On November 10, 201X, a voucher for $1,000 for merchandise purchased on account from Beverly Company was
Question:
On November 10, 201X, a voucher for $1,000 for merchandise purchased on account from Beverly Company was prepared by Lake Corporation. On November 14, Lake decided to return merchandise due to poor workmanship. The price of the merchandise returned was $570. Record the entries in general journal form for November 10 and 14.
Step by Step Answer:
201X Nov 10 Purchases 1 0 0 0 00 Vouchers Payable Beverly Co 1 0 0 0 ...View the full answer
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
On November 10, 201X, a voucher for $1,060 for merchandise purchased from Gardner Company was prepared by Pike Corporation. On November 14, Pike decided to return merchandise due to poor workmanship....
-
On November 10, 201X, a voucher for $970 for merchandise purchased from Beverly Company was prepared by Nathan Corporation. On November 14, Nathan decided to return the merchandise due to poor...
-
On November 10, 201X, a voucher for $1,030 for merchandise purchased on account from August Company was prepared by John Corporation. On November 14, John decided to return merchandise due to poor...
-
Find the laurents series f(z)= 1/(z-1)(z-2) (i) |z| <1 (ii) 1 2
-
If securities markets are efficient, what is the NPV of any security, regardless of risk?
-
The executives at CBC have four main areas in which they are interested: They want to see how they are doing in ratings against the other networks and how the ratings will continue to change in the...
-
Why not use copies of the sales order as the picking ticket, packing list, and sales invoice?
-
1. Some observers maintain that privacy rights are quickly becoming a thing of the past. In your opinion, is it possible to protect privacy rights in todays online world? 2. Many argue that the...
-
Storrs Cycles has just started selling the new Cyclone mountain bike, with monthly sales as shown in the table. Month Jan Feb Mar Apr Sales 407 380 414 375 Based on the given monthly sales data, it...
-
Ziggy's Inc. is a retailer of highly specialized clothing that opened for business on May 1, 2014, in a leased store in a strip mall. A condensed income statement for Ziggy's Inc. for its year, ended...
-
Elliott Company uses a voucher system along with a petty cash fund. Record each of the following entries in general journal form. Assume that Elliott Company records all vouchers at gross. 201X Aug 3...
-
On August 15, 201X, Quincy Company prepared voucher no. 90 to record the purchase of equipment on account for $930. On August 18, Quincy Company decided to pay $930 in two equal installments....
-
At what point or phase in the life cycle of a project should a project manager be appointed?
-
there was a romantic idea that the French were more naturally inclined to form bonds of brotherhood with Native Americans than the English or Spanish. How did Richard White dispel this idea?
-
The Manchester Corporation manufactures wooden pictures frames and reported the following information related to the production and sale of 20,000 units: Budget Actual Sales $655,000 $687,000 Direct...
-
a.Describe the cytoskeleton and its functions b.List all the major organelles and their functions.
-
2. The new CEO of Radco Manufacturing has asked for a variety of information about the operations of the firm from last year. The CEO is given the following information, but with some data missing:...
-
Why are some advantages and disadvantages of firms's use of long-term debt? Define and explain the concept of flotation costs. What are the benefits to investors of owning preferred stock? Why would...
-
How is it possible that companies get by without some sort of stable and clear direction? What does this tell you about the business and industry environment in which they operate?
-
Two mutually exclusive investment alternatives are being considered. Alternative A requires an initial investment of $20,000 in a machine. Annual operating and maintenance costs are anticipated to be...
-
Wendy Jones operates a wholesale computer centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal. The account balances as of May 1, 2013, are...
-
Abby Ellen owns Abby's Toy House in Halifax. As her newly hired accountant, your task is to: a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post to the...
-
Bills Cosmetic Market of Brandon began operating in April. There is 8% PST and 5% GST on all cosmetic sales. Bill offers no discounts. The following transactions occurred in April: Required a....
-
Why is it important to introduce business people to transactional accounting (debits and credits)? Has technology like accounting software replaced the need to understand transactional accounting?...
-
1 Lea los reportajes sobre distintos esfuerzos en pases andinos. Apunte diez de las palabras del Vocabulario del tema que encuentre. Hay ms pero solo debe apuntar diez. Luego, apunte quince cognados...
-
Explain the potential regression method you will use for this document Ex) I plan to use such and such regression method because ... Ex) Likert-scale survey responses are nominal, and so requires...
Study smarter with the SolutionInn App