ZuoTi.Pro
Question

Record the following transaction in the general journal

customers are charged $75 per each unit

inventory can be purchased for $36 per unit

Dec. 3 Sell 200 units of inventory to a customer who signs a 6-month promissory note at 6% with interest and principal due at

general journal

Dec. 3 Dec. 3

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Date Accounts Debit Credit
Dec. 3 Note Receivable 15000
Sales Revenue (200*75) 15000
Dec. 3 Cost of goods sold 7200
Inventory (200*36) 7200
0 0
Add a comment
Know the answer?
Add Answer to:
Record the following transaction in the general journal customers are charged $75 per each unit inventory...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Record the following transactions in the general journal customers are charged $75 per each unit inventory...

    Record the following transactions in the general journal customers are charged $75 per each unit inventory can be purchased for $36 per unit Customers are charged $87 per hour for services rendered General journal Dec. 1 Sold $4,350 worth of gift cards in opening celebration for services to be provided in December. The gift cards expire at the end of the month. 10 Dec. 6 Provide 40 hours of services to customers who pay with gift cards (calculate using your...

  • record the following transactions on a general journal. Given: -customers are charged $87 per hour for...

    record the following transactions on a general journal. Given: -customers are charged $87 per hour for services rendered -customers are charged $75 for each unit purchased -inventory can be purchased for $36 per unit Trans. Description Date Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December payment = 16,500 Purchased a building...

  • - record the general journal entrys recorded transaction 10: the hourly servive rate os $87 per...

    - record the general journal entrys recorded transaction 10: the hourly servive rate os $87 per hour customers are charged $75 for each unit purchased. inventory can be purchased for $36 per unit Trans. Date Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Description Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion...

  • Someone, please help. Sales Price of Retail Product Customers are charged $75 for each unit purchased...

    Someone, please help. Sales Price of Retail Product Customers are charged $75 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $36 per unit Price for Services Provided Customers are charged $87 per hour for services rendered Record the following transactions in the General Journal.   Trans. Date Description 1 Dec. 1 Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The...

  • Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal. Trans....

    Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal. Trans. Date Dec. 1 Dec. 1 Description Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December payment = 16,500 Purchased a building for $56,000. Paid $2,000 in attorney fees, $4,000 in remodeling costs to get the building...

  • Given Information Service Price per hour: $96.00 Sales Price per Hour: $84 Cost per Unit Sold:...

    Given Information Service Price per hour: $96.00 Sales Price per Hour: $84 Cost per Unit Sold: 38.75 Part 2 – General Journal (LO3-2) – Post the following journal entries to the general journal.   Trans. Date Description 1 Dec. 1 Sell 45,000 shares of no-par value common stock for $130,000 to obtain the funds necessary to start your business. 2 Dec. 1 Borrow $30,000 from the local bank and sign a one-year note. Interest and principal to be paid at maturity.  ...

  • Someone, please help. I do not understand how to do the perpetual method for numbers 8,13 and 15 Sales Price of Reta...

    Someone, please help. I do not understand how to do the perpetual method for numbers 8,13 and 15 Sales Price of Retail Product Customers are charged $75 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $36 per unit Price for Services Provided Customers are charged $87 per hour for services rendered Record the following transactions in the General Journal. ONLY NEED 8,13, AND 15 Trans. Date Description 1 Dec. 1 Borrow $115,000 from...

  • I need help recording the following adjusting entries in the General Journal. Adjusting journal Entries. Adj-1...

    I need help recording the following adjusting entries in the General Journal. Adjusting journal Entries. Adj-1 Dec. 31 The company has $1,800 of supplies left at month end. Adj-2 Dec. 31 Record the portion of the Prepaid Insurance used in December. Adj-3 Dec. 31 Record one month of depreciation for the building purchased on December 1st. Adj-4 Dec. 31 Employees earned $1,200 in salaries the last week in December that will be paid on January 10th of next year. Adj-5...

  • NEEDED INFORMATION Service Price per hour provided: $96.00 Sales Price per unit of inventory sold: $84.00...

    NEEDED INFORMATION Service Price per hour provided: $96.00 Sales Price per unit of inventory sold: $84.00 Cost per unit of inventory sold: $38.75 Help needed only with (part 6) General ledger & Multi-step Income statement This is the blank format for the general ledger and multi-step income statement Part 2 - General Journal (LO3-2) – Post the following journal entries to the general journal. | Trans.Date Description Dec. Sell 45,000 shares of no-par value common stock for $130,000 to obtain...

  • record only the adjusted entries (the second page) using information from the first page (trans. 1-19)...

    record only the adjusted entries (the second page) using information from the first page (trans. 1-19) Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal Trans. Date Dec. 1 2 Dec. 1 Dec. 1 Dec. 1 Description Borrow $115.000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT