FND 154 Fundamentals of Accounting, Accounting Basics

FND 154 Fundamentals of Accounting, Accounting Basics

Assignment Help:

Exercise 5-2 - Harwick company.
1) On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point.

2)On April 6, paid freight costs of $900 on merchandise purchased from Botham.

3) On April 7, purchased equipment on account for $26,000.

4) on April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise.

5) on April 15, paid the amount due to Botham Company in full.

(a) Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.

b) Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. prepare the journal entry to record this payment.

Related Discussions:- FND 154 Fundamentals of Accounting

Accounting concepts and conventions, what is the implication of applying ac...

what is the implication of applying accounting concepts wrongly

Prepare a trial balance with example, Q. Prepare a trial balance with examp...

Q. Prepare a trial balance with example? The Larry Fisher was captain of the football team at Prestige University. Afterwards he earned a master's degree in business administra

What do you mean by work sheet, Q. What do you mean by work sheet? The ...

Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti

Ledger, ledger is said to be the principal book entry and the transactions ...

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces

What do you mean by salaries, Q. What do you mean by Salaries? The reco...

Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays

Accounting, I purchased equipment for 3,000 but only paid 1,000 of it and p...

I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?

Example of income statement of a merchandising firm, Q. Example of Income s...

Q. Example of Income statement of a merchandising firm? To recapitulate the more important relationships in the income statement of a merchandising firm in equation form -

What is accounts receivable, Q. What is Accounts receivable? Accounts r...

Q. What is Accounts receivable? Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a co

STATEMENT OF CASH FLOW, #2, The comparative balance sheets and income state...

#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3

Purchased a latest machine, Teague Company purchased a latest machine on Ja...

Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe

Write Your Message!

Name

Email id

Message

Verfication Code

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

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