grandpa clocks inc is a retailer of wall, mantle and grandfather clocks.Assume GCI sells a grandfather...
grandpa clocks inc is a retailer of wall, mantle and grandfather clocks.Assume GCI sells a grandfather clock for $15,000 cash plus 3 percent tax. the clock had originally cost 11,000. show the accounting equation effects and prepare entries related to the transaction. assume GCI uses a perpetual inventory system.
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grandpa clocks inc is a retailer of wall, mantle and
grandfather clocks.Assume GCI sells a grandfather...
Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells...
Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $14,500 cash plus 4 percent sales tax. The clock had originally cost GCI $10,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. 1.) Record the sales revenue journal entry of $14,500 plus 4 percent sales tax. 2.) Record the cost of goods sold journal entry of $10,500.
Part one: Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume...
Part one: Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $18,000 cash plus 3 percent sales tax. The clock had originally cost GCI $14,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.)...
Required information [The following information applies to the questions displayed below] Grandpa Clocks, Inc. (GCI), is...
Required information [The following information applies to the questions displayed below] Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $10,000 cash plus 4 percent sales tax. The clock had originally cost GCI $6,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases...
Required information The following information applies to the questions displayed below) Grandpa Clocks, Inc. (GC, is...
Required information The following information applies to the questions displayed below) Grandpa Clocks, Inc. (GC, is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases...
Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the...
Ahlers Clocks is a retailer of wall, mantle, and grandfather
clocks and is located in the Empire Mall in Sioux Falls, South
Dakota. Assume that a grandfather clock was sold for $10,000 cash
plus 4 percent sales tax. The clock had originally cost Ahlers
$6,000. Assume Ahlers uses a perpetual inventory system.
[The following information applies to the questions displayed below. Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in...
wew... - 11. BIUA . A. E Lloyd Co. is a specialty retailer that operates in...
wew... - 11. BIUA . A. E Lloyd Co. is a specialty retailer that operates in several locations in western North Carolina, Lloyd sells bicycles and related equipment and supplies. Data related to purchases and sales of one of its top selling bicycle models for the years 2018 and 2019 are shown below: Description Units Date O1/01/18 Cost Per Unit $349 01/26/18 03/09/18 05/14/18 07/02/18 Purchase Purchase Purchase Purchase 18 39 33 $355 $372 $387 $403 2018 Sales $412 01/22/19...
Use the following information to complete questions 51-52 Presented below are transactions for Amazing Retailer Inc...
Use the following information to complete questions 51-52 Presented below are transactions for Amazing Retailer Inc October 20 Sold merchandise for $10.000 count to Dixtyd terms 2/10, 30, FOB shipping point. The merchandise had a cost of $18000 Freight charges, 5750, were paid by the appropriate company October 21. Dusty returned 5000 of merchandise for credit on account. The merchandise originally cost $3000 and was restored to memory October 29 Dixty paid Amazing Retailer Inc. 51. Assuming the company uses...
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a...
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year a. On January 10, purchased merchandise on credit for $27,500. The company uses a perpetual inventory system. b. On March 1, borrowed $59,000 cash from City Bank and signed a promissory note with a face amount of $59,000, due at the end...
Edward Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United...
Edward Allen Interiors Inc. is a leading manufacturer and
retailer of home furnishings in the United States and abroad. The
following is adapted from Edward Allen’s September 30, 2016, trial
balance. (The amounts shown represent millions of dollars.)
Accounts Payable
$
147
Accounts Receivable
33
Cash
146
Common Stock
36
Equipment
390
Inventory
182
Notes Payable (long-term)
250
Notes Payable (short-term)
2
Prepaid Rent
38
Retained Earnings
401
Salaries and Wages Payable
43
Software
90
Assume that the following events...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 El payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan. 5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the...
Required information [The following information applies to the questions displayed below] Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $10,000 cash plus 4 percent sales tax. The clock had originally cost GCI $6,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases...
Required information The following information applies to the questions displayed below) Grandpa Clocks, Inc. (GC, is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases...
Ahlers Clocks is a retailer of wall, mantle, and grandfather
clocks and is located in the Empire Mall in Sioux Falls, South
Dakota. Assume that a grandfather clock was sold for $10,000 cash
plus 4 percent sales tax. The clock had originally cost Ahlers
$6,000. Assume Ahlers uses a perpetual inventory system.
[The following information applies to the questions displayed below. Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in...
wew... - 11. BIUA . A. E Lloyd Co. is a specialty retailer that operates in several locations in western North Carolina, Lloyd sells bicycles and related equipment and supplies. Data related to purchases and sales of one of its top selling bicycle models for the years 2018 and 2019 are shown below: Description Units Date O1/01/18 Cost Per Unit $349 01/26/18 03/09/18 05/14/18 07/02/18 Purchase Purchase Purchase Purchase 18 39 33 $355 $372 $387 $403 2018 Sales $412 01/22/19...
Use the following information to complete questions 51-52 Presented below are transactions for Amazing Retailer Inc October 20 Sold merchandise for $10.000 count to Dixtyd terms 2/10, 30, FOB shipping point. The merchandise had a cost of $18000 Freight charges, 5750, were paid by the appropriate company October 21. Dusty returned 5000 of merchandise for credit on account. The merchandise originally cost $3000 and was restored to memory October 29 Dixty paid Amazing Retailer Inc. 51. Assuming the company uses...
Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year a. On January 10, purchased merchandise on credit for $27,500. The company uses a perpetual inventory system. b. On March 1, borrowed $59,000 cash from City Bank and signed a promissory note with a face amount of $59,000, due at the end...
Edward Allen Interiors Inc. is a leading manufacturer and
retailer of home furnishings in the United States and abroad. The
following is adapted from Edward Allen’s September 30, 2016, trial
balance. (The amounts shown represent millions of dollars.)
Accounts Payable
$
147
Accounts Receivable
33
Cash
146
Common Stock
36
Equipment
390
Inventory
182
Notes Payable (long-term)
250
Notes Payable (short-term)
2
Prepaid Rent
38
Retained Earnings
401
Salaries and Wages Payable
43
Software
90
Assume that the following events...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 El payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan. 5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the...
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