Reference no: EM132500729
The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessary general journal entries. Any applicable freight costs are prepaid by the seller. The perpetual inventory method is in use.
June 16 Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 10, n/30. Transportation terms F.O.B destination.
June 16 Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with credit terms 2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.
June 17 Received the goods from Shelby.
June 17 Received the goods from Ajax.
June 20 Returned for credit merchandise with an invoice price of $800 to Ajax.
June 25 Paid Shelby the amount owed.
June 28 Paid Ajax the amount owed.
June 30 Returned for cash, merchandise with an invoice price of $400 to Shelby.
Problem 1: Prepare the necessary general journal entry for June 16, purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 2/10, n/30. Transportation terms F.O.B destination.
Problem 2: Prepare the necessary general journal entry for June 17, Received the goods from Shelby.
|
What is the company pretax cost of debt
: What is the company's pretax cost of debt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
|
|
NIT6160 Data Warehousing and Mining Assignment
: NIT6160 Data Warehousing and Mining Assignment Help and Solution, Victoria University - Assessment Writing Service - Design a data warehouse
|
|
What will operating cash flow for this project be during 3
: The truck will have no effect on revenues, but it is expected to save the firm $20,000 per year in before-tax operating costs, mainly labor.
|
|
What will the year 1 operating cash flow for this project be
: Depreciation is computed using MACRS over a five-year life, and the cost of capital is 10 percent. Assume a 21 percent tax rate.
|
|
Prepare the necessary general journal entry for june
: Prepare the necessary general journal entry for June 16, purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co
|
|
What is the expected value of the cash flows
: You are given the following probability distribution. What is the expected value of the cash flows?
|
|
Find the cost per equivalent unit of input resource
: Calculate the equivalent units for the Forming Department for the month of August. Find the cost per equivalent unit of input resource.
|
|
Determine the optimum order size
: The firm estimates an ordering cost of $7.50 per order, with an inventory carrying cost of $0.70 per unit. What is the optimum order size?
|
|
Evaluate the payoffs of a short sale of boa
: Evaluate the payoffs of a short sale of BOA and the synthetic short sale at prices of $18, $25 and $28. Don't forget the premiums on the options
|