Homework Answers
| Accounts | Debit | Credit |
| Inventory | $1160 | |
| Accounts Payable | $1160 | |
| (To record the purchase of inventory) | ||
| Accounts Receivables | $2700 | |
| Sales revenue | $2700 | |
| (To record the sales) | ||
| Cost of goods sold (500+1160-670) | $990 | |
| Inventory | $990 | |
| (To record cost of goods sold) |
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Flexon Technologies began the year with inventory of $500. During the year, Flexon purchased inventory costing $1,160 a...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing $105,000 and sold goods for $170,000, with all transactions on account. Cambridge ended the year with inventory $33,000 Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales transaction. Journal...
Saxton Technologies Inc. began 2017 with inventory of $26,000. During the year, Saxton purchased inventory costing...
Saxton Technologies Inc. began 2017 with inventory of $26,000. During the year, Saxton purchased inventory costing $125,000 and sold goods for $ 155,000, with all transactions on account. Saxton ended the year with inventory of $34,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales...
Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing $115.000 and old goods for $155.000, wth $32,000 tractions on cout Cambridge anded the y Journalize all the necessary transactions under the periodic inventory system e a r of Requirement 1. Journalize all the necessary transactions under the periodic inventory system (Record debits first, then credits. Explanations are not required) First, journalize the inventory purchase. Journal Entry Debit Credit Jour sales ansaction Journal Entry...
Technologies Inc. began 20172017 with inventory of $ 25 comma 000$25,000. During the year, ParklandParkland purchased...
Technologies Inc. began 20172017 with inventory of $ 25 comma 000$25,000. During the year, ParklandParkland purchased inventory costing $ 110 comma 000$110,000 and sold goods for $ 155 comma 000$155,000, with all transactions on account. ParklandParkland ended the year with inventory of $ 34 comma 000$34,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the...
S6-1 (similar to) Marcy, Inc., purchased inventory costing $125,000 and sold 70% of the goods for...
S6-1 (similar to) Marcy, Inc., purchased inventory costing
$125,000 and sold 70% of the goods for $177,500. All purchases and
sales were on account. Marcy later collected 10% of the accounts
receivable. 1. Journalize these transactions for Marcy, which uses
the perpetual inventory system. 2. For these transactions, show
what Marcy will report for inventory, revenues, and expenses on its
financial statements at the end of the month. Report gross profit
on the appropriate statement. 1. Journalize these transactions for...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Cambridge Technologies Inc. began 2017 with inventory of $21,000. During the year, Cambridge purchased inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of
$21,000. During the year, Cambridge purchased inventory costing
$110,000 and sold goods for $165,000, with all transactions on
account. Cambridge ended the year with inventory of $34,000.
Cambridge prepared the following journal entries under the periodic
inventory system at year end:
och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $ 50 comma 000$50,000 by signing aa 66%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date.Read the requirements LOADING... . Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit 2019 Aug 1 Cash 50000 Note Payable, Short-term Requirement 2....
On January 1, 2019, Krank Company purchased Inventory costing $93.000 by signing a 6%, nine-month, short-term...
On January 1, 2019, Krank Company purchased Inventory costing $93.000 by signing a 6%, nine-month, short-term note payable. Krank will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on July 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Accounts Debit Credit Date 2019 Jan 1 (b)...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing $105,000 and sold goods for $170,000, with all transactions on account. Cambridge ended the year with inventory $33,000 Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales transaction. Journal...
Saxton Technologies Inc. began 2017 with inventory of $26,000. During the year, Saxton purchased inventory costing $125,000 and sold goods for $ 155,000, with all transactions on account. Saxton ended the year with inventory of $34,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales...
Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing $115.000 and old goods for $155.000, wth $32,000 tractions on cout Cambridge anded the y Journalize all the necessary transactions under the periodic inventory system e a r of Requirement 1. Journalize all the necessary transactions under the periodic inventory system (Record debits first, then credits. Explanations are not required) First, journalize the inventory purchase. Journal Entry Debit Credit Jour sales ansaction Journal Entry...
S6-1 (similar to) Marcy, Inc., purchased inventory costing
$125,000 and sold 70% of the goods for $177,500. All purchases and
sales were on account. Marcy later collected 10% of the accounts
receivable. 1. Journalize these transactions for Marcy, which uses
the perpetual inventory system. 2. For these transactions, show
what Marcy will report for inventory, revenues, and expenses on its
financial statements at the end of the month. Report gross profit
on the appropriate statement. 1. Journalize these transactions for...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Cambridge Technologies Inc. began 2017 with inventory of
$21,000. During the year, Cambridge purchased inventory costing
$110,000 and sold goods for $165,000, with all transactions on
account. Cambridge ended the year with inventory of $34,000.
Cambridge prepared the following journal entries under the periodic
inventory system at year end:
och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
On January 1, 2019, Krank Company purchased Inventory costing $93.000 by signing a 6%, nine-month, short-term note payable. Krank will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on July 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Accounts Debit Credit Date 2019 Jan 1 (b)...
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