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Question 36 McGuire Company has the following account balances as of their year ended December 31,...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10,...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500. b. Received payment less the discount. c. Refunded $750 to customer for defective merchandise that was not returned.
21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as...
21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: onoo sw notosane o ntne obo n T0832 idva PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues m $53,000 4,000 $57,000 Sales revenue Interest revenue Total revenues Expenses 30,000 18,000 1,500 Cost of goods sold. Salaries and wages expense Interest expense. Total expenses 49,500 $ 7.500 Net income.... Prepare the entries to close the revenue and expense accounts...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
The following were selected from among the transactions completed by Essex Company during July of the current year
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $82,000, trade discount 20%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $930 added to the invoice. 5. Purchased merchandise on account from Kester Co., $43,050, terms FOB destination, 2/10, n/30. 6. Sold merchandise on...
Accounting records for Ontario Tire Ltd. yield the following data for the year ended December 31,...
Accounting records for Ontario Tire Ltd. yield the following data for the year ended December 31, 2017 (amounts in thousands): (Click the icon to view the accounting records.) Requirements 1. Journalize Ontario Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and...
Journalize the following sales transactions for Peter Sportswear. Explanations are not required. The company estimates sales...
Journalize the following sales transactions for Peter Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the loon to view the transactions.) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Apr. 1: Peter sold $25,000 of men's spartswear for cash. Cost of goods sald is $12,000. Begin...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750 with terms n/30. The cost of the merchandise sold was $2,000. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610. Received check for the amount due for sale on July 3 less return on July 5. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise...
The following annual account balances are from Armour Sports at December 31. Year 2 Year 1...
The following annual account balances are from Armour Sports at December 31. Year 2 Year 1 Accounts receivable $ 59,568 $ 57,325 Net sales 1,167,533 1,090,531 Complete the below table to calculate the number of days' sales uncollected for the years Year 1 and Year 2. (Round your "Days' Sales Uncollected" to 1 decimal place.) Choose Numerator: Days = Days' Sales Uncollected Choose Denominator: X X x x Days' Sales Uncollected Days' sales uncollected days days = Year 2: Year...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: onoo sw notosane o ntne obo n T0832 idva PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues m $53,000 4,000 $57,000 Sales revenue Interest revenue Total revenues Expenses 30,000 18,000 1,500 Cost of goods sold. Salaries and wages expense Interest expense. Total expenses 49,500 $ 7.500 Net income.... Prepare the entries to close the revenue and expense accounts...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $82,000, trade discount 20%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $930 added to the invoice. 5. Purchased merchandise on account from Kester Co., $43,050, terms FOB destination, 2/10, n/30. 6. Sold merchandise on...
Accounting records for Ontario Tire Ltd. yield the following data for the year ended December 31, 2017 (amounts in thousands): (Click the icon to view the accounting records.) Requirements 1. Journalize Ontario Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and...
Journalize the following sales transactions for Peter Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the loon to view the transactions.) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Apr. 1: Peter sold $25,000 of men's spartswear for cash. Cost of goods sald is $12,000. Begin...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750 with terms n/30. The cost of the merchandise sold was $2,000. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610. Received check for the amount due for sale on July 3 less return on July 5. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise...
The following annual account balances are from Armour Sports at December 31. Year 2 Year 1 Accounts receivable $ 59,568 $ 57,325 Net sales 1,167,533 1,090,531 Complete the below table to calculate the number of days' sales uncollected for the years Year 1 and Year 2. (Round your "Days' Sales Uncollected" to 1 decimal place.) Choose Numerator: Days = Days' Sales Uncollected Choose Denominator: X X x x Days' Sales Uncollected Days' sales uncollected days days = Year 2: Year...
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