Journal entrie for purchase on account merchandise inventory

Assignment Help Financial Accounting
Reference no: EM1310912

Journal entries for Purchased on account Merchandise Inventory to be held for resale.

1.(2/25/2009)  Purchased on account $300,000 Merchandise Inventory to be held for resale.  All purchases are recorded net of the 2% discount offered by the vendor.  Any discounts not eve Allowance for Uncollectible Accounts naturally taken by the firm are recognized as interest expense.  Shipping costs of $880 were paid by the seller.

Date

Account Titles

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.(3/1/2009)  Paid the balance due on the Merchandise Inventory purchase in Transaction 1 within the discount period.

Date

Account Titles

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reference no: EM1310912

Questions Cloud

Elementary education outreach : Carla, a college junior, is participating in a special "elementary education outreach" project in her local community.
Journal entries for collected the correct balance due : Journal entries for Collected the correct balance due. Collected the correct balance due from the Transaction 4 sale of Merchandise, net of the discount.
Justify effective funding strategies : Please explain, identify, and justify effective funding strategies in the following areas:
Various gender differences in mating behavior : A psychologist is attempting to explain the source of various gender differences in mating behavior.
Journal entrie for purchase on account merchandise inventory : Journal entries for Purchased on account Merchandise Inventory to be held for resale
Evaluate the risk management measures : Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
Drug-altered consciousness assignment : Understanding the human brain and how it can affect one’s behavior is an important relationship in psychology.
Guidance for particular transaction : What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
Legalization of medicinal marijuana : A hot topic in most States is the legalization of medicinal marijuana.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the total impact on werner''s net income

What is the total impact on Werner's net income for the quarter ended March 31, 2013, as a result of this forward contract hedge of a firm commitment?

  What was the total impact on jensen companys

What was the total impact on Jensen Company's 2013 income as a result of this fair value hedge of a firm commitment?

  Evaluate the income taxes

Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.

  Determine the debt ratio based on the information

Determine the debt ratio based on the information below. Be sure to label your answer clearly and show all work.

  Compute the current ratio and quick ratio

Compute the current ratio, quick ratio, cash to existing liabilities ratio, over a two-year period. Show and interpret the ratios that you evaluated.

  What are the sections of a cash budget

Use this information to purpose a cash budget for the months of May and June, using the template provided in Doc Sharing. What are the sections of a cash budget, and what is included in each section?

  Evaluate andy''s direct material variances

Evaluate Andy's direct material variances. Determine Andy's direct labor variances.

  Balance sheet of the captain jet inc

Balance sheet of the Captain Jet Inc

  Determine his tax basis the end of year

Using the subsequent information from Alfred's year 1, year 2, and year 3 Schedule K-1, determine his tax basis the end of year 2 and year 3.

  Evaluate the gross profit

Evaluate the gross profit? and What is the cost of goods sold and What's the selling price?

  Prepare journal entry to record amortization expense

Prepare the journal entry to record amortization expense for the first year. Show how this patent is reported on the balance sheet at the end of the first year.

  Evaluate targets accounts receivable turnover

What amount did Target report as accounts receivable, total on its ending 2007 balance sheet and Prepare the entries that Target made in its allowance for doubtful accounts in 2007

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