Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Recording Journal entries
At the beginning of the current season on April 1, the ledger of Four Oaks Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Common Stock $6,000. These transactions occurred during April 2008.
April 5
Purchased golf bags, clubs, and balls on account from Hardee Co. $2,200, FOB shipping point, terms 2/10, n/60.
7
Paid freight on Hardee Co. purchases $80.
9
Received credit from Hardee Co. for merchandise returned $200.
10
Sold merchandise on account to members $950, terms n/30.
12
Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear $460, terms 1/10, n/30.
14
Paid Hardee Co. in full.
17
Received credit from Arrow Sportswear for merchandise returned $60.
20
Made sales on account to members $1,000, terms n/30.
21
Paid Arrow Sportswear in full.
27
Granted credit to members for clothing that did not fit properly $75.
30
Received payments on account from members $1,100.
The chart of accounts for the pro shop includes Cash; Accounts Receivable; Merchandise Inventory; Accounts Payable; Common Stock; Sales; Sales Returns and Allowances; Purchases; Purchase Returns and Allowances; Purchase Discounts, and Freight-in.
Instructions: (a) Journalize the April transactions using a periodic system. Note: ( c ) Tot. trial balance $8,254. Gross profit $463
How would your answer change if WQP was an unincorporated sole-proprietorship? Please give the taxable income generated by the business.
How would the process of generating a cash disbursments journal from the REA data models differ from the process for creating a sales journal?
In an irrigation district in the west, an irrigator can purchase an extra share (allotment) which entitles the holder to a 0.7 acre-foot of water per year in perpetuity. If the share costs $1600, what is the cost of one acre-foot of water to the ..
Which of the three companies will pay the least in income taxes and which method of inventory cost do you believe is superior to the others in providing information to potential investors? Explain.
multiple choices in capital budgeting.coffer co. is analyzing two projects for the future.assume that only one project
Journal entries for issuance and the first 2 interest periods. Golf Company bought back the bonds and retired them after the second interest period when the market annual interest rate
What clinical manifestations are present in Ms. G and what recommendations would you make for continued treatment and identify the muscle groups likely to be affected by Ms. G's condition by referring to "ARC: Anatomy Resource Center.
forecasting net income using pro forma income statementpro forma income statement at the end of last year roberts inc.
CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale. (For purposes of this question, assume that gift-card sales occur halfway through each month on average.). Explain how much revenue will CircuitTown recognize wi..
First Business Bank charges a 3.5% service charge for credit card sales. Prepare entry on Ritz Company's books to record the sale of merchandise.
Prepare a Quality Cost Report for Wallace Communications Ltd and discuss these two views of "quality as cost" and "quality as value".
On August 1, 2010, Pavlova purchased a piece of replacement property for cash. The new land cost $90,000, and the new building cost $380,000. Prepare journal entries to record the transactions on April 1 and August 1, 2010.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd