Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory. July 2 - Purchased inventory for cash, $800 July 5 - Purchased store supplies on credit terms of net eom, $600. July 8 - Purchased inventory of $3,000, plus freight charges of $230. Credit terms are 3/15 n/30. July 9 - Sold goods for cash $1,200, Hawkeye's cost of these goods was $700. July 11 - Returned $200 of the inventory purchased on July 8. It was damaged. July 12 - Purchased inventory on credit terms of 3/10 n/30, $3,330. July 14 - Sold inventory on credit terms of 2/10 n/30, $9,600(cost $5,000). July 16 - Paid utilities expense, $275. July 20 - Received returned inventory from July 14 sale, $400. Hawkeye shipped the wrong goods by mistake. Hawkeye's cost of the inventory received was $250. July 21 - Borrowed the amount owed on the July 8 purchase. Signed a note payable to the bank for $2,946, which takes into account the return of inventory on July 11. July 23 - Received $6,860 cash in partial settlement of his account from the customer who purchased inventory on July 14. Granted the customer a 2% discount and credited his account receivable for $7,000. July 30 - Paid for the store supplies purchased on July 5.
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of c
List of things to include in a trial balance before adjustments
Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd