The following events were completed by Dana's Imports in September 2018: 1 Acquired $46,000 cash from...
The following events were completed by Dana’s Imports in September 2018: Sept. 1 Acquired $46,000 cash from the issue of common stock. 1 Purchased $31,000 of merchandise on account with terms 2/10, n/30. 5 Paid $1,000 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $10,500 to customers for $17,500 on account, with terms 2/10, n/30. 8 Returned $650 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for...
Please see below under "Requirements" for the questions that need to be answered.I have answered most of it, but some of my answers are wrong according to MC Graw site. The following events were completed by Dana's Imports in September 2018: Sept. 1 Acquired $51,000 cash from the issue of common stock. 1 Purchased $33,500 of merchandise on account with terms 2/10, n/30. 5 Paid $850 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that...
The Pet Store experienced the following events for the 2018 accounting period: Acquired $60,000 cash from the issue of common stock. Purchased $65,000 of inventory on account. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. Sold inventory on account that cost $38,000 for $71,000. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the freight cost. Customer in Event 4...
The following trial balance pertains to Benji's Grocery as of January 1, 2018: Account Title Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings Beginning Balances $23,000 3,400 44,000 3,400 37,000 30,000 The following events occurred in 2018. Assume that Benji's uses the periodic inventory method. 1. Purchased land for $8,400 cash. 2. Purchased merchandise on account for $90,000, terms 2/10, n/45. 3. Paid freight of $700 cash on merchandise purchased FOB shipping point. 4. Returned $3,000 of...
On April 6. Home Furnishings purchased $45,000 of merchandise from Una's Imports, terms 1/10, 1/45. On April 8, Home Furnishings returned $9,500 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15 Required a. What is the amount that Home Furnishings must pay Una's imports on April 15? b. Record the events in a horizontal statements model in the Cash Flow column, use OA to designate operating activity, IA for Investing activity,...
Cordell Inc. experienced the following events in 2018, its first year of operation: Received $46,000 cash from the issue of common stock. Performed services on account for $74,000. Paid a $4,600 cash dividend to the stockholders. Collected $52,000 of the accounts receivable. Paid $46,000 cash for other operating expenses. Performed services for $15,000 cash. Recognized $1,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result in revenue or expense recognition...
On April 6, 2018, Home Furnishings purchased $40,000 of merchandise from Una's Imports, terms 2/10 n/45. On April 8, Home Furnishings returned $8,400 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15, 2018 Required a. What is the amount that Home Furnishings must pay Una's Imports on April 15? b. Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for...
Milo Clothing experienced the following events during 2018, its first year of operation: Acquired $18,500 cash from the issue of common stock. Purchased inventory for $6,500 cash. Sold inventory costing $3,900 for $6,630 cash. Paid $950 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected...
Saved On April 6, Home Furnishings purchased $45,000 of merchandise from Una's Imports, terms 1/10,n/45. On April 8, Home Furnishings returned $9,500 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15. Required a. What is the amount that Home Furnishings must pay Una's Imports on April 15? b. Record the events in a horizontal statements model in the Cash Flow column, use OA to designate operating activity, IA for investing activity,...
On April 6, 2018, Home Furnishings purchased $36,000 of merchandise from Una's Imports, terms 1/10 n/45. On April 8, Home Furnishings returned $7,600 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15, 2018. Required What is the amount that Home Furnishings must pay Una's Imports on April 15? Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity,...