Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fanzi furniture company engaged in the following t

Fanzi Furniture Company engaged in the following transactions during March of the current year: ...

60.1K

Verified Solution

Question

Accounting

Fanzi Furniture Company engaged in the following transactions during March of the current year:
March 5th : Purchased store supplies on credit terms of eom, $6,800 before taxes
March 8 : Purchased inventory of $54,000 plus a freight charges of 2,200. Credit terms 315,n30
March 9: Returned damaged goods purchased on March 8:$2,000 before taxes
March 10: Sold goods on credit terms 215,n30,$21,600. Fanzi,s cost of these goods was $13,000
March 12: Received returned inventory from March 10 sale : $5,000 before taxes
March 15: Paid supplier for the goods purchased on March 8
March 20: Received $10.000 in partial settlement of the Mach 10
March 30: Received and paid the electricity bill : $1,500, before taxes
Required
Journalize the preceding transactions, with the sales taxes, on the books of Fanzi Furniture Company. The company uses the perpetual inventory system. Give short explanations
Suppose the balance in inventory was $45,500 on March 1. What is the balance in inventory on March 30?
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

10 of the correct value This may be due to roundoff error or you could...

Civil Engineering
1.2K views

Abrams established a rule that relates the water-cement ratio to strength of concrete. List two additional...

General Management
1.2K views

A mortgage service office has the following four activities involved in approving a loan application. Note...

Accounting
1.2K views

Four grams of musk oil are required for each bottle of Mink Caress, a very popular...

Geometry
1.2K views

26 A prism with a hexagonal base 27 Circle R with an arc AB measuring...

Basic Math
1.2K views

8 6 points Analyze and sketch a graph of the function Label any intercepts relati...

Basic Math
1.2K views

D. Roberto is an insurance agent who sells two types of policies: a $50,000 policy...

Basic Math
1.2K views

What are the domain and range of the sine function?Domain: All Real NumbersRange: (-1,1)Domain: All...

Statistics
1.2K views

K Households are randomly selected and partitioned into groups of four For those groups the...

Algebra
1.2K views

Solve the equation Check your solution 3p 3 21

Accounting
1.2K views

How much is cash paid to suppliers? Choose... How much is cash collected from customers?...

Accounting
1.2K views

please answer #2 The Stratton Township Park The Stratton Township Park is located on a...