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Selected transactions follow for Macaron Sports Ltd. during the company's first month of business. The company...
Selected transactions follow for Accustart Sports Ltd. during the company’s first month of business. The company uses a perpetual inventory system. Feb. 2 Sold $1,151 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Accustart $758. 4 Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost Accustart $85 and they were returned to inventory. 5 Sold $768 of merchandise to Dong Corporation on account, terms 2/10, n/30. The...
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Exercise 8-2 Selected transactions follow for Clinton Sports Ltd. during the company's first month of business. The company uses a perpetual inventory system. Feb. 2 4 5 8 10 14 17 22 28 Sold $1,151 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Clinton $758. Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost Clinton $85 and they were returned to inventory. Sold $768...
First Choice Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
First Choice’s ledger showed Cash $6,400; Accounts Receivable
$1,300; Inventory $3,200; Common Shares $8,600; and Retained
Earnings $2,300. First Choice uses a perpetual inventory
system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $150 were paid
by the appropriate party on the merchandise purchased on May...
1.Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of9,000 and M. Olaf, Capital of 9,000.Apr 2. Purchased merchandise on account from Dakota Supply Co. 6,9000, terms 1/10, n/30.4 Sold merchandise on account 5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was 4,100.5 Paid 240 freight on April 4 sale.6 Received credit from Dakota Supply Co. for merchandise returned 500.11 Paid...
Swifty Corporation completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Swifty Corporation showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,100, terms 2/10, n/30. 2 Sold merchandise on account $2,400, terms 1/10, n/30. The cost of the merchandise sold was $1,400. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts,...
Ayayai Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Ayayai's ledger showed Cash of $7,600 and Common Shares of $7,600. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10, n/30. 2 Sold merchandise on account for $4,800, terms 3/10, n/30. The cost of the merchandise sold was $3,100. 5 Received credit from Hilton Wholesale Supply for merchandise returned $200. 9 Received collections in full,...
Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sandhills' ledger showed Cash of $7.900 and Common Stock of $7.900. May 1 Purchased merchandise on account from Black Wholesale Supply for $7.900 terms 1/10, 1/30 2 Sold merchandise on account for $4,300, terms 2/10, 1/30. The cost of the merchandise sold was $3.200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts...
The following were selected from among the
transactions completed by Babcock Company during November of the
current year. Babcock uses the net method under a perpetual
inventory system.
Nov. 3 Purchased merchandise on account from Moonlight
Co., list price $85,000, trade discount 25%, terms FOB destination,
2/10, n/30.
4 Sold merchandise for cash, $37,680. The cost of goods sold was
$22,600
5 Purchased merchandise on account from Papoose Creek Co., $47,500,
terms FOB shipping point, 2/10, n/30, with prepaid freight...
The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810. 5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid...
sheridan hardware store completed the following merchandising
transactions in the month of may. at the beginning of may,
sheridans’ ledger showed cash of $7,600 and common stock of
$7,600.
may
1 purchased merchandise on account from black wholesale supply for
$7,600, terms 1/10, n/30. 2 sold merchandise on account for $4,000,
terms 2/10, n/30. the cost of the merchandise sold was
$2,900.
5
received credit from black wholesale supply for merchandise
returned $200.
9
received collections in full, less discounts,...