Record the transactions on the books of lane company

Assignment Help Accounting Basics
Reference no: EM131143854

1. On October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $5,000, and the cost to O'Brien Company is $3,000. On October 8, Lane returns defective goods with a selling price of $700 and a scrap value of $250. Record the transactions on the books of Lane Company. 

Reference no: EM131143854

Questions Cloud

Create a carloanclient class that read the file one payment : Create a CarLoanClient class that Read the file one payment at a time, Printout the payment number, payment amount and outstanding balance.
Record the transactions on the books : Assume information similar to that in Do It! 5-1. That is: On October 5, Lane Company buys merchandise on account from O'Brien Company.
How could a community health nurse help meet this objective : Discuss one specific numbered Healthy People 2020 objective (not a goal) related to this community health role. How could a community health nurse help meet this objective?
What is the company total paid-in capital : Does the company have any preferred stock outstanding? What is the nominal value, book value, market value per share of common stock? What is the company's total paid-in capital? Compute net working capital and comment on the result
Record the transactions on the books of lane company : On October 5, Lane Company buys merchandise on account from O’Brien Company.
What is the angle of the person eyes to the top of the build : A building 190 feet tall casts a 30-foot long shadow. If a person stands at the end of the shadow and looks up to the top of the building, what is the angle of the person's eyes to the top of the building.
Determine the approximate value of the yield stress : It is observed that a straightened paper clip can be twisted through several revolutions by the application of a torque of approximately 60 N.m. Knowing that the diameter of the wire in the paper clip is 0.9 mm, determine the approximate value of ..
Presented below is the format of the worksheet : Example: Cash: Trial balance debit column; Adjusted trial balance debit column; and Balance sheet debit column.
Calculate the length height volume and cost if the width : A rectangular storage container with an open top is to have a volume of 1500 cubic centimeters. The length of its base is 1.5 times the width. Material for the base costs 25 cents per square centimeter. Material for the sides costs 15 cents per squar..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Matching debit and credit terminology with accounts

Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example.

  Conclude about the null hypothesis

If there is no seasonal effect, about how big, on average, would you expect the x2 statistic to be (what is the mean of the x2 distribution)? Does the statistic you computed in Exercise 1 seem large in comparison to this mean? Explain briefly

  Debt and equity features

Proceeds from an issue of debt securities having stock warrants should NOT be allocated between debt and equity features when

  The force exerted on this wall by the water

One end of a spa is a vertical rectangular wall 12.0 ft wide. What is the force exerted on this wall by the water if it is 2.50 ft deep? A rectangular sea aquarium observation window is 10.0 ft wide and 5.00 ft high.

  What is the total amount of debt

forfeitures of benefits under the plan may be reallocated to the remaining participantsthe company must make contributions to the plan if it has profits during the year.

  Jones mining company plans to sell 120000 units of a

jones mining company plans to sell 120000 units of a certain product line at a price of 6. there are 10000 units of the

  How entries recorded in a computerized acconting system

Describe how these entries would be recorded in a computerized acconting system. Describe 1 ethical issue that could result from preperation of these manufacturing entries.

  During september the following summary transactions were

during september the following summary transactions were completed. sept. 8 paid 1356 for salaries due employees of

  Profit and loss account of diverse plc

Compute the charge in the profit and loss account of Diverse plc in respect of the pension costs for the year to 31 December 1998. Compute the pension asset or liability which would appear in the balance sheet of Diverse plc at 31 December 1998 a..

  Prepare entries for allied parts to record the may 5 sale

allied parts was organized on may 1 2013 and made its first purchase of merchandise on may 3. the purchase was for 1400

  Cost of the unused office supplies

GBI counted the office supplies on hand after the close of business on the last day of the month and determined the cost of the unused office supplies to be $620.

  Does reporting of comprehensive income affect net income

Write some examples of other comprehensive incomeitems. Does reporting of other comprehensive income affect determination of net income and retained earnings?

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