Journalize the transactions that occurred in september 2015

Assignment Help Accounting Basics
Reference no: EM13343204

Journalize the transactions that occurred in September 2015 for Aquamarines. No explanations are needed. Identify each accounts payable andaccounts receivable with the vendor or customer name.Sep. 10 Cash $4,455

Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000.
Terms 1/15, n/EOM, FOB shipping point.

4 Paid freight bill of $80 on September 3 purchase.

4 Purchased merchandise inventory for cash of $1,700.

6 Returned $500 of inventory from September 3 purchase.

8 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms
2/15, n/35. Cost of goods, $2,640.

9 Purchased merchandise inventory on account from Thomas Wholesalers,$8,000.
Terms 2/10, n/30, FOB destination.

10 Made payment to Shallin Wholesalers for goods purchased on September 3,less return and

12 Received payment from Hermosa Company, less discount.

13 After negotiations, received a $200 allowance from Thomas Wholesalers.

15 Sold merchandise inventory to Jordan Company, $2,500, on account. Terms1/10, n/EOM.
Cost of goods, $1,050.

22 Made payment, less allowance, to Thomas Wholesalers for goods purchased onSeptember 9.

23 Jordan Company returned $400 of the merchandise sold on September 15.Cost of goods, $160.

25 Sold merchandise inventory to Smithsons for $1,100 on account that cost$400. Terms of 2/10,
n/30 were offered, FOB shipping point. As a courtesy toSmithsons, $75 of freight was added to
the invoice for which cash was paid byAquamarines.

26 After negotiations, granted a $100 allowance to Smithsons for merchandisepurchased on
September 25.

29 Received payment from Smithsons, less allowance and discount.

30 Received payment from Jordan Company, less return.

Reference no: EM13343204

Determine the amount using fv-pv and pmt functions

Use an Excel spreadsheet and the FV, PV, and PMT functions to determine the amount of each of the following . R = theannual interest rate and t = the number number of years.

Capital assets and taxes

Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a

Determine cost of timber sold related to depletion for 2014

Determine the cost of timber sold related to depletion for 2014 - If Forda depreciates the logging roads on the basis of timber cut, determine the depreciation expense for 201

Mutual fund portfolio managers performance

A mutual fund portfolio manager's performance is evaluated by comparing the short-term and long-term returns to specific benchmarks. When you look at a performance review in

Truck for your construction company with a sticker price

You want to purchase another truck for your construction company with a sticker price of $25,000. The car dealer offers you a $2,000 discount (lowering the price to $23,000)

What are the criteria for recording contingencies

Distinguish between current and long-term liabilities as well as the reporting requirements for each. Why are contingencies important to users of financial statements? What ar

What is the population of interest

a. What is the population of interest? b. What is the population from which the sample was selected? c. Does the sample adequately represent the population?

Why is accounting for contributions so critical

Why is accounting for contributions so critical for a not-for-profit entity? For example, what complications can arise if a donor places conditions on a pledged contribution


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd