Make the journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM133170994

Question - The following transactions of The Linen Barn occurred in July.

DATE TRANSACTIONS

July 5 Accepted a return of damaged merchandise from Ann Dickinson, a credit customer; issued Credit Memorandum 301 for $882, which includes sales tax of $42; the original sale was made on Sales Slip 1610 of June 30.

July 21 Gave an allowance to Roberta Bishop, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum 302 for $546, which includes sales tax of $26; the original sale was made on Sales Slip 1663 of July 17.

Required - Make the journal entries to record the above transactions.

Reference no: EM133170994

Questions Cloud

Discuss business analytics models : Discuss business analytics models and data warehouses based on a current event. Discuss the trends, examine business analytic principles and standards, make jud
What is the breakeven sales for jongin product : Variable costs ratio are 60% for Jongin and 85% for Sehun. Total fixed costs are 150,000. There are no other costs. What is breakeven sales for Jongin product
Develop a negotiation strategy and plan : 1. Develop a negotiation strategy and plan. 2. What common ground do both Cybaris and King have to negotiate on?
What price will the company charge : What price will the company charge if the firm uses cost-plus pricing based on variable manufacturing cost and a markup percentage of 200%
Make the journal entries to record the transactions : Question - The following transactions of The Linen Barn occurred in July - Make the journal entries to record the above transactions
What will happen to the currency exchange rates : What will happen to the currency exchange rates & currency value if there was an increase in domestic interest rates
Decennial population count in united states : Discuss whether you believe a constitutional amendment should be passed to allow sampling in the decennial population count in the United States
What is whitt weighted average number of shares outstanding : March 1 - sold an additional 50,000 shares on the open market at $25 per share. What is Whitt weighted average number of shares outstanding
Current event that demonstrates ethical issue : Share a current event that demonstrates an ethical issue in a business setting.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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