Make the necessary journal entries for motor sales company

Assignment Help Financial Accounting
Reference no: EM132770946

Problem 1: Assume that on April 1, 2011, the Motor Sales Company sells a car for an installment price of P145, 000. The car costs P100, 000. The customer is allowed a trade-in value of P45, 000 for this old car. He makes a down payment of P40, 000 and the balance to be paid in twelve equal installments in P5, 000 each. It is estimated that the old car can be sold for P70, 000 after incurring reconditioning expenses estimated at P11, 000. The company usually makes a gross profit of 20% on resale. Make the necessary journal entries.

Reference no: EM132770946

Questions Cloud

What amount does crane record as the cost for the land : Crane has the land graded for $4000. They paid $20000 for paving of a parking lot. What amount does Crane record as the cost for the land?
What depreciation expense for year two under straight-line : Five years and a salvage value of $15000 was purchased for $155000. What is the depreciation expense for year 2 under straight-line depreciation?
Describe the use of imagery and symbolism : Describe the use of imagery, symbolism, and figurative language that the writer used. Consider also the central idea and the emotional impact.
In microbiology discuss the overall roll : In microbiology discuss the overall roll, good and bad, on the planet. Discuss several benefit and detriment of microbes
Make the necessary journal entries for motor sales company : Assume that on April 1, 2011, the Motor Sales Company, The company usually makes a gross profit of 20% on resale. Make the necessary journal entries.
Lenses on a microscope is crucial to microbiology : In my own words explain why different powered objectives lenses on a microscope is crucial to microbiology.
Explain what differentiates algae from plants : Explain what differentiates algae from plants and two way they are different from protozoan. Talk about algae being part of our environment and how algae may po
Determine the type of foreign subsidiary for translation : Determine the type of foreign subsidiary for translation purpose and prepare a translated income statement for the year ended December 31,20x5
Qualitative and quantitative studies for business research : Examine the use of qualitative and quantitative studies for business research.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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