On may 11 sydney co accepts delivery of 25000 of

Assignment Help Accounting Basics

Reference no: EM13579696

On May 11, Sydney Co. accepts delivery of $25,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is n invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Troy $17,085. When the goods are delivered, Sydney pays $390 to Express Shipping for delivery charges on the merchandise. On May 12, Sydney returns $1560 of goods to Troy, who recieves them one day later and restores them to inventory. The returned goods had cost Troy $1,045. On May 20, Sydney mails a check to Troy Corporation for the amount owed. Troy receievs it the following day. (Both Sydney and Troy use a perpetual inventory system.)

1. Prepare journal entries that Sydney Co. records for these transactions.

2. Prepare journal entries that Troy Corporation records for these transactions.

-Record the merchandise sold on account.

-Record the cost of goods sold.

-Record the sales return.

-Cost of sales return

-the cash collected for credit sale

Reference no: EM13579696

Questions Cloud

The fox company uses the weighted average method the : the fox company uses the weighted average method. the beginning work in process consists of 20000 units 100 completed

Denny removal company removes potentially toxic asbestos : denny removal company removes potentially toxic asbestos insulation and related products from buildings. the companys

Show that ybar is a biased estimator for theta find a : suppose y1 through y21 is a random sample from the population with the following density function fy 3y2theta3 0 is

The management of rockos pizzeria is considering a special : the management of rockos pizzeria is considering a special promotion for the last two weeks of october which is

On may 11 sydney co accepts delivery of 25000 of : on may 11 sydney co. accepts delivery of 25000 of merchandise it purchases for resale from troy corporation. with the

Fnd the probability of correctly answering the first 2 : find the probability of correctly answering the first 2 questions on a multiple choice test if random guesses are made

Calculate the missing amounts for each of the following : calculate the missing amounts for each of the following firms do not round your intermediate calculations. negative

Morrow company applies overhead based on direct labor hours : morrow company applies overhead based on direct labor hours. at the beginning of the year morrow estimates overhead to

Consider the following journal entry made by jones company : 1. bank reconciliation information for cole co. for may 31 2011 is as followsathe bank statement balance is 2936.bthe

User Account

All Pages