Given the following unidentified journal, write an explanation for each transaction. Debits Credits Sales Acc. Sales COGS
Question:
Transcribed Image Text:
Debits Credits Sales Acc. Sales COGS Dr Date Cash Dis. Rec. Rev. Other Acct. Amount Inw. Cr 1,250 Aug. 8 3,000 3,000 Ruff, Capital2500 10 2,500 15 340 27 490 10 500 31 6,330 10 840 3,000 Totals 340 Lucille Adams Marshall Field 2,500 1,250
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Aug 8 Sold merchandise with a cost of 1250 for ...View the full answer
Answered By
Payal Mittal
I specialize in finance and accounts.You can ask any question related to til undergradution.Organizational behaviour and HRM are my favourites for you can always relate to them and is an art with practical knowledge base.
4.90+
226+ Reviews
778+ Question Solved
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Question Posted:
Students also viewed these Cost Accounting questions
-
Using Financial Reports: Inferring Adjusting Entries and Information Used in Computations and Recording Closing Entries The pre-closing balances in the T-accounts of Waldman Company at the end of the...
-
The pre-closing balances in the T-accounts of Hook M Horns Company at the end of the third year of operations, December 31, 2010, follow. The 2010 adjusting entries are identified by letters....
-
The pre-closing balances in the T-accounts of Naim Company at the end of the third year of operations, December 31, 2014, follow. The 2014 adjusting entries are identified by letters. Required: 1....
-
Umida Ltd is considering acquiring Trinity Ltd. Both companies are all-equity firms. Umida and Trinity have 5 million and 6 million shares outstanding respectively. Umida generates $2 million in...
-
Matching Definitions with Terms Match each definition with its related term by entering the appropriate letter in the spaceprovided. Definition Term (1) At year-end, service revenue of $1,000 was...
-
When making a decision to accept additional business, all of the following would be relevant EXCEPT: Opportunity costs Unavoidable costs O Out-of-pocket costs Incremental revenues
-
Job satisfaction is known from research to be a reasonable predictor of ____________. (a) Type A personality (b) emotional intelligence (c) cognitive dissonance (d) absenteeism
-
Aretail store in Des Moines, Iowa, receives shipments of a particular product from Kansas City and Minneapolis. Let x = units of product received from Kansas City y = units of product received from...
-
10 8- 6- 4 2 1 2 3 -4 -6 -8- -10- -12 The net signed area in the above graph can be written as where c = m = d = = and b = [ (mx+b)e C
-
From the list below, identify the headings and the account names of LP Gas Co. Assign an account number to each account. Assets ...................................... LP, Capital Current...
-
Use the sales journal and the related ledger accounts in Exhibit 7-6, page 387, to answer these questions about Slopes Ski Shop. 1. How much inventory did Slopes have on hand at the end of November?...
-
Heartland Paper Company is considering the purchase of a new high-speed cutting machine. Two cutting machine manufacturers have approached Heartland with proposals: (1) Toledo Tools and (2) Akron...
-
1. Organization members often strive to avoid all forms of conflict. Is sweeping or across-the-board conflict avoidance healthy for individual members or the organization as a whole? Explain why or...
-
What type of organization structure is the Trust? Is the structure conducive for implementing a portfolio of projects in multiple African countries? [30 marks] Explain how establishing a Project...
-
How have you seen organization change take place?Were there specific steps in the course that the organization followed? How effective was the change?
-
1. Explain the following metaphors: -the organization as an organism -The organism as a prison of the psyche -the organization seen as flows and transformations 2. Explain the basics of bureaucracy?...
-
What organization do you feel does a great job taking advantage of the different types of channel discounts and allowances and why? Does this organization use this strategy as a competitive advantage...
-
Steel (AISI 1010) plates of thickness = 6 mm and length L = 1 m on a side are conveyed from a heat treatment process and are concurrently cooled by atmospheric air of velocity u = 10 m/s and T =...
-
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
-
TELUS Corporation's income statement and balance sheet on MyAccountingLab provide details about the company's long-term debt and equity. Use the data to answer the following questions: 1. What did...
-
Sun-Rype Products Limited is a manufacturer and marketer of juice-based beverages and fruit-based snacks based in the fruit-growing district of British Columbia but with sales across Canada....
-
For each situation, compute the required amount using the tables in this appendix. 1. Summit Enterprises Ltd. is budgeting for the acquisition of land over the next several years. The company can...
-
Way Cool produces two different models of air conditioners. The company produces the mechanical systems in its components department. The mechanical systems are combined with the housing assembly in...
-
Hatch Manufacturing produces multiple machine parts. The theoretical cycle time for one of its products is 30 minutes per unit. The budgeted conversion costs for the manufacturing cell dedicated to...
-
The objective of the Additional Refundable Tax on Investment Income is to discourage the use of a Canadian controlled private corporation to defer taxes on investment income. . True False
Study smarter with the SolutionInn App