### Purpose the necessary general journal entries

Assignment Help Financial Accounting
##### Reference no: EM1311341

Prepare necessary Journal Entries

Prepare the necessary general journal entries for the month of October for the Seinfeld Company for each situation given below. Seinfeld uses a perpetual inventory system.

 Oct. 8 Purchased merchandise from Festivus Incorporated for \$20,000 on account Credit terms: 2/10, n/30; Freight terms: FOB shipping point. Oct.10 Paid freight bill of \$470 for merchandise purchased on October 8. Oct.15 Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled. Oct.20 Sold merchandise for \$16,000 to Cosmo Kramer on account. The cost of the merchandise sold was \$10,000. Credit terms: 2/10, n/30. Oct.25 Issued a credit memo to Cosmo Kramer for \$1,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was \$625. (Merchandise was in new condition and could be sold again.) Oct.27 Received balance due from Cosmo Kramer for sale on October 20.

#### Questions Cloud

 Classify costs as either variable or fixed costs : Classify the costs as either variable or fixed costs.  Assume there are no mixed costs.  Enter the dollar amount of each cost in the appropriate column and total each classification. Different cost calculations of cost equation : Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2.  Using this equation, answer the following .. Normal frequency distribution : In a normal frequency distribution, 32% of the cases: Purpose adjusting entry to recognise bad debt expens : Purpose the adjusting entry to recognise bad debt expens - Assume the same facts as above except that the Allowance for Doubtful Accounts account had a \$500 debit balance before the current year's provision for uncollectible accounts. Purpose the necessary general journal entries : Purpose the necessary general journal entries for the month of October for the Seinfeld Company for each situation given below. Seinfeld uses a perpetual inventory system. Distribution of scores : In a distribution of scores, the arithmetic mean is 51, the median is 55, and the mode is 62. What is the score, in percentile form, of a subject who does less well than two-thirds of the sample? Statement of competitive market and least-cost production : Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi.. Find cash payments for wages and salaries : Evaluate Cash receipts from selling merchandise and find Cash payments for wages and salaries. Create a formula to get time constantof liquid level system : Create a formula to get the time constant of the liquid level system shown  in the below figure. When the avg. operating level is h0. The resistance R is linear.

### Write a Review

#### Financial statement analysis and preparation

Financial Statement Analysis and Preparation

#### Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

#### Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

#### Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

#### Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

#### Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

#### Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

#### Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

#### Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

#### Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

#### Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

#### Computation of free cash flow

Computation of Free Cash Flow