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On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. The fair value of these goods is $70. On June 19, Rebecca pays Clinton Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Rebecca Company. (Record journal entries in the order in which they must have occurred. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10June 11June 12June 19 June 10June 11June 12June 19 June 10June 11June 12June 19 June 10June 11June 12June 19 (b) Prepare separate entries for each transaction for Clinton Company. The merchandise purchased by Rebecca on June 10 had cost Clinton $4,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10.
gorman company has just received a special one-time order for 1000 units. producing the order will have no effect on
He has begun to determine relevant fixed and variable costs and has accumulated the following per unit data:
primm company produced 2500 units of product that required three standard hours per unit. the standard variable
if a company has a very large accounts receivable 34 of total current assets what causes the account to rise and fall
william hancock traded a delivery truck and 5000 cash for a newer van. this transaction has commericial substance.value
Pug Bern Co. reports net income of $70,000. The income ratios are Pug 60% and Bern 40%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.
Checkers also sold 2,150 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month? A. $27,843. B. $28,950. C. $26,975. D. $27,950.
the hilltop corporation is considering the replacement of an old machine that is currently being used. the old machine
budgets are the driving force behind all organizations. whether a manufacturing organization or a service organization
1. managerial accountinga. focuses primarily on reporting to regulatory agenciesb. is governed by generally accepted
For the most recent year, Wilson Enterprises had sales of $689,000, cost of goods sold of $470,300, depreciation expense of $61,200, and additions to retained earnings of $48,560.
Which statement is FALSE concerning "management by the numbers" for control of the organization?
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