Journalize enid co. entries to record the purchase

Assignment Help Financial Accounting
Reference no: EM13510706

Enid Co., a women's clothing store, purchased $7,500 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Enid Co. returned $1,200 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Journalize Enid Co.'s entries to record

(a) The purchase,
(b) The merchandise return, and
(c) The payment.

Reference no: EM13510706

Previous Q& A

  How fast is the nosecone moving

A spacecraft consists of a 32500 kg engine and a 12600 kg nosecone. How fast is the nosecone moving

  Calculate the temperature of the tungsten filament

A common flashlight bulb is rated at 0.270 A and 3.36 V (the values of current and voltage under operating conditions). estimate the temperature of the tungsten filament when the bulb is turned on

  What is the ratio of the diameter of wires

A copper wire and an aluminum wire of the same length have the same resistance. What is the ratio of the diameter of the copper wire to that of the aluminum wire

  What is the distance from one condensation to the next

Sound from the siren of an emergency vehicle has a frequency of 750.0 Hz and moves with a velocity of 343.0 m/s. What is the distance from one condensation to the next

  What is the amount of cash required for the payment

Enduro Tile Company purchased merchandise on account from a supplier for $8,000, terms 2/10, n/30. Enduro Tile Company returned $3,500 of the merchandise and received full credit.

  Enter the following cash payments transactions

Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $6,000, terms 2/10, n/30. Payment is made within the discount period.

  Determine the absolute pressure of the gas

When a mercury manometer is connected to a gas main, the mercury stands 48.9 cm higher in the tube that is open to the air than in the tube connected to the gas main

  An introduction to accounting theory

Accounting theory includes the basic rules, definitions, and principles that underlie the drafting of accounting standards and how they are derived.

  What is its gross margin

If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its gross margin? What amount of inventory will be shown on its balance sheet?

  Basic financial statements for the month of march

Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.


Write a Review


Similar Q& A

  Question evaluate the amounts for cogs on the income

question evaluate the amounts for cogs on the income statement and the ending inventory at cost on the balance sheet

  Journal entry for capital asset purchase including trade

journal entry for capital asset purchase including trade in.jane geddes engineering corporation purchased conveyor

  Calculation of average issue price of stockthe information

calculation of average issue price of stock.the information below relates to question no. 1the stockholders equity

  Which payment option has the greatest present value

Your personal time value of money/interest rate is 5%. Which payment option has the greatest present value?

  Determine advertising budget allocation for flamingo grill

Develop a model that can be used to determine the advertising budget allocation for the Flamingo Grill. Include a discussion of the following items in your report:

  What will be callies initial capital balance

Callie is admitted to the Adams & Beal Partnership under the bonus method. Callie contributes cash of $20,000 and non-cash assets with a market value of $30,000 and book value of $15,000 in exchange for a 20% ownership interest in the new partners..

  What is the advantage of issuing bonds

Your original posting must be at least 250 words and your English usage must be correct. Comment on the postings of 2 other students. These comments must be at least 50 words long and should critique what the other students have said.

  What portion of the total interest expense associated

Assume that on January 30, 2012, Gilbert, Marsh, &Kester receive $25,000 from Texas Oil Company in full payment of the consulting services provided in December and January. What portion of this amount constitutes revenue earned in January?

  What was firm reported net income for the current year

Computer World Inc.paid out$22.5 million in total dividends to shareholder during the most recent year, and in its year end-balance sheet ComputerWorld reported $278.9 million of retained earnings. What was firm's reported net income for the curr..

  Determine the correct expansion factor

Determine the reliability factor, determine the correct expansion factor and determine the sample size you should use.

  Create a fixed budget income statement

Create a fixed budget income statement for the planned level of sales and production and create a fixed budget income statement for actual level of sales and production.

  Evaluate the npv of the project

The subsidiary will be sold at the end of three years for an estimated €9.9 million. evaluate the NPV of the project?

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