Homework Answers
Following journal entries will be made for sale of goods under perpetual inventory system:
Journal
| Date | Account title | Debit | Credit |
| Feb. 6, 2020 | Cash | 800 | |
| Sales | 800 | ||
| (To record sale of goods for cash) | |||
| Feb. 6, 2020 | Cost of goods sold | 800 | |
| Inventory | 800 | ||
| (To record Cost of goods sold) |
Please ask if you have any query related to the question. Thank you
Add Answer to:
s, sall of an asset for immediate payment, On 6th February 2020 Bernadette sond goods which...
Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning...
Commencement date May 1, 2020
Annual lease payment due at the beginning of each year,
beginning with May 1, 2020 $17,225.30
Bargain purchase option price at end of lease term $4,000
Lease term 5 years
Economic life of leased equipment 10 years
Lessor’s cost $55,000
Fair value of asset at May 1, 2020 $77,000
Lessor’s implicit rate 8 % ; Lessee’s incremental borrowing rate
8 % ;The collectibility of the lease payments by Metlock is
probable.
Prepare the journal entries...
Blossom Industries purchased $9,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and wi...
Blossom Industries purchased $9,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, 1/60. It returned $2,900 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Your answer is partially correct. Assuming that Blossom uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (if no entry is required, select "No entry" for the...
QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as...
QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as prepared by an Accounts Assistant indicated a net profit of GHS 148,080. Though, the cash book on 31" March, 2020 showed a balance at bank to be GHS 13,460. Your attention is however drawn to the following: Cheques from customers totalling GHS 14,940 which were recorded in the cash book on March 25, 2020 were not credited by the bank until April 2, 2020....
1) Journalize the transactions.( Omit cost of goods sold entries.) On January 1, 2020, Oriole Company...
1) Journalize the transactions.( Omit cost of goods sold
entries.)
On January 1, 2020, Oriole Company had Accounts Receivable $142,700, Notes Receivable $37,200, and Allowance for Doubtful Accounts $26,900. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019, Oriole Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold $31,800 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $31,800, 3-month, 8% note for...
Carla Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Carla Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Carla Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $505. The standalone selling price of the tablet is $263 (the cost to Carla Company is $160). Carla Company sells...
Ayayai Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Ayayai Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Ayayai Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $520. The standalone selling price of the tablet is $238 (the cost to Ayayai Company is $170). Ayayai Company sells...
Michael received the following amounts during the current tax year of 2020. For each item indicate...
Michael received the following amounts during the current tax year of 2020. For each item indicate how much is included in his 2020 federal gross income. (14 points) a) A cash inheritance of $11,000 from his grandmother’s estate. b) $50,000 lump sum cash payment (in 2020) from an elderly neighbor’s life insurance policy. The women died during 2019. Michael was named as the beneficiary even though they were not related. c) $2,000 from a PA lottery ticket. d) $5,000 in child support...
Blossom Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Blossom Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Blossom Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $506. The standalone selling price of the tablet is $234 (the cost to Blossom Company is $167). Blossom Company sells...
Wildhorse Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Wildhorse Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Wildhorse Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $464. The standalone selling price of the tablet is $229 (the cost to Wildhorse Company is $172). Wildhorse Company sells...
Commencement date May 1, 2020
Annual lease payment due at the beginning of each year,
beginning with May 1, 2020 $17,225.30
Bargain purchase option price at end of lease term $4,000
Lease term 5 years
Economic life of leased equipment 10 years
Lessor’s cost $55,000
Fair value of asset at May 1, 2020 $77,000
Lessor’s implicit rate 8 % ; Lessee’s incremental borrowing rate
8 % ;The collectibility of the lease payments by Metlock is
probable.
Prepare the journal entries...
Blossom Industries purchased $9,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, 1/60. It returned $2,900 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Your answer is partially correct. Assuming that Blossom uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (if no entry is required, select "No entry" for the...
QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as prepared by an Accounts Assistant indicated a net profit of GHS 148,080. Though, the cash book on 31" March, 2020 showed a balance at bank to be GHS 13,460. Your attention is however drawn to the following: Cheques from customers totalling GHS 14,940 which were recorded in the cash book on March 25, 2020 were not credited by the bank until April 2, 2020....
1) Journalize the transactions.( Omit cost of goods sold
entries.)
On January 1, 2020, Oriole Company had Accounts Receivable $142,700, Notes Receivable $37,200, and Allowance for Doubtful Accounts $26,900. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019, Oriole Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold $31,800 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $31,800, 3-month, 8% note for...
Carla Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Carla Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $505. The standalone selling price of the tablet is $263 (the cost to Carla Company is $160). Carla Company sells...
Ayayai Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Ayayai Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $520. The standalone selling price of the tablet is $238 (the cost to Ayayai Company is $170). Ayayai Company sells...
Blossom Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Blossom Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $506. The standalone selling price of the tablet is $234 (the cost to Blossom Company is $167). Blossom Company sells...
Wildhorse Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Wildhorse Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $464. The standalone selling price of the tablet is $229 (the cost to Wildhorse Company is $172). Wildhorse Company sells...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 48 minutes ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 1 hour ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 2 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 5 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 9 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 9 hours ago