User Account

All Pages

Which the sale of merchandise with down payment

Assignment Help Financial Accounting
Reference no: EM132835930

Problem 1: In a merchandising company that uses special journals, the sale of merchandise with a 40% down payment is recorded in the

a. Sales journal only
b. Cash receipts journal for 40% of total sales and the remaining 60% in the sales journal
c. General journal only
d. Cash receipts journal only

Problem 2: On August 5, Rafael Trading received an interest-bearing promissory note in exchange for goods sold to its customer. Which of the following statements is INCORRECT?

a. The company is expected to pay the maturity value on maturity date.
b. The company increases its Notes Receivable account on August 5.
c. The maturity value of the note is the sum of the principal and interest amounts.
d. The Sales account is credited in the company's books on August 5.

Reference no: EM132835930

Questions Cloud

How much is the note maturity value : How much is the note's maturity value if it matures on January 14, 2021? On September 16, 2020, a note for ?18,000 that bears interest at 12 percent was receive
How much was the company net sales revenue : On the work sheet, the statement of financial position should have the same debit and credit column totals? Before net income is added to its debit column
How can make adjustment journal entries on December : The interest rate on the note is: 5%. Note receivable amount is on Trial balance: $15,653. How can make adjustment journal entries on December
Discussion about the first amendment arguments : Responses you could make to the First Amendment arguments that are consistent with the cases in the assigned readings. Prepare this assignment according to.
Which the sale of merchandise with down payment : In a merchandising company that uses special journals, which the sale of merchandise with a 40% down payment is recorded in the
Prepare the May and November journal entries : On November 4, Zirbal reissued 1,600 shares of this treasury stock for $20,800. Prepare the May 3 and November 4 journal entries
Describe your center or school philosophy of assessment : Describe your center or school's philosophy of assessment. Your philosophy must be supported by scholarly or credible sources.
Journalize the entries related to the bonds transactions : What is the carrying value of the bonds prior to retirement in Dec. 31, 2019? Journalize the entries related to the bonds transactions
What cash flows will you pay and receive : If the bond's yield to maturity was 4% when you purchased and sold the bond, what cash flows will you pay and receive

Reviews

Write a Review

Financial Accounting Questions & Answers

  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

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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