Prepare the journal entries to record the sale,

Assignment Help Accounting Basics
Reference no: EM13873309

On December 8, 2010, Lynch Incorporated sold $9,000 of merchandise with terms 2/10, n/EOM. On December 18, 2010, collections were made on sales originally billed for $5,000, and on December 31, 2010, additional collections on sales originally billed for $3,000 were received.

Required:

Prepare the journal entries to record the sale, collections, and any required year end adjustments under 

(1) The gross price method, 
(2) The net price method. 

Reference no: EM13873309

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Compute the direct materials price and quantity variances

huron company produces a commercial cleaning compound known aszoom the direct materials and direct labor standards for

  Indicate the account to be debited and to be credited

During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries.

  Stacker weight loss currently pays an annual year-end

stacker weight loss currently pays an annual year-end dividend of 1.20 per share. it plans to increase this dividend by

  Currently the unit selling price is 50 the variable cost 34

currently the unit selling price is 50 the variable cost 34 and the total fixed costs 106000. a proposal is being

  Rachel owns rental properties when rachel rents to a new

rachel owns rental properties. when rachel rents to a new tenant she usually requires the tenant to pay an amount in

  Clayton industries is planning its operations for next year

clayton industries is planning its operations for next year and ronnie clayton the ceo wants you to forecast the firms

  Assuming a 40 statutory tax rate applies to all years

assuming a 40 statutory tax rate applies to all years involved which of the following situations will give rise to

  Which of following costs are likely to be fully controllable

Which of the following costs are likely to be fully controllable, partially controllable, or not controllable by the chief of the production department?

  Joint- processing costs for a year

Phoenix Corporation has a joint process that produces three products: X, Y, and Z. Each product may be sold at split-off or processed further and then sold. Joint- processing costs for a year amount to $100,000. Other relevant data are as follows:

  Assume that the conditions are met for the transfer of

beyonceacute corporation factors 175000 of accounts receivable with kathleen battle financing inc. on a with recourse

  The marker division of the crayola plant manufactures

the marker division of the crayola plant manufactures erasable marker at a variable cost of 0.20 per marker. the marker

  Management has been reviewing company profitablity and is

management has been reviewing company profitablity and is attempting to improve performance through better planning the

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