User Account

All Pages

Compute the journal entry that klein makes on march

Assignment Help Accounting Basics
Reference no: EM132193984

Question - On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise. The selling price of the merchandise is $600 and the cost of the merchandise returned is $350. Babson pays the invoice on March 20, and takes the appropriate discount. Compute the journal entry that Klein makes on March 20?

Reference no: EM132193984

Questions Cloud

Performance report for the manufacturing department : Patrick Company manufactures a single product. Please give me an appropriate performance report for the manufacturing department
Calculate the present value of a stream of cash flows : When the Genesis Energy and Sensible Essential teams held their weekly meeting, the time value of money and its applicability yielded an extremely stimulating.
Compute the annual depreciation on the new equipment : Assuming that depreciation is to be computed on the straight-line basis, compute the annual depreciation on the new equipment
Explain the overall conflict management process : You now have a good grasp of what conflict and stress are. You even have a process for consensus decision making from the previous Weeks' deliverables.
Compute the journal entry that klein makes on march : Babson pays the invoice on March 20, and takes the appropriate discount. Compute the journal entry that Klein makes on March 20
Record the purchase of the treasury shares on february : Which of the following would be included in the journal entry to record the purchase of the treasury shares on February 1
What will you add to the benefit plan for employees : Students, research (Google) a fortune 500 company and tell us about their benefits and perks for employees. Tell us what makes the fortune 500 company.
Determine the result of the transaction on the accounts : If Larger Company issues 1,100 shares of $5 par value common stock for $18,700, determine the result of the transaction on the accounts
Explain how leaders and managers can overcome obstacles : Respond to the following: Explain how leaders and managers can overcome obstacles and develop trust in communicating corporate ethics.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the mission statement or purpose of the

using the project vote smart website i would like you to research three 3 organizations or causes that are of interest

  What is the annual breakeven point in units

Reid Recreation Products sells the Amazing Foam Frisbee for $21. What is the annual breakeven point in units? In sales dollars

  At the end of the year 5000 of supplies remained on hand

at the end of the year 5000 of supplies remained on hand. record the adjustment necessary at december 31 2005. how

  Exponential smoothing to forecast sales

Katherine is a forecast manager. She used exponential smoothing to forecast her sales of coffee cakes for next week and this number is 200. Her forecast for this week was 180 but the actual number is 220. What is her choice for alpha?

  Does cost of goods sold increase or decrease

Does Cost of Goods Sold increase or decrease when closing a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Co

  How might we measure and quantify the activity involved

In determining an appropriate allocation base associated with R&D for example, how might we measure and quantify the activity involved

  Discuss two actions murphy might take to improve cash flow

Discuss two actions Murphy might take to improve cash flow from operations

  Harry was experiencing financial difficulties and could not

harry was experiencing financial difficulties and could not make the mortgage payments on his home. the mortgage holder

  Describe the placement-layering and integration activities

Describe the placement, layering, and integration activities that are occurring in this case.

  Discuss what do you foresee about how financial information

what do you foresee about how financial information will be obtained, processed, and disseminated to users

  What is the interest expense on these bonds

On January 1, 2016, the Lourdes Corporation issued 6%, 10-year bond with a face amount. What is the interest expense on these bonds for the half of 2016?

  Compute maries taxable income

Compute marie's taxable income for 2009, assuming she is single and claims two dependent children

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