Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. Longmire &
Question:
Prepare the related journal entries for Longmire & Sons.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (24 reviews)
Apr 18 Accounts Receivable 500000 Sales 500000 1...View the full answer
Answered By
Rohith Bellamkonda
I am studying in IIT Indore,the most prestigious institute of India.I love solving maths and enjoy coding
5.00+
1+ 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
-
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $10,000 of merchandise, that cost $7,500, on MasterCard credit...
-
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $16,000 of merchandise that cost $7,000, on MasterCard credit...
-
How can the knowledge that a market will work itself back into equilibrium help economist predict future prices?
-
The genetic code is thought to have evolved to maximize genetic stability by minimizing the effect on protein function of most substitution mutations (single-base changes). We will use the six...
-
For the distribution described in exercise 4, what is the probability of selecting someone who is 64 inches or shorter? Data from exercise 4 If height is normally distributed with a mean of 68 inches...
-
2 Is it likely that the doctor would have reached similar conclusions if an interpreter had been used?
-
The following data pertain to the Aquarius Hotel Supply Company for the year just ended. Budgeted sales revenue.................................................................$945,000 Budgeted...
-
8812 Current rear Assets Casti Accounts receivable, net Inventory Total current sets Equit Accon. depreciation Equipment Total assets Liabilities and Equity Accounts payable Solar les payable Total...
-
John Clais began operations as an event consultant on January 1, 2008. The trial balance columns of the work sheet on March 31 are as follows. Other data: 1. Supplies on hand total $500. 2....
-
Long Corporation is a fabric manufacturing company. On January 20, Long Corporation made sales to Lyndsays Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsays Lace paid Long Corporation...
-
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney & Co. made credit sales of $1,500,000 in Year 1. McKinney & Co. estimates 2.5% of its sales will be...
-
Quigley Inc. is a considering two financial plans for the coming year. Management expects sales to be 300000, operating costs to be 265000 assets to be 200000 and its tax rate is 35%. Under plan A it...
-
In this problem, we consider mild modifications of the standard MDP setting. (a) (10 points) Sometimes MDPs are formulated with a reward function R(s) that depends only on the current state. Write...
-
All-Walnut, Inc. produces two models of bookcases. The bookcases sell for the amount listed in the table below. Each bookcase requires a certain number of labor hours, machine time, and materials...
-
Problem 1 Find the number of degrees of freedom of the mechanisms (a)-(d) (a) (b)
-
3) (10 pts) The following grammar is given E EAE (E) -E | id V={E,A), T={-,(,),*,/,+,id} and starting symbol is E. a) Give the left-most derivation of w= id+id*id. Is w accepted? b) Is this a...
-
4. X, the proprietor of a departmental store, decided to calculate separate profits for his two departments L and M for the month ending 31st January. Stock on 31st January could not be valued for...
-
Which of the following payments is not included in the cost of land? (pp. 407-408) a. Removal of old building c. Back property taxes b. Legal fees paid at acquisition d. Cost of fencing and lighting
-
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
-
You currently hold a portfolio of three stocks, Delta, Gamma, and Omega. Delta has a volatility of 44%, Gamma has a volatility of 47%, and Omega has a volatility of 48%. Suppose you invest 30% of...
-
What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new...
-
What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new...
-
What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new...
-
Which of the following concerning short-term financing methods is NOT CORRECT? Short-term bank loans typically do not require assets as collateral. Firms generally have little control over the level...
-
Kingbird Corporation is preparing its December 31, 2017, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2017, Kingbird declared a...
-
BE13.2 (LO 1), AP An inexperienced accountant for Silva Corporation showed the following in the income statement: net income \$337,500 and unrealized gain on availablefor-sale securities (before...
Study smarter with the SolutionInn App