Prepare journal entries of a merchandising company

Assignment Help Accounting Basics

Reference no: EM131532941

Question: Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2y10, EOM; invoice dated April

1. The cost of the merchandise is $1,400. Apr.

4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory. Apr.

11 Received payment for the amount due from the April 1 sale less the return on April 4.

Reference no: EM131532941

Questions Cloud

Prepare journal entries to record purchases transactions : Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetua.

Classical conditioning or operant conditioning : Using the principles of classical conditioning or operant conditioning, design two specific marketing objectives for a specific nonprofit

Marketing strategy for construction company : What is the marketing strategy for construction company services for the sustainability?

Discuss significant industry issues : In addition, discuss significant industry issues and indicate what portion of industry sales are captured by the company.

Prepare journal entries of a merchandising company : Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual.

What was the number of employed persons : What was the number of employed persons? What was the unemployment rate? Was this unemployment rate abnormal by historical standards?

Identify appropriate marketing tools : Identify appropriate marketing tools. Assess challenges and opportunities as they relate to its niche, competition, and position in life cycle.

How your firm can reduce the risks of locating manufacturing : Locating facilities in foreign countries is referred to as offshoring. How your firm can reduce risk of locating a manufacturing operation in a foreign country.

Complexity of separating the two companies : Kraft needed more than a year to plan the split, because of the complexity of separating the two companies' operations and getting each business ready.

User Account

All Pages