger at the end of the current year shows Accounts Receivable of $150,000. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 6% of accounts receivable, journalize the adjusting entry for the end of the period. b) Sheba Company estimates that 1% of net credit sales will become uncollectible. Sales are $500,000, sales returns and allowances are $30,000, and the allowance for...
Questions 9 a) ABC Company's ledger at the end of the current year shows Accounts Receivable...
Questions 9 a) ABC Company's ledger at the end of the current year shows Accounts Receivable of $150,000. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 6% of accounts receivable, journalize the adjusting entry for the end of the period. b) Sheba Company estimates that 1% of net credit sales will become uncollectible. Sales are $500,000, sales returns and allowances are $30,000, and the allowance for...
15 Exer On the role ore dan ory often speedbydes a f S aching the month...
15 Exer On the role ore dan ory often speedbydes a f S aching the month of October the following tractions occurred wel l try to Oct. Purchased 10 b est 6 od 10 dies from the October 7 Returned defective tudies to 13 Team Mencarred one byde 14 Pid e company in til Sachfrom the fronde company, on account vertory to Te America for 20 each, on court cycle Company Prepare a ti m e to record the transactions...
1. On October 20, Cullumber sells merchandise with a cost of $3,840 to Blossom for $6,400...
1. On October 20, Cullumber sells merchandise with a cost of $3,840 to Blossom for $6,400 cash. On October 25, Cullumber received returned goods from Blossom and refunds the amount in cash for items that had a selling price of $640 and a cost of $384. Use a tabular summary to record the transactions for Cullumber Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign...
Current Attempt in Progress On October 5, Bridgeport Company buys merchandise on account from Lasse Company....
Current Attempt in Progress On October 5, Bridgeport Company buys merchandise on account from Lasse Company. The purchase price of the goods is $4,030. On October 20, Bridgeport sells all of the merchandise to Thom for $6,330 cash. Use a tabular summary to record the transactions for Bridgeport Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities + Stockholders' Equity Retained Earnings Exp. Cash +...
On October 1, the Sandhill Bicycle Store had an inventory of 23 ten speed bicycles at a cost of $158 each. During the month of October, the following transactions occurred. Assume Sandhill uses a perpetual inventory system. Oct 4 Purchased 182 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10,n/30. 5 Paid freight of $1,000 on the October 4 purchase. 6 Sold 13 bicycles from the October 1 inventory to Team America for $340 each,...
On October 1, the Ivanhoe Bicycle Store had an inventory of 24 ten speed bicycles at a cost of $157 each. During the month of October, the following transactions occurred. Assume Ivanhoe uses a perpetual inventory system. Oct 4 Purchased 189 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10, 1/30 5 Paid freight of $900 on the October 4 purchase. Sold 14 bicycles from the October 1 inventory to Team America for $250 each,...
MLEM 3.Perpetual System 1 Belton Bicycle Store nad an inventory of 20 ten speed bicycles at a cost of $200 eaching Actober, the following transactions occurred Oct. 4 Purchased 30 bicycles at a cost of $200 each from Kuhn Bicycle Company, terms 22/10, 1/30 6 Sold 18 bicycles to Team America for $300 each, terms 2/10, 1/30. 7 Received credit from Kuhn Bicycle Company for the return of 2 defective bicycles 12 issued a credit memo to Team America for...
*Brief Exercise 218 On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The selling price of the goods is $900 and the cost of goods is $600. Both companies use the perpetual inventory system. Use a tabular summary for each company to record the transactions for both companies. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Roberta's knickknacks: Assets = Liabilities + Stockholder's Equity Retained Earnings Rev. ....
Questions 9 a) ABC Company's ledger at the end of the current year shows Accounts Receivable of $150,000. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 6% of accounts receivable, journalize the adjusting entry for the end of the period. b) Sheba Company estimates that 1% of net credit sales will become uncollectible. Sales are $500,000, sales returns and allowances are $30,000, and the allowance for...
Questions 9 a) ABC Company's ledger at the end of the current year shows Accounts Receivable of $150,000. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 6% of accounts receivable, journalize the adjusting entry for the end of the period. b) Sheba Company estimates that 1% of net credit sales will become uncollectible. Sales are $500,000, sales returns and allowances are $30,000, and the allowance for...
15 Exer On the role ore dan ory often speedbydes a f S aching the month of October the following tractions occurred wel l try to Oct. Purchased 10 b est 6 od 10 dies from the October 7 Returned defective tudies to 13 Team Mencarred one byde 14 Pid e company in til Sachfrom the fronde company, on account vertory to Te America for 20 each, on court cycle Company Prepare a ti m e to record the transactions...
Current Attempt in Progress On October 5, Bridgeport Company buys merchandise on account from Lasse Company. The purchase price of the goods is $4,030. On October 20, Bridgeport sells all of the merchandise to Thom for $6,330 cash. Use a tabular summary to record the transactions for Bridgeport Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities + Stockholders' Equity Retained Earnings Exp. Cash +...
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