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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 (To record credit sale.) (To record cost of merchandise sold.) June 12 (To record merchandise returned.) (To record cost of merchandise returned.) June 19
The Trailspan Travel Club markets travel books across the United States and Canada. Members of the travel club place orders online through Trailspan’s website, over the phone by calling an 800 number, or by mail. Prepare a set of tables to implement ..
Patel Manufacturing sold 200,000 units of its product for $30 per unit in 2008. Variable cost per unit is $25 and total fixed costs are 800,000. Calculate (a) contribution margin and (b) operating income.
you have been asked by the CFO of your firm to look at ways to improve your key accounting operations (billing, A/R, and A/P). Recommend a best practice for one of these functions, explaining how your best practice will improve your firm’s operations..
What if you worked in the accounting department of a university and your boss has asked you to explain and discuss components of revenue or expense that are reported on the university’s statement of revenues, expenses, and changes in net asset. Name ..
Dell reported net sales of $12,064 million and average accounts receivable of $1,040 million. Its accounts receivable turnover is:
Determine Brook Streets ending inventory, cost of goods sold, and gross profit for January 2009, assuming the company uses a perpetual inventory system and the inventory costing methods: (1) FIFO, (2) LIFO, and (3) moving-average.
Jesper Parnevik borrowed $96,370 on March 1, 2012. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2022. To retire this debt, Jesper Parnevik plans to contribute to a debt retirement fund five equal amounts s..
Prepare a budgeted contribution margin income statement for 2015. Your reportshould show the budgeted (estimated) operating income based on the information provided above and in C3. Will the changes improve operating income sufficiently? Explain?
Cadion Co. owned a controlling interest in Knieval Inc. Cadion reported sales of $420,000 during 2011 while Knieval reported $280,000. Inventory costing $28,000 was transferred from Knieval to Cadion (upstream) during the year for $56,000. Of this am..
On June 30, 2014, Freeman Company’s total current assets were $499,000 and its total current liabilities were $280,000. On July 1, 2014, Freeman issued a short-term note to a bank for $41,000 cash. Compute Freeman’s working capital before and after i..
Record the adjustment for uncollectible accounts on June 30, 2013 - "Suppose Suzie estimates uncollectible accounts to be 10% of accounts receivable
module 11 what are the maturities on intels long-term debt?2 what are intels projected obligations on long-term debt
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