Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting
Question:
Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, EOM. The cost of the merchandise was $1,400.
4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, was returned to inventory.
11 Received payment for the amount due resulting from the April 1 sale, less the return and applicable discount, on April 4
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
Apr 1 Accounts Receivable 2000 Sales 2000 To record credit sale 1 Cost of Goods Sold 1400 ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
After the success of its first two months, Mary Graham has decided to continue operating F.cho Systems. (The transactions that occurred in these months are described in Chapter 2.) Before proceeding...
-
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Sept. 15 Purchased merchandise with an...
-
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased merchandise with an...
-
Informative Speech Critique Evaluating Rhetorical Choices You may just number the questions and add a paragraph or two to answer - 1. Did you find the speaker credible? Why or why not? 2. Did the...
-
What is speech analytics? How does it relate to sentiment analysis?
-
Liu and Espahbodi (2014) suggest that a firms dividend policy affects its propensity to smooth earnings. How might this finding affect financial statement analysis?
-
What is public relations? Whom can an organization reach through public relations?
-
Recording Journal Entries Blaine Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February: February 1 Paid $275 for rent of hangar space in...
-
Let f(t) be the temperature of a cup of coffee t minutes after it has been poured. Interpret f(8) = 110 and f'(8)=-5. Estimate the temperature of the coffee after 8 minutes and 42 seconds, that is,...
-
Referring to the format presented in Exhibit 5.2, calculate gross profit and the net income or net loss for each of the following. $14,000 $102,000 68,000 $540,000 $398,000 Cost of goods sold.8,000...
-
Using a format similar to Exhibit 5.11, calculate net sales, gross profit from sales, and the gross profit ratio (round to two decimal places). Sales Sales discounts 130,000 512,000 35,700 $245,700...
-
Divide yourselves into groups and come to a consensus regarding what you would do about each of the following group problems. a. Adhira has missed the first three meetings of the group. For the first...
-
Two asteroids at rest are separated by 2.0 x 102 m. The mass of each asteroid is 1.0 x 10 kg. a. Find the force of gravity on each asteroid, due to the other asteroid. b. Find the acceleration of...
-
Bella is retiree who believes in the efficient market hypothesis. As such, she is committed to passive investing. She would also like to set-up a systematic withdrawal plan from her investment...
-
Explain the major differences between domestic capital budgeting and international capital budgeting? Is it possible for MNC's to actually lower their discount rate using international projects?
-
The 7.62x39 cartridge, with a 124 grain projectile with a BC of .275, is a good choice for long range competition shooting. The 7.62x39 cartridge, with a 124 grain projectile with a BC of .275, is a...
-
What is the Net Present Value of the following cash flow stream? Year Cash Flow 0 -$3,421 1 $2,474 2 $1,382 3 $3,413 4 $2,306 Assume an interest rate of 16%.
-
Use your calculator to evaluate these logarithms to three decimal places. a. log 9 230 b. log 5 33 c. log 10 1020 d. log e 3
-
Grace is training to be an airplane pilot and must complete five days of flying training in October with at least one day of rest between trainings. How many ways can Grace schedule her flying...
-
Key figures for Research In Motion and Apple follow. Required 1. Compute common-size percents for each of the companies using the data provided. 2. Which company retains a higher portion of...
-
As Baldwin Company controller, you are responsible for informing the board of directors about its financial activities. At the board meeting, you present the following information. After the meeting,...
-
Access the February 19, 2010, filing of the December 31, 2009, 10-K report of The Hershey Company (ticker HSY) at www.sec.gov and complete the following requirements. Required Compute or identify the...
-
Posting a Revenue Journal The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $880 consisting of an amount due from...
-
Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects credit sales of $40,000 and $73,000, respectively. The company expects to...
-
Eight years ago, SW purchased 1,900 shares of Delta stock. On May 20 of the current year, it sold these shares for $38 per share. In each of the following cases, compute SWs recognized gain or loss...
Study smarter with the SolutionInn App