Homework Answers
| Date | Accounts | Debit | Credit | |
| Aug 1 | Inventory | 59780 | =61000*(1-2%) | |
| Accounts Payable | 59780 | |||
| Date | Accounts | Debit | Credit | |
| Aug 8 | Accounts Payable | 59780 | ||
| Cash | 59780 | |||
| 2 | ||||
| The final cost of the inventory for Cool wave | 59780 |
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Suppose Cool Wave purchases $61.000 of sportswear on account from Northeast Trail, Inc., on August 1,...
Suppose Sports-R-Us purchases $60,000 of sportswear on account from Northeast Trail, Inc., on December 1, 2018....
Suppose Sports-R-Us purchases $60,000 of sportswear on account from Northeast Trail, Inc., on December 1, 2018. Credit terms are 2/10, net 30. Sports-R-Us pays Northeast Trail, Inc., on December 8, 2018 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Sports-R-Us? 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method...
Suppose Nancy's Bike Shop purchases $40,000 of sportswear on account from US Sportwears, Inc., on July...
Suppose Nancy's Bike Shop purchases $40,000 of sportswear on account from US Sportwears, Inc., on July 1, 2018. Credit terms aro 3/10, net 60. Nancy's Bike Shop pays US Sportwears, Inc., on July 8, 2018 1. Joumalize the transactions for Nancy's Bike Shop on July 1, 2018, and July 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Nancy's Bike Shop? 1. Journalize the transactions for Nancy's Bike Shop on July...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 2: Sold $85,000 of common stock to D.J. McDonough to start the construction business. Journal Entry Date Accounts Debit Credit Aug 0 Requirements Aug 3: Paid monthly office rent, $1,000. Journal Entry...
On April 1, 2018, Ash Company invests $18,000 in Firs, Inc. stock. Firs pays Ash a...
On April 1, 2018, Ash Company invests $18,000 in Firs, Inc. stock. Firs pays Ash a $350 dividend on August 1, 2018. Ash sells the Firs's stock on August 31, 2018, for $18,300. Assume the investment is categorized as a short-term equity investment and Ash Company does not have significant influence over Firs, Inc. Read the requirements. Requirement 1. Journalize the transactions for Ash's investment in Firs' stock. (Record debits first, then credits. Select the explanation on the last line...
Shepherd Cycles started August with 25 bicycles that cost $65 each. On August 16, Shepherd bought 50 bicycles at $80 ea...
Shepherd Cycles started August with 25 bicycles that cost $65 each. On August 16, Shepherd bought 50 bicycles at $80 each. On August 31, Shepherd sold 40 bicycles for $99 each. Requirements Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. 1. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company...
Journalize the following sales transactions for Mike Sportswear Explanations are not regured. The company emates sales...
Journalize the following sales transactions for Mike Sportswear Explanations are not regured. The company emates sales res net amount) (Click the icon to view the transactions.) te and each mor e the company was a perpetu a ry and records and do not revia) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits Exclude explorations from ouma entries. Check your engar May 1: Mke sold $24,000 of men's sportswear for cash. Cost of goods solis $12.000...
o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the...
o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the inventory is $320) on January 17, 2018. Bargain Hardware later received 400 of goods (cost, $100) as sales returns on January 21, 2018. The customer paid the balance due on January 26, 2018. Journalize the January 2018 transactions for Bargain Hardware assuming the "net" method is used (Record debits first, then credits Exclude explanations from any journal entries. Round your answers to the nearest...
Journalize the following sales transactions for Peter Sportswear. Explanations are not required. The company estimates sales...
Journalize the following sales transactions for Peter Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the loon to view the transactions.) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Apr. 1: Peter sold $25,000 of men's spartswear for cash. Cost of goods sald is $12,000. Begin...
Data Table a. The August 31 bank balance is $5,180. b. The bank statement includes two charges for NSF checks from cust...
Data Table a. The August 31 bank balance is $5,180. b. The bank statement includes two charges for NSF checks from customers. One is for $440 (#1), and the other is for $140 (#2). c. The following Wollaston Healthcare checks are outstanding at August 31: Check No. 237 Amount $ 90 288 140 291 550 294 630 295 50 296 50 d. Wollaston collects from a few customers by EFT. The August bank statement lists a $1,600 EFT deposit for...
DS Unlimited has the following transactions during August 6 Purchases 62 handheld game devices on account...
DS Unlimited has the following transactions during August 6 Purchases 62 handheld game devices on account from GameGirl, Inc., for $160 each, terms 2/10, n/60. August August 7 Pays $360 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl two game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 42 game devices purchased on August 6 for $180 each to customers on account. The...
Suppose Sports-R-Us purchases $60,000 of sportswear on account from Northeast Trail, Inc., on December 1, 2018. Credit terms are 2/10, net 30. Sports-R-Us pays Northeast Trail, Inc., on December 8, 2018 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Sports-R-Us? 1. Journalize the transactions for Sports-R-Us on December 1, 2018, and December 8, 2018, assuming the "net" method...
Suppose Nancy's Bike Shop purchases $40,000 of sportswear on account from US Sportwears, Inc., on July 1, 2018. Credit terms aro 3/10, net 60. Nancy's Bike Shop pays US Sportwears, Inc., on July 8, 2018 1. Joumalize the transactions for Nancy's Bike Shop on July 1, 2018, and July 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Nancy's Bike Shop? 1. Journalize the transactions for Nancy's Bike Shop on July...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 2: Sold $85,000 of common stock to D.J. McDonough to start the construction business. Journal Entry Date Accounts Debit Credit Aug 0 Requirements Aug 3: Paid monthly office rent, $1,000. Journal Entry...
On April 1, 2018, Ash Company invests $18,000 in Firs, Inc. stock. Firs pays Ash a $350 dividend on August 1, 2018. Ash sells the Firs's stock on August 31, 2018, for $18,300. Assume the investment is categorized as a short-term equity investment and Ash Company does not have significant influence over Firs, Inc. Read the requirements. Requirement 1. Journalize the transactions for Ash's investment in Firs' stock. (Record debits first, then credits. Select the explanation on the last line...
Shepherd Cycles started August with 25 bicycles that cost $65 each. On August 16, Shepherd bought 50 bicycles at $80 each. On August 31, Shepherd sold 40 bicycles for $99 each. Requirements Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. 1. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company...
Journalize the following sales transactions for Mike Sportswear Explanations are not regured. The company emates sales res net amount) (Click the icon to view the transactions.) te and each mor e the company was a perpetu a ry and records and do not revia) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits Exclude explorations from ouma entries. Check your engar May 1: Mke sold $24,000 of men's sportswear for cash. Cost of goods solis $12.000...
o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the inventory is $320) on January 17, 2018. Bargain Hardware later received 400 of goods (cost, $100) as sales returns on January 21, 2018. The customer paid the balance due on January 26, 2018. Journalize the January 2018 transactions for Bargain Hardware assuming the "net" method is used (Record debits first, then credits Exclude explanations from any journal entries. Round your answers to the nearest...
Journalize the following sales transactions for Peter Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the loon to view the transactions.) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Apr. 1: Peter sold $25,000 of men's spartswear for cash. Cost of goods sald is $12,000. Begin...
Data Table a. The August 31 bank balance is $5,180. b. The bank statement includes two charges for NSF checks from customers. One is for $440 (#1), and the other is for $140 (#2). c. The following Wollaston Healthcare checks are outstanding at August 31: Check No. 237 Amount $ 90 288 140 291 550 294 630 295 50 296 50 d. Wollaston collects from a few customers by EFT. The August bank statement lists a $1,600 EFT deposit for...
DS Unlimited has the following transactions during August 6 Purchases 62 handheld game devices on account from GameGirl, Inc., for $160 each, terms 2/10, n/60. August August 7 Pays $360 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl two game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 42 game devices purchased on August 6 for $180 each to customers on account. The...
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