User Account

All Pages

Prepare a journal entry for each of these transactions

Assignment Help Accounting Basics
Reference no: EM13511379

Rubin Enterprises had the following sales-related transactions on a recent day:

a. List price of goods sold on credit was $14,700; terms 3/15, n/45.

b. Cash sales were $1,150.

c. Goods with a list price of $1,200 were returned. The goods had been sold last week on credit with terms 3/15, n/45, and the customer had not yet paid for the merchandise.

d. Rubin provided an allowance of $250 to a customer because the goods were delivered after the promised date. The customer had paid cash at the time of the sale, so Rubin paid the $250 allowance in cash.

Required:

Prepare a journal entry for each of these transactions assuming Rubin uses the gross method.

 

Reference no: EM13511379

Questions Cloud

What is the significance of the single written character : What is the significance of the single written character in Chinese language for the development of Chinese culture - what is the significance of the Yin-Yang symbol for the religious aspect of Chinese culture
Depict the structure of two geometric isomers : Draw the structure of two geometric isomers with the empirical formula C5H8O that gives a positive iodoform test.
Explain isolated compound x from panda pancreas : You have isolated compound X from panda pancreas. You started a whole pancreas, and finished up with 2 ml of a pure solution of X. You take 50 µl of this solution, and add it to 1.950 µl of buffer. The absorbance of this dilute solution at 340nm w..
Compute the resonance angular frequency of the system : A 2.20-kg object attached to a spring moves without friction (b = 0) and is driven by an external force given by the expression F = 4.50sin(2*pi*t), Find the resonance angular frequency of the system
Prepare a journal entry for each of these transactions : Rubin provided an allowance of $250 to a customer because the goods were delivered after the promised date. The customer had paid cash at the time of the sale, so Rubin paid the $250 allowance in cash.
Explain the ph at one half the equivalence point : If Ka for an acid, HA, is 0.00177, what is the pH at one half the equivalence point for a titration of 50.00 mL of 0.100 M HA with 0.100 M NaOH
Find the electric potential energy of this configuration : Two charged particles, q1 = ?2.50×10?3 C and q2 = +3.850e-3 C, are separated by a distance of 5.00 cm.  What is the electric potential energy of this configuration
What is the capacitive reactance of the circuit : An L-R-C circuit, operating at 60 Hz , has an inductor with an inductance of 1.53x10^-3 H, a capacitance of 1.67x10^-2 F, and a resistance of 0.329 ohms. What is the capacitive reactance of the circuit
Prepare the required journal entries for restin co : Restin Co. uses the gross method to record sales made on credit. On June 1, 2010, it made sales of $50,000 with terms 3/15, n/45.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How can emily and richard mitigate the foreign currency loss

How can Emily and Richard mitigate the foreign currency loss?

  Compute after-tax income

He uses the $5,700 standard deduction in computing taxable income for 2010. The personal exemption amount for 2010 is $3,650. Johnson Company is Ed's only source of income. Compute Ed's after-tax income if:

  Prepare a statement of changes in net assets

The City of Shipley maintains an Employee Retirement Fund; a single-employer, defined benefit plan that provides annuity and disability benefits.

  Overhead costs using sequential method

The company does not break overhead into fixed and variable components. The bases for allocation are: power-machine hours, general factory-square feet, and personnel-number of employees. 1. Allocate the overhead costs to the producing departments ..

  Accrual basis accounting and standard accrual basis account

What is the primary difference between modified accrual basis accounting and standard accrual basis accounting? Why is modified accrual basis accounting appropriate for government agencies?

  Corporation stock equally distributed problem

Nicole, an accountant, agrees to contribute her services (worth $25,000) in organizing Indigo. The corporation's stock is distributed equally to Kevin and Nicole. As a result of these transfers:

  Last year attic charged 3496000 depreciation on the income

last year attic charged 3496000 depreciation on the income statement . if early this year attic sold all its

  Brunswick parts is a small manufacturing firm located in

brunswick parts is a small manufacturing firm located in eastern canada. the company founded in 1947 produces metal

  Current federal income tax liability

What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet?

  Research problem: an individual cash basis taxpayer

Research Problem: An individual cash basis taxpayer sells rental real estate on the installmentbasis. The gain from the disposition is $45,000: $30,000 potential 25% gain and$15,000 potential 0%/15%/20% gain.

  Find the cost of the merchandise

Sparks Co. sold merchandise to Boyt Co. on account, $8,500, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $5,100.

  Progressive tax rates versus flat tax

How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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