Prepare the journal entry to record the payment on august

Assignment Help Accounting Basics
Reference no: EM131000714

On July 15, 2011, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts.

Required:

1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2011.

2. Prepare the journal entry to record the payment on August 15, 2011.

3. If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created in requirements 1 and 2.

Reference no: EM131000714

Questions Cloud

Determine the mean-median-mode : (i) Plot the data histogram and comment on the shape. (ii) Using the center of the interval to represent each income group, determine the mean, median, mode; and the variance and skewness for this data set. Comment  on how consistent the numerical..
What is the mass of a sphere made of the same metal : A metal sphere r 1 =2.4cm has a mass m 1 = 0.05kg. What is the density of the metal A? in kg per cubic meter? What is the mass m1 of a sphere of radius r 2 = 5.6 cm made of the same metal?
What is the initial momentum of the entire system : What is the initial momentum of the entire system? What is the momentum of the entire system after the collision? What is the final velocity of each car?
Discussing randomness statistics and science of prediction : Watch one or more of the following videos discussing randomness, statistics, and the science of prediction, and then submit a brief (1/2 to 1-page) summary. Upload the file indoc, docx, or pdf format (if pdf, make sure you saved it or exported it..
Prepare the journal entry to record the payment on august : If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created in requirements 1 and 2.
Determine the magnitude and direction of the current : Taking R = 3.00 kΩ and ε = 420 V in the figure shown below, determine the magnitude and direction of the current in the horizontal wire between a and e.
Corresponding random variable space : Consider a family that plans to have a total of three children; assuming that they will not have any twins, generate the sample space, Ω, for the possible outcomes. By de?ning the random variable, X as the total number of female children born to t..
What would the rating be for a quake : The Richter scale is a logarithmic scale, with an increase of one on the scale corresponding to a ten-times increase in the intensity of the earthquake. What would the rating be for a quake that was 10 times as intense as A? What would the rating b..
Advantages and disadvantages to ibm and smt : What are the advantages and disadvantages to IBM and SMT from this approach and how does SMT's proposed learning rate compare with that of other companies?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why do you think project management skills are lacking in

in 2010 the space shuttle program will be discontinued and thousands of nasa engineers and scientists will be affected.

  Johns camera is currently selling cameras at a price of 100

johns camera is currently selling cameras at a price of 100. the cameras have a variable cost of 75 per camera and

  All else constant what would digbys sgampasales ratio be if

all else constant what would digbys sgampasales ratio be if the company had spent an additional 1500000 for dafts

  Wayne cos production plan for 5000 units of production

wayne cos production plan for 5000 units of production provided for 25000 of direct labor 35000 of direct materials and

  The group product manager for ointments at american

the group product manager for ointments at american therapeutic corporations was reviewing price and promotion

  Xavier and yolanda have original investments of 50000 and

1. xavier and yolanda have original investments of 50000 and 100000 respectively in a partnership. the articles of

  A corporation is considering implementation of ajit

a corporation is considering implementation of ajit inventory system. the companys industrial engineer

  Advantages and disadvantages of quasi-experiments

Describe the advantages and disadvantages of quasi-experiments? What is the fundamental weakness of a quasi-experimental design? Why is it a weakness? Does its weakness always matter?

  Find a projects irr and m1rr if it has estimated cash

find a projects irr and m1rr if it has estimated cash flows of 5500 annually for seven years if its year-zero

  Alexandria semiconductors produces 300000 hi-tech computer

alexandria semiconductors produces 300000 hi-tech computer chips per month. each chip uses a component which alexandria

  Describing common implementation issues

What are some common implementation issues with activity-based costing systems? How can they be avoided? Provide at least three examples and explain.

  You are provided with production activity information for

you are provided with production activity information for funky fur fedoras inc. the company has a target profit of

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