Calculate deltas net purchases

Assignment Help Financial Accounting
Reference no: EM13507366

On August 1, 2011, Delta Inc. purchased $20,000 of merchandise on account. On the same day, Delta paid freight of $1,200. The credit terms were 2/10, n/30. On August 3rd, Delta determined that $1,000 of the goods were defective and returned them to the seller. Delta paid the balance due on August 9th.

1. Prepare all of Delta's journal entries for the above transactions. Delta uses a periodic inventory system.

2. Calculate Delta's net purchases.

Reference no: EM13507366

Questions Cloud

Estimate the temperature of the hot reservoir : A heat engine operating at maximum efficiency has an efficiency of 25%. The temperature of the cold reservoir is 300 K. What is the temperature of the hot reservoir
Determine the new volume of the balloon : A weather balloon contains 12.0 m3 of hydrogen gas when it is released from a location at which the temperature is 22°C and the pressure is 101 kPa. what is the new volume of the balloon
Calculate the depreciation expense for the year : Calculate the depreciation expense for the year using the composite method for 2010 and 2011 and calculate the depreciation expense for the year on the ties using the group method and compute the group depreciation rate for 2011.
How much heat flows through the wall in one hour : A solid concrete wall 4.0 m by 2.4 m and 30 cm thick, with a thermal conductivity of 1.3 W/(m?K), How much heat flows through the wall in one hour
Calculate deltas net purchases : Prepare all of Delta's journal entries for the above transactions. Delta uses a periodic inventory system - Calculate Delta's net purchases.
Calculate the value of the second charge : The electric potential at a position located a distance of 18.3 mm from a positive point charge of 8.50×10-9C and 13.3 mm from a second point charge is 1.10 kV
Classify the lease as an operating lease or finance : In each independent scenario, indicate whether AMC would classify the lease as an operating lease or finance
Prepare a budgeted balance sheet at december 31-2008 : Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended December 31, 2008, using absorption costing.
Discuss the comoanys decision to distribute a dividend : Prepare an income statement and aretained earnings statement for the month of june and a balance sheet at june 30, 2014.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Evaluate cost of goods sold

Credit Card Company had the following inventory data for the current month and evaluate cost of goods sold and ending inventory for each of the following methods.

  Question 1on july 1 200x you enter into a note payable of

question 1on july 1 200x you enter into a note payable of 200000 with a 5 annual interest rate. your interest expense

  Discuss the accounting of the company

Discuss the accounting this company uses to allocate the cost of that asset to the periods benefited from its use. 150-250 words.

  Manual practice set refer to the feedback sheet attached to

refer to the feedback sheet attached to see where marks could be lost. you are not required to complete the

  Illustrate what amount should be reported for patent amortiz

It had a useful life of 10 years. On January 1, 2012, ELO spent 44,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5 years. Illustrate what amount should be reported for patent amort..

  Purposes of equity accounting for an investment

For the purposes of equity accounting for an investment in an associate, it is presumed that the investor has significant influence over the other entity where the investor holds

  What is journal entry to record the purchase

Jeremiah paid the $2.5 million to acquire the raw materials when the raw materials were only worth $2.2 million. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase?

  Determine total cost allocation

Determine the total cost allocation and departmental overhead rate for the producing departments using the direct method. Show your work.

  Compute taxable income as well as income tax payable

Compute taxable income as well as income tax payable for 2012. Which of the differences are temporary and which are permanent

  How many preferred shares have been issued

How many preferred shares have been issued as of year-end 2007 and 2008 and How many common shares have been issued as of year-end 2007?  As of year-end 2008?

  Determine contribution margin

Determine the following Contribution margin, break even, targeted profit and Gilley, Inc., sells a single product.The company's most recent income statement.

  Calculation of break-evenmolly dymond and kathleen taylor

calculation of break-even.molly dymond and kathleen taylor are considering the probability of teaching swimming to kids

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