+1-415-670-9189
info@expertsmind.com
Prepare the journal entries to record purchase transactions
Course:- Accounting Basics
Reference No.:- EM131810919




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question - Prepare the journal entries to record the following purchase transactions in Flint Inc.'s books. Flint uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)

Jan. 2Flint purchased goods for $42,800 from Fundy Corp., terms 2/10, n/45, FOB destination.

5The appropriate company paid freight costs of $900.

6 Flint returned $6,500 of the goods purchased on January 2, because they were not needed.

11 Flint paid the balance owed to Fundy.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Company policy requires that ending inventories for each month be 15% of next month's sales. At the beginning of April, the beginning inventory of mats met that policy.
What makes Zipcar an attractive employer for which to work? What do those doing the actual hiring at Zipcar feel are important characteristics to find in potential employees?
In 2010, its first year of operations, Tara Corporation appropriately reported basic earnings per share of $1.05 on its income statement. During 2011 the company instituted a
Assuming that at the start of the eleventh year the remaining life is estimated to be eight years and the residual value is estimated to be $6,000, determine the depreciation
Calculate the efficiency of a Rankine cycle that is modified from the parameters used in the text in each of the following three ways (one at a time), and comment briefly on
Dakota Fan, Inc., manufactures an inexpensive household fan that it sells to retailers for $40 per unit. All sales are on account, with 35 percent of sales collected in the
Calculate missing costs. Calculate cost formula for mixed cost using the high-low method. Calculate the total cost that would be incurred for the production of 8,000 units
Similar to any business, Kudler Fine Foods uses payroll, accounts payable, accounts receivable, and inventory processes. All four of these processes might be improved by