User Account

All Pages

Prepare the journal entry to record this transaction

Assignment Help Accounting Basics
Reference no: EM132702498

Question - On July 1, Fadi Co. sold merchandise on account to Samy Company for $30,000 terms 2/10, n/30.

On July 5, Samy returned merchandise worth $10,000 to Fadi Co.

On July 11, Fadi received payment from Samy Company for the balance due.

On Sept, 4, Fadi Co. sold merchandise on account to Samy Company for $50,000 terms 2/10, n/30.

Fadi Co. writes off Magdy $2000 balance as uncollectible on November 12.

Required - Prepare the journal entry to record this transaction on the books of Fadi Co. and post to Accounts receivable account (T account).

Reference no: EM132702498

Questions Cloud

Question - Prepare the journal entries : Question - Prepare the journal entries - On June 1, Meshal Co. lent Amr Co. $60,000, and accept a two-month, 5% interest note
Explain the benefits related to voluntary employee benefits : The video shares a discussion specifically on 9 benefits related to Voluntary Employee Benefits. Review the VEB's and if you could only have 4 of them.
Discuss the characteristics of basic descriptive statistics : Discuss the characteristics of the basic descriptive statistics: sample size, mean and standard deviation.
Does the adaptation hew closely to the literary work : Does the adaptation hew closely to the literary work, or is it more of a "loose" interpretation? What is gained and/or what is lost in the transformation
Prepare the journal entry to record this transaction : Fadi Co. writes off Magdy $2000 balance as uncollectible on November 12. Prepare the journal entry to record this transaction
Write a collection plan and output measurement : Write a collection plan and output measurement criteria assuming the current production capacity in the simulation scenario will be doubled.
Analyze the transactions : Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing activity
Explain the arrangement in the case : Explain the arrangement in this case. What kind of actions could be taken to restructure this arrangement to avoid a determination that it is per se illegal?
How the fallacies were used and context in which occurred : How the fallacies were used and the context in which they occurred. Finally, explain how the person should have presented the argument in order to avoid

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd