Asheton Supplies Inc. purchases 1,000 fax machines from its main supplier for $100,000 cash. Asheton plans to
Question:
Required
Prepare the entry that Asheton would make to record the purchase. Explain your reasoning for the account(s) you use to record the new fax machines.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 82% (17 reviews)
Inventory 90000 Equipment 10000 Cash 100000 Inventory900 machi...View the full answer
Answered By
ANKIT SAHU
__I'M A MECHANICAL ENGINEER
__ALONG WITH MY CLASSROOM STUDIES,I WORK AS A SCIENCE FACULTY IN PRIVATE INSTITUTE,THEN INDIVIDUALLY I WORK AS A HOME-TUTOR & FINALLY I STARTED MY OWN PRIVATE COACHING INSTITUTE.
__I HAVE TOTAL 4 YEARS OF EXPERIENCE IN TEACHING.
__I HAVE EXPERIENCE & ABILITY TO RESOLVE ANY QUERY IN ITS EASIEST AND FASTEST WAY.
__(FACT & FIGURES)-THIS IS ACTUALLY WHAT I HAVE IN MY TEACHING TECHNIQUE.
__SCIENCE & TECHNOLOGY
__MECHANICAL ENGINEERING
__FOREIGN LANGUAGE(SPANISH & JAPANESE).
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Prepare the closing journal entry that Reitmans would make on January 28, 2012. (Alternative approach: Set up an accounting equation spreadsheet using Reitmans' financial statements and record the...
-
1 Paid 3100 cash to purchase materials that were used to make products during the year 2 Paid 2480 cash for wages of factory workers who made products during the year 3 Paid 29120 cash for salaries...
-
Explain why both business investments and purchases of new homes rise when interest rates decline.
-
A 16 lb weight is attached to a spring with a spring constant equal to 2 lb/ft. Neglect damping. The weight is released from rest at 3 ft below the equilibrium position. At t = 2r sec, it is struck...
-
Consult Section 401 of SARBOX. How would Section 401 apply on the Enron audit? Do you think Section 401 would have improved the presentation of Enrons financial statements? Why or why not?
-
Ex D ormal BI YA A 17. The straight line depreciation method records depreciation expense: A. Less in the early years and more in the later years. B. Based on the amount of units produced by the...
-
Understand international labor relations. LO.1
-
Sea Ventures manufactures goods on a job order basis. During the month of June, three jobs were started in process. (There was no work in process at the beginning of the month.) Jobs Racers and...
-
Question 3 of 2 2 - 1 5 Swifty Corporation began operations on December 1 , 2 0 2 2 . The only inventory transaction in 2 0 2 2 was the purchase of inventory on December 1 0 , 2 0 2 2 , at a cost of...
-
The proposed rates were not in the range the CEO expected given the pricing analysis. The CEO has asked the pricing actuary to verify the total projected loss cost excluding potential large storm...
-
During the current year, Norlander Inc. implemented an inventory management system that it believes will result in greater efficiencies and profits. Norlander's CEO was therefore disappointed when he...
-
The following information is provided for three different companies: A, B, and C: Required Calculate the inventory turnover ratio and days in inventory ratio for each company. How do the companies...
-
Why and when should you use the Business Model Canvas?
-
Is there a difference between a Leader and a Manager; if yes, what and what are the differences? What is the message of the video ? https://youtu.be/TQhns5AwAkA
-
Thomas Inc. purchased 90% of Tracy Co. for $990,000 when the book value of Tracy was $1,000,000. There was no premium paid by Thomas. Tracy currently has 100,000 shares outstanding and a book value...
-
Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...
-
A Community Hospital has two (2) service departments: Maintenance and Food Services. The hospital has three (3) patient care units, namely: General Medicine, OB, and Surgery. Additional information...
-
The following link is for the United States International Trade Commission database on current tariffs that the United States has in place: https://dataweb.usitc.gov/tariff/database This link is for...
-
Internal control should provide reasonable (but not necessarily absolute) assurance, which means that: a. Internal control is management's, not the auditor's, responsibility. b. An attestation...
-
What mass of KBr (in grams) should you use to make 350.0 mL of a 1.30 M KBr solution?
-
How is the worldwide trend towards urbanisation and greater overseas travel affecting opportunities for international selling?
-
For the past few years, your client, Central Medical Group (CMG), has operated a small medical practice. CMG's current annual revenues are $420,000. Because the accountant has been spending more and...
-
Web-based application software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuites are running their core products on the Web. Net-Suite Inc. is one of...
-
Web-based application software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuites are running their core products on the Web. Net-Suite Inc. is one of...
-
An underlying asset price is at 100, its annual volatility is 25% and the risk free interest rate is 5%. A European call option has a strike of 85 and a maturity of 40 days. Its BlackScholes price is...
-
Prescott Football Manufacturing had the following operating results for 2 0 1 9 : sales = $ 3 0 , 8 2 4 ; cost of goods sold = $ 2 1 , 9 7 4 ; depreciation expense = $ 3 , 6 0 3 ; interest expense =...
-
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
Study smarter with the SolutionInn App