No | Date | General Entry | Debit | Credit |
1 | May-02 | Accounts Receivable | 5460 | |
Sales Revenue | 5460 | |||
2 | May-02 | Cost of Goods Sold | 2400 | |
Inventores | 2400 | |||
( 20*66+15*72) | ||||
3 | May-04 | Inventories | 2280 | |
Accounts Payable | 2280 | |||
4 | May-08 | Accounts Receivable | 4680 | |
Sales Revenue | 4680 | |||
5 | May-08 | Cost of Goods Sold | 2260 | |
Inventores | 2260 | |||
( 5*72+ 25*76) | ||||
nsive Quiz Chapter 76 Required information The following information applies to the questions displayed below Stolte...
Required information [The following information applies to the questions displayed below. James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10. n/30. James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
Required information [The following information applies to the questions displayed below.) ABC Merchandisers was organized on May 1. MNM Co. is a major customer (buyer) of ABC (seller) products. May 3 ABC made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 ABC sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to...
Check my work Required information The following information applies to the questions displayed below.) Part 1 of 2 0.83 points James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: eBook a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were...
Required information [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company during Year 2: Jan. 1 Beginning Inventory 600 units @ $ 37 Apr. 1 Purchased 3,050 units @ $ 42 Oct. 1 Purchased 800 units @ $ 45 During Year 2, Parvin sold 4,200 units of inventory at $85 per unit and incurred $51,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to...
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to...
Required information {The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Required information The following information applies to the questions displayed below.) Tracy Company, a manufacturer of air conditioners, sold 210 units to Thomas Company on November 17, 2021. The units have a list price of $200 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November...
Required information [The following information applies to the questions displayed below.) Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $4,300 per machine. HEC usually sells these machines to hospitals at a price of $7,520. HEC also separately sells 12 months of training and repair services for fMRI machines for $1,880. HEC is paid $7,520 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine...
Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased...