Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,600....
Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,600. If the company was charged $710 in transportation cost by National Trucking, immediately returned goods to American Wholesaling costing $1,200, and then took advantage of American Wholesaling’s 2/10, n/30 purchase discount. How much did this inventory cost Anderson’s?
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Assume Anderson’s General Store bought, on credit, a truckload
of merchandise from American Wholesaling costing $23,600....
Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,900....
Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,900. If Anderson’s paid National Trucking $740 cash for transportation, immediately returned goods to American Wholesaling costing $1,200, and then paid American Wholesaling within the 2/30, n/60 purchase discount period. How much did this inventory cost Anderson’s? Assume Anderson’s uses a perpetual inventory system. Inventory Cost $
1)Grey Co paid $2,448 cash on September 30 to rent an arena for the months of...
1)Grey Co paid $2,448 cash on September 30 to rent an arena for the months of October, November and December. Grey prepares monthly financial statements. Rent expense reflected on the November income statement will be $_________ 2) Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70,000, Liabilities of $50,000 and Stockholders’ equity of $20,000. Here are the adjustments made: a. Received a $724 utility bill...
Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms...
Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $9,900, receiving a credit memo. Journalize Stylon’s entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days. Refer to the Chart of...
On the basis of the following information available in year 2012 for Ladson Retail Store Company ...
On the basis of the following information available in year 2012 for Ladson Retail Store Company (Note: the company uses perpetual inventory method) a) Prepare general journal entries and indicate "No entry" where an entry is not necessary. b) Post your entries into the general ledger using "T" shape form of accounts. Please write 5. your information clearly and do not squeeze information together. You have plenty of spaces to show your information. c) Prepare a Trial Balance d) Prepare...
The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April...
The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April 2 Purchased merchandise from Rough Co. for $5,600 under credit terms of 1/15, n/30, FOB factory. 3 Paid $285 for shipping charges on the April 2nd purchase. 5 Sold merchandise to Fit Co. for $3,900 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,400. 6 Received a $800 credit memorandum acknowledging the return of merchandise purchased on...
Any help would be appreciated! All required for answer is there. These transactions need to be journalized in the following accounts: Cash, Accounts Receivable, Inventory, Store Supplies, Offi...
Any help would be appreciated! All required for answer is
there.
These transactions need to be journalized in the following
accounts: Cash, Accounts Receivable, Inventory, Store Supplies,
Office Supplies, Office Equipment, Notes Payable, Accounts Payable,
F. Stone, Capital, Sales, Sales Discounts, Costs of Goods Sold, and
Sales Salaries Expense.
- Also need the following accounts receivable ledger accounts:
Carl Cole, Dale Dent, and Gary Glen.
- Open the following accounts payable ledger accounts: Able
Company, Best Company, More Company, and...
Make a General Journal from the information below 8/1 Sarah took out a mortgage with Sun...
Make a General Journal from the information below 8/1 Sarah took out a mortgage with Sun Bank to purchase a studio for $100,000 to grow the business. 8/2 Bought $7,000 of furniture from Furniture Superstore with her store credit card. 8/3 Bought $2,000 worth of supplies on account. The vender is Photo Supplies R Us. 8/4 Bought $3,000 photo paper, frames, and materials for photo books to be sold from Photo Supplies R Us. She charges $220 per hour for...
Tucker Boats began business on September 1, 2013, ...Tucker Boats has adopted a September 30 as...
Tucker Boats began business on September 1, 2013, ...Tucker Boats has adopted a September 30 as fiscal year end, just in time to stock new merchandise. On September 1, Joe ...hired a recent graduate, Henry Webster. In the next few days of September, he rented a sales office, boat garage, and lot space. The store is open Monday through Saturday and Joe is there all six days. Henry works 8 hours per day, Monday through Friday. Both Henry and Joe...
2) prepare the T-accounts. To complete the journal entries, do not forget that you need to...
2) prepare the T-accounts. To complete the journal
entries, do not forget that you need to make the adjusting entries
per the descriptions of transactions in the project
document.
3) The last tab in the Excel template is for you to
prepare the unadjusted trial balance, as well as the adjusted trial
balance. Note that you need to enter all the adjustments in the
worksheet.
4) The last step of the project is to make the closing
entries. You shall...
Adjustment information as of September 30, 2013 not already given in original transactions: Joe was very...
Adjustment information as of September 30, 2013 not already
given in original transactions:
Joe was very conscientious in checking his customers' credit
history. However, while at the Nevada State Boat Show, he learned
that it is customary within the pleasure boating industry for
retail boat sales to suffer bad debt losses equal to 5% of
credit sales. Joe decides that it is prudent to
use the 5% industry-wide standard until he has more experience with
his own business and customers....
On the basis of the following information available in year 2012 for Ladson Retail Store Company (Note: the company uses perpetual inventory method) a) Prepare general journal entries and indicate "No entry" where an entry is not necessary. b) Post your entries into the general ledger using "T" shape form of accounts. Please write 5. your information clearly and do not squeeze information together. You have plenty of spaces to show your information. c) Prepare a Trial Balance d) Prepare...
The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April 2 Purchased merchandise from Rough Co. for $5,600 under credit terms of 1/15, n/30, FOB factory. 3 Paid $285 for shipping charges on the April 2nd purchase. 5 Sold merchandise to Fit Co. for $3,900 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,400. 6 Received a $800 credit memorandum acknowledging the return of merchandise purchased on...
Any help would be appreciated! All required for answer is
there.
These transactions need to be journalized in the following
accounts: Cash, Accounts Receivable, Inventory, Store Supplies,
Office Supplies, Office Equipment, Notes Payable, Accounts Payable,
F. Stone, Capital, Sales, Sales Discounts, Costs of Goods Sold, and
Sales Salaries Expense.
- Also need the following accounts receivable ledger accounts:
Carl Cole, Dale Dent, and Gary Glen.
- Open the following accounts payable ledger accounts: Able
Company, Best Company, More Company, and...
2) prepare the T-accounts. To complete the journal
entries, do not forget that you need to make the adjusting entries
per the descriptions of transactions in the project
document.
3) The last tab in the Excel template is for you to
prepare the unadjusted trial balance, as well as the adjusted trial
balance. Note that you need to enter all the adjustments in the
worksheet.
4) The last step of the project is to make the closing
entries. You shall...
Adjustment information as of September 30, 2013 not already
given in original transactions:
Joe was very conscientious in checking his customers' credit
history. However, while at the Nevada State Boat Show, he learned
that it is customary within the pleasure boating industry for
retail boat sales to suffer bad debt losses equal to 5% of
credit sales. Joe decides that it is prudent to
use the 5% industry-wide standard until he has more experience with
his own business and customers....
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