Using the information from RE8-6, prepare journal entries to record Johnson Companys journal entries if it pays
Question:
In RE8-6, On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnson Company’s purchases if it pays on October 31.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Oct 23 Inventory 99000 Ac...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
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Question Posted:
Students also viewed these Accounting questions
-
The unadjusted trial balance for Bramble Corp. is shown below. BRAMBLE CORP. Trial Balance October 31, 2017 Debit Credit Cash $15,540 Supplies 2,570 Prepaid Insurance 690 Equipment 4,690 Notes...
-
Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the sub sequent payment on November 30. RE7-8 On October 23, Johnson Company purchased $100,000...
-
Prepare journal entries to record these transactions: (a) Benton Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No...
-
Write a detailed executive summary about the appropriation and advancement of Information and Communication Technology (ICT)
-
For each DNA repair process in column I. list all characteristics from column II that correctly describe that process. I (a) Nucleotide excision repair (b) Photorcactivation (c) Base excision repair...
-
A metallurgical firm needs to dispose of 2.74 10 3 gallons of waste sulfuric acid whose concentration has been determined to be 1.53 M. Environmental regulations require them to neutralize the waste...
-
The Pruitt Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: During the year, the company sold for \(\$ 15,000\) cash old equipment that had cost...
-
Pavlov's Home Renovations was started in 2008 by Jim Pavlov. Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company's assets and liabilities as at...
-
James and Kate Sawyer were married on New Year's Eve of 2022. Before their marriage, Kate lived in New York and worked as a hair stylist for one of the city's top salons. James lives in Atlanta,...
-
Russian is an Indo-European language of the Slavic family, spoken in Russia. Determine from the following Russian data whether the low front [a] and the low back [a] complement each other as...
-
On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnson Companys purchases...
-
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year, when Jessie Stores sold 500 units of inventory. Using the...
-
Atlantis REIT expects an income of $8.00 per share. This includes a deduction of $2.00 per share for depreciation. Atlantis did not have any gains from the sale of real estate. Its properties are...
-
On January 1, 2024, Company A paid $100,000 for 8,000 shares of Company B's common stock. For the year ended 12/31/24, Company B reported net income of $52,000, paid a cash dividend of $20,000 (in...
-
In each of the following cases, explain who pays the Zakat due on the assets or the income as mentioned below? a ) Ahmed and Mohamed are partners in a Toy Company. Ahmed own 6 0 % of the company,...
-
Actists Pty Ltd is a yoga/Pilates equipment wholesaler that sells to major yoga and Pilates studios across Australia, with 90% of their sales being credit sales. They have a 30-days payment term,...
-
Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,900 and $23,500, respectively, each year. Estimate Trevor's...
-
6. NTS Inc. is investing in a new project that will generate expected cash flows of $10 starting in one year (t=1), which will grow at a rate of 5% through year t=7. After that, these cash flows are...
-
The sales for Jadco were $384,000 and cost of goods sold was $134,400. What is the companys gross profit margin (ratio of gross profit to sales)? a. 45% b. 65% c. 56% d. 35%
-
The roof of a refrigerated truck compartment is of composite construction, consisting of a layer of foamed urethane insulation (t2 = 50 mm, ki = 0.026 W/m K sandwiched between aluminum alloy panels...
-
Apnex, Inc., is a biotechnology firm that is about to announce the results of its clinical trials of a potential new cancer drug. If the trials are successful, Apnex stock would be worth $62 per...
-
(Qualitative Characteristics) Recently, your Uncle Waldo Ralph, who knows that you always have your eye out for a profitable investment, has discussed the possibility of your purchasing some...
-
(Matching) Hinckley Nuclear Power Plant will be mothballed at the end of its useful life (approximately 20 years) at great expense. The matching principle requires that expenses be matched to...
-
Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one...
-
VKC is evaluating an investment proposal to manufacture Product AB , which has performed well in test marketing trials conducted recently by the company s research and development division. The...
-
Required information Skip to question [The following information applies to the questions displayed below.] Petro Motors Incorporated (PMI) produces small gasoline-powered motors for use in lawn...
-
Suppose there are 5 lines inside the coordinate system, lying on y = 0, 1, 2, 3, 4. Each of the lines' length is 5. Now suppose there are 5 needles which length is 0.8, those needles were dropped on...
Study smarter with the SolutionInn App