Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10, n/30. November 11 Wards Inc. received payment from Ace Company for the full amount owed from the November 3d transaction. December 5 Sold $257,000 in ice salt to Northern Solutions with terms of 2/10, n/30. December 17 Northern Solutions paid Wards Inc. for its purchase on December 5th. Required: Prepare the necessary journal entries for Wards Inc. For the following accounts identify the proper subsection of the balance sheet it should be included: A Current Assets B. Other Assets C. Property, Plant and Equipment (PPE) D. Long-term Investments E. Intangible Assets F. Current Liabilities G. Other Liabilities H. Stockholders' Equity Note: You may use the above options more than once or not at all. Section Account Inventory Accumulated Depreciation – Equipment Allowance for doubtful accounts Other-comprehensive income (OCI) Non-controlling interest Equity investments Supplies Patent Additional-Paid-In-Capital (APIC) Long-term debt Accounts payable Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10, n/30. November 11 Wards Inc. received payment from Ace Company for the full amount owed from the November 3d transaction. December 5 Sold $257,000 in ice salt to Northern Solutions with terms of 2/10, n/30. December 17 Northern Solutions paid Wards Inc. for its purchase on December 5th. Required: Prepare the necessary journal entries for Wards Inc. For the following accounts identify the proper subsection of the balance sheet it should be included: A Current Assets B. Other Assets C. Property, Plant and Equipment (PPE) D. Long-term Investments E. Intangible Assets F. Current Liabilities G. Other Liabilities H. Stockholders' Equity Note: You may use the above options more than once or not at all. Section Account Inventory Accumulated Depreciation – Equipment Allowance for doubtful accounts Other-comprehensive income (OCI) Non-controlling interest Equity investments Supplies Patent Additional-Paid-In-Capital (APIC) Long-term debt Accounts payable
Expert Answer:
Answer rating: 100% (QA)
Solution 1 JOURNAL ENTRIES FOR WARDS INC DATE PARTICULARS Dr Cr November 3 Ace co ac Dr 554555 To Sa... View the full answer
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
Posted Date:
Students also viewed these accounting questions
-
Given the network below and the activities' three-time estimates, answer the following questions: Activity A 0/0/0 Activity B 18/30/72 Activity C 45/61/131 Activity D 24/36/90 Activity E 12/18/48...
-
Prepare the necessary journal entries to record the following transaction for the city of Small ville during 2017 in the general fund and account groups, and specify the account group used. Entries...
-
Prepare the necessary journal entries to record each of the following transactions of Dewey County College. 1. Tuition and fees charged for the fall 20X8 semester totaled $3,700,000; $100,000 of this...
-
What is the net present value of the following cash flows if the relevant discount rate is 7 percent? 0 -11520 1 81 2 650 3 880 4 2300 5 15800
-
Suppose Super-Value, a major retail food company, is thinking of introducing a new product line into a market area. It is important to know the age characteristics of the people in the market area....
-
a. Write a balanced symbol equation for the reaction of barium carbonate with dilute nitric acid. b. Which one of the three compounds listed will decompose at the lowest temperature? i. Calcium...
-
Which of the following is accurate concerning the auditor responsibilities in the performance of preliminary engagement activities? (a) The auditor team leader must conduct the quality control for an...
-
Paulson's Pet Store completed the work sheet on page 600 for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $21,900. The current portion of Mortgage Payable is $500....
-
You are given the following information regarding the call options on stock Z: C1 (K = 50) = 12 C2 (K = 55) = 7 C3 (K = 60) = 3 Assume no divi...
-
Thunder Attractions, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost 136,000 and have an estimated useful life of 5 years. It will be sold for 60,000...
-
How much money should be deposited annually is a bank account for five years if you wish to withdraw $5,000 each year for three years, beginning five years after the last deposit? The interest rate...
-
Make a equation of a cubic function that has three zeros (you decide where they are) passing through the point (2, -8). Provide a solution of how you found the equation
-
. 1.what is internet of things and how they coutribute to big data? 2.How you can ensure that your database is completely secured against all types of therese 3. Identify the five security...
-
If we have 5 servers, how many messages will be sent using a complete server to server communication protocol? Column family Bs use the key-value paradigm but with column name instead of key. True or...
-
What type of paper should be used to get a straight line for the following equations? Show the mathematical justification for your choice. (a)P = 3.7Q 2 (b) Z = 4.62 * 5.13t (c)y = 5.81e 3.6 X
-
3. Evaluate .3 Xx dx. x2 9 Hint: Try the problem twice: Once with trigonometric substitution, and a second time try substituting u = x-9. This trick would also work on dx, but would not work on 9 x2...
-
Problem 8-31 (Algo) Completing a Master Budget [LO8-2,LO8-4, LO8-7, LO8-8, LO8-9, LO8-10]Hillyard Company, an office supplies specialty store, preparesits master budget on a quarterly basis. The fo 2...
-
The area of a rectangle is 30 cm 2 and its perimeter is 26 cm. Find the length and width of the rectangle.
-
Mr. Frost controls proxies for 32,000 of the 60,000 outstanding shares of Express Frozen Foods Inc. Mr. Cooke heads a dissident group that controls the remaining 28,000 shares. There are seven board...
-
John Churchill, instead of taking a job with a large company on graduation, had started his own chain of muffin shops. The menu featured different varieties of freshly baked muffins, along with...
-
Discuss the various uses for both linear and nonlinear break -even analysis.
-
Everyone has a different tolerance for risk. Some people will try anything once, including skydiving and whitewater rafting. Others take every precaution to avoid danger.
-
What are the main types of investment alternatives?
-
A friend wants to invest a \($500\) bonus she received. What would you advise?
Study smarter with the SolutionInn App