Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare journal entries to record each of the foll

Prepare journal entries to record each of the following sales transactions of a merchandising company....

50.1K

Verified Solution

Question

Accounting

image
image
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. April 1 sold merchandise for $6,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,720 April 4 The customer in the April 1 sale returned $700 of nerchandise for full credit. The merchandise, which had cost April 8 Sotd merchandise for $2,600, with credit terms of 1/10,n/30; invoice dated Aprit 8. Cost of the nerchandise is $1,820. April 11 Received payttent for the amount due from the April 1 sale less the return on April 4. 1. At year-end, Barr Company had shipped $14,300 of merchandise FOB destination to Lee Company. Which company should include the $14,300 of merchandise in transit as part of its year-end inventory? 2. Parris Company has shipped $21,800 of goods to Harlow Company, and Harlow Company has arranged to sell the goods for Parris. Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In determining the causes of others' behavior, we overemphasize _____ factors; this is the _____. Select one: a....

Psychology
Q

In fruit flies the gene for red eyes R is dominant and the gene for...

Biology
Q

A galvanometer has an internal resistance of 50 2 and current required for full scale...

Physics
Q

Lesson 7 2 Homework A HW 12 Complete problems 1 6 below for independent practice...

Geometry
Q

How long will it take 20 machines to complete a task given that it takes...

Basic Math
Q

Groom Lawn Equipment pays Kim Jones a $1520 monthly salary plus a 15% commission on...

Basic Math
Q

Find the products in simplest form 8 5 K 21 16

Algebra
Q

7) MC Qu. 108 Financial statements of ... Financial statements of Rukavina Corporation follow: ...

Accounting
Q

Answer the following questions utilizing EDGAR website for Coca Cola and PepsiCo.... 1.What are...

Accounting
Q

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost...

Accounting
Q

Use the following selected accounts and amounts with normal balances from Juan Company's adjusted trial...

Accounting
Q

Anglen Company manufactures and sells trophies for winners of athletic and other events. Its manufacturing...

Accounting