Completed the purchase of an exquisite selection

Assignment Help Accounting Basics
Reference no: EM131765874

How would you journalize the January 31st entry for cost of goods sold?

January 5th Completed the purchase of an exquisite selection of tea leaves and mixtures for $2,000. 50% was paid in cash, the other 50% will be paid in 30 days.

January 31st Having consumed 75% of the tea at hand she purchases on account more tea for $1,000.

Credit Cost of goods $1500 ??

Debit Inventory $1000

Credit Accounts Payable $1000

Reference no: EM131765874

Questions Cloud

What is the purpose of the annual evaluation of goodwill : What gives rise to the recording of Goodwill on the financial statements of the Investor Company. What is the purpose of the annual evaluation of goodwill
Discuss what is earnings management : Discuss What is earnings management, What is the appropriate accounting in this situation
Compute earnings per share data : Instructions - Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation
Describe the information needed to develop a template : Describe the information needed to develop a template that will be used to complete the individual employee's learning plan.
Completed the purchase of an exquisite selection : January 5th Completed the purchase of an exquisite selection of tea leaves and mixtures
What were the earnings per share : For 2007, Mossland Corporation reported net income of $28,000, net sales of $400,000, What were the 2007 earnings per share
Develop a process model using the swim lane approach : BCO2000 Assignment 3 Business Process Modelling - Explain why an Organization may decide to implement a reengineering process
Describe ?the ?types ?of ?supporting ?materials : Describe ?the ?types ?of ?supporting ?materials ?that? can? be ?used? during ?a?presentation.?What? is? their?function??
Employees work monday through friday and are paid on friday : Employees work Monday through Friday and are paid on Friday, Indicate which account should be debited and which account

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculating break-even and graphing san juan health

calculating break-even and graphing. san juan health departments dental clinic projects the following costs and rates

  What is the impact on american apparel balance sheet

American Apparel has been in the news in recent months. What is the impact on American Apparel's balance sheet (assets, liabilities, and equity) of this loan

  Amir who is single retired from his job this year he

amir who is single retired from his job this year. he received a salary of 25000 for the portion of the year that he

  Why is operating leverage different at two levels of sales

What is the accounting break-even level of sales if the firm pays no taxes? (Do not round intermediate calculations.  Why is operating leverage different at these two levels of sales?

  Consider net capital expenditures as the total amount of

1. holey foods has a piece of equipment that it bought on january 1 2011 for 48000 which it sells to an equipment

  What would be the total benefit to the firms

If there was no government intervention in this market and no one held property rights to the river, how much pollution would be emitted into the river. What would be the total benefit to the firms? What would be the total cost to the town? Is thi..

  Calculating the present value of a bond

Calculating the present value of a bond) If a corporate bond with a face value of $1,000 has 24 years to go until it matures, has a coupon interest rate of 5.7% and a yield to maturity (YTM) of 4.201%, what should be its price in the bond mark..

  Safe security company manufacturers home alarms currently

safe security company manufacturers home alarms. currently it is manufacturing one of its components at a variable cost

  Business model and strategic plan

Create a SWOTT table summarizing your findings. Your environmental analysis should consider, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your ..

  Statutory merger or statutory consolidation

Davis acquires 100% of Reynolds in an acquisition. At date of acquisition, Reynolds had in process research and development costs they had spent $300,000 for 3years ago and is now recorded on its books at $100,000.

  What is the breakeven point in sales units

Breakeven Analysis and Planning Future Sales - What is the breakeven point in (a) sales units and (b) sales dollars

  Vanessa uses her personal car to get to the parties and

1 what is vanessas filing status?2 what is vanessas agi?3 does vanessa claim the standard deduction or itemized? what

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