Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $29,500 on October 12 . Terms of the purchase were 2/10,n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,750 was sold on account for $29,000. d. It was determined that inventory on hand at the end of October cost $30,710. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions including he adjusting entry at the end of October to record cost of goods sold. James considers purchase discounts lost as part of interest xpense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Other questions asked by students
26 2 Points Graph the three functions on a common screen y x y x...
One environmental group did a study of recycling habits in a California community It found...
Identify the terms in the following algebraic expression 5ab 9bc 4ac ac Which of the...
On January 1, 2016, Concord Corp. signs a contract to lease manufacturing equipment from Stone...
Please solve 3a and 3b 3) Based upon the information of cost movement in...
At the end of 2018, Hodge Company prepared the following schedule of investments in trading...
A2 the beginning of 2020 , your company buys a $30,000 piece of equipment that...
Question 1: Dividends are taxed at a lower rate than capital gains. This suggests that...
Campbell Cinemas is considering a contract to rent a movie for $2,200 per day. The...
QUESTION 1 Please enter your answers here. Each problem has questions associated with it. PLEASE...
Innova uses 1,100 units of the component IMC2 every month to manufacture one of its...