User Account

All Pages

The company received payment for the merchandise

Assignment Help Accounting Basics
Reference no: EM13873058

On June 21, 2010, the Livingston Company, a U.S. company, sold merchandise on credit to a Swiss company for 25,000 francs. The company received payment for the merchandise on July 10, 2010. The exchange rates on June 21 and July 10 were $0.89 and $0.88, respectively.

Required:
Record the journal entries for the sale and collection by the Livingston Company.

Reference no: EM13873058

Questions Cloud

No phones please-this is a communications class : Topic - No Phones, Please, This Is a Communications Class - Write a paper and expectations for sentence clarity and grammatical accuracy
Diesel engine that operates on ideal diesel cycle : A four-cylinder two-stroke 2.4-L diesel engine that operates on an ideal Diesel cycle has a compression ratio of 17 and a cutoff ratio of 2.2. Air is at 55°C and 97 kPa at the beginning of the compression process.
Treats another person the way a parent treats a child : Paternalism -- any action or policy in which some person (or group) treats another person the way a parent treats a child; that is, any action that strives to promote the other's good even against the other's wishes. To wit, you constrain someone's f..
Determine the extra amount : Determine the extra amount of CO2 production a man is responsible for during a 5-year period if he trades his Taurus for an Explorer.
The company received payment for the merchandise : On June 21, 2010, the Livingston Company, a U.S. company, sold merchandise on credit to a Swiss company for 25,000 francs.
Prepare a properly formatted multi step income statement : Prepare a properly formatted multi step income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts. Prepare a properly formatted multi step income statement t..
Minimum power-supplied to the fan : A fan is to accelerate quiescent air to a velocity to 12 m/s at a rate of 3 m3/min if the density of air is 1.15 kg/m3, the minimum power that must be supplied to the fan is
Implementing the world environmental regime : The Environmental Elite, Implementing the World Environmental Regime (from The Biodiversity Treaty to the end of the section), Sustainable Development, and Fighting Back. Write a short essay (approximately 1000 words) in which you summarize the argum..
Quality of learning by increasing engagement : Limiting technology in class improves the quality of learning by increasing engagement, focus, and collaboration.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Governance for accounting practices

Conduct research to find information about organizations that provide governance for accounting practices. Answer the following questions in your own words. Be sure to cite your references in proper APA style.

  The new unit has a larger capacity and bravo estimates it

bravo baking co is considering replacing an older freezer with a larger unit to freeze some of its bread. the new unit

  Titania co sells 400000 of 12 bonds on june 1 2012 the

titania co. sells 400000 of 12 bonds on june 1 2012. the bonds pay interest on december 1 and june 1. the due date of

  The bonds pay semiannual interest and the interest payment

1.on january 1 2012 oakbasket company issued bonds with a face value of 800000. the bonds carry a stated interest of 7

  What is the impact on net operating income by discontinuing

What is the impact on net operating income by discontinuing housekeeping program?

  Adjusting journal entry-supplies expense account

Indus Company has a Supplies account balance of $900 on January 1, 2009. During 2009, it purchased $4,000 of supplies. As of December 31, 2009, a supplies inventory shows $750 of supplies available. Prepare the adjusting journal entry to correctly..

  Included in the cost of factory supplies are obsolete items

maddox specialty company a division of lost world inc. manufactures three models of gear shift components for bicycles

  Evaluate the never change policy

Evaluate the "never change" policy. Does it make any sense? Why would firms adopt such a policy

  Prepare an income statement for the year

Compute the unit product cost and prepare an income statement for the year - Prepare an income statement for the year.

  What was the value of the merchandise inventory loss

Its estimated grossprofit on sales was 30%. On November 30, the store was destroyed by fire. What was the value of the merchandise inventory loss?

  Cost of goods sold

This question belongs to Accounting and it discuss about Preparing a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold

  Prepare all the entries

Assume the same information as in the previous problem except that the bond was purchased at 95. Prepare all the entries.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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