### What journal entry will be recorded by dee company

Assignment Help Accounting Basics
##### Reference no: EM132049502

Question - On July 1, Darin Company sold inventory costing \$4,500 to Dee Company for \$6,000, terms 2/10, n/30. Both companies use a perpetual inventory system. What journal entry will be recorded by Dee Company on July 1?

Debit Purchases and credit Accounts Payable for \$6,000

Debit Inventory and credit Accounts Receivable for \$6,000

Debit Inventory and credit Accounts Payable for \$6,000

Debit Cost of Goods Sold and credit Inventory for \$4,500

#### Questions Cloud

 Determine the amount of the ending inventory : Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. Determine the amount of the ending inventory What is the bond real rate of return : In 2017, actual inflation in the economy was 2.10%. What is the bond's real rate of return in 2017? Design a marie assembly language program : You are to design, write, test, and debug a MARIE assembly language program that inputs a sequence of characters from the set A-Z (capital letters only). Accumulated depreciation balance at the end of year three : Assume no other fixed assets. What is the Accumulated Depreciation balance at the end of year 3? What journal entry will be recorded by dee company : On July 1, Darin Company sold inventory costing \$4,500 to Dee Company for \$6,000, terms 2/10, n/30. What journal entry will be recorded by Dee Company on July What is the asset''s book value at year-end : Assuming What is the amount of annual depreciation of an asset costing \$2,000, What is the asset's book value at year-end 2004 Compute the net present value of the project : The applicable tax rate is 32 percent and the required rate of return is 10%. Compute the Net Present Value of the Project. What is interdependent origination in buddhism : The global religions of Buddhism, Jainism, and Sikhism all espouse the importance of non-violence. How can we account for the reasons behind this practice? Define who can and cannot get married in the US : Does society have a right to legally define who can and cannot get married in the United States?

### Write a Review

#### Prepare a multiple- step income statement for the year

Insurance expense- salesperson's auto 2,250. Prepare a multiple- step income statement for the year ended December 31, 2008

#### The firm has 4777362 shares of common stock outstanding

the dunder mifflin company has total assets of 153389547 current liabilities of 59678443 and long-term liabilities of

#### Waters corporation purchased johnson company

Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of \$400,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of \$800,000.

#### What are some of the key obstacles for the fasb and iasb

What are some of the key obstacles for the FASB and IASB in their convergence project for the statement of cash flows?

#### Complete balance sheet and prepare a statement

Complete balance sheet and prepare a statement of changes in

#### What is the effect of the sale and the payoff of the loan

If a parcel of land that was originally purchased for \$85,000 is offered. What is the effect of the sale and the payoff of the loan on the accounting equation?

#### Flip earns a salary of 7500 per month during the year fica

flip earns a salary of 7500 per month during the year. fica taxes are 8 on the first 100000 of gross earnings. federal

#### Yengling companys payroll for the year is 593150 of this

yengling companys payroll for the year is 593150. of this amount 211630 is for wages paid in excess of 7000 to each

#### Calculate the total variance for production labor

Frasco Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.025 hours. Calculate the total variance for production labor

#### Determine the ending balances in the inventory accounts

Determine the ending balances in the inventory accounts and in the Manufacturing Overhead account. Prepare a schedule of cost of goods manufactured.

#### What is the net present value of the film project

Associated Penguin Productions is evaluating a film project. What is the net present value of the film project