GIVEN INFORMATION:
December 1: a new investor, made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900.00 in cash. The par value of the common stock was $19.00 per share. |
December 3: Byte purchased a Ricoh Color Copier for $5,300.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually. |
December 3: Byte received 13 Super Toners for resale to customers at a cost of $20.00 per toner. The invoice number was 7249, and requires payment within 30 days. |
I need an answer with the following (for all listed journal entries below):
1) Transaction Name
2) Transaction Debit amount
3) Transaction Credit amount
Journal entries.
Date | Particulars | Debit | Credit |
Dec-10 | Sales A/c Dr | 456 | |
To Trade Receivables A/c | 456 | ||
(Being Toner costing $ 160 under FIFO meathod is sold on credit. Sales order number : 12100) | |||
Dec-19 | Sales A/c Dr | 342 | |
To Trade Receivables A/c | 342 | ||
(Being Credit sales made. Sales order number : 12101) |
Both of them are Credit sales transaction.
Note : I assumed there were no sales has been made between Dec - 03 to Dec - 10. So that i can take the Dec - 03 purchase value for FIFO calculation.
Dec - 19 sales is 6 units so ultimately there should be some purchase in the month of December. That purchase value is unknown. So i can't figure out the value of inventory for the sales happend in Dec - 19.
GIVEN INFORMATION: December 1: a new investor, made an investment in Byte by purchasing 2,700 shares...
GIVEN INFORMATION: December 1: a new investor, made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900.00 in cash. The par value of the common stock was $19.00 per share. December 3: Byte purchased a Ricoh Color Copier for $5,300.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually. December 3: Byte received 13 Super Toners for resale to customers...
The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par...
The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par...
The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par...
GIVEN INFORMATION: The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. FOR JOURNAL ENTRIES: #15, #26, and #27 I need an answer with the following (for all listed journal entries below): 1) Transaction Name...
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