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1. Your accounts payable system generates automated journal entries each time an invoice is recorded.
2. Each vendor has usual terms included in the vendor master file, including Taxpayer IDC, Name<paying Address, Discount Terms, etc.
3. You have received an invoice from Vendor A for one widget (an item of Machinery & Equipment) in the amount of $34,175.36 which agrees with the appropriate purchase order. You also have a receiving report from your Receiving Department that indicates that you have received the widget in question in good order. You normally purchase manufacturing supplies from this vendor.
4. This invoice offers the normal discount of $341.75 if paid within 10 days.
5. Discounts are normally recorded in a Discounts Earned account in the Other Income & Expense section of the Chart of Accounts.
6. You have paid the invoice within the discount period.
7. Prepare all related journal entries in journal form for this purchases and the related payment.
Evaluate total manufacturing overhead for the year
Financial Statement Analysis and Preparation
Calculate the operating income for the olive oil division using a transfer price of $4.60.
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What amount could Ray include in his gross income from receiving the life insurance proceeds? The insurance company paid Ray $16,000 interest on the life insurance proceeds through the period Carin's estate was in administration.
What is the journal entry required to establish the LIFO reserve for Orange Corporation?
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What loss, if any, could Sound Audio report in its 2013 income statement? What liability, if any, should Sound Audio report in its 2013 balance sheet?
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