Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 26, 2024

Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Periodic System Fortune Distributing Company had the following transactions with Arlington, Inc., during November: Nov.

Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Periodic System Fortune Distributing Company had the following transactions with Arlington, Inc., during November: Nov. 10 Fortune sold and shipped $14,000 worth of merchandise to Arlington Inc. terms 2/10, w30 12 Arlington, Inc. paid freight charges on the shipment from Fortune Company. $880 14 Fortune received $1,400 of merchandise returned by Arlington from the November 10 sale 19 Fortune received payment in full for the net amouns due on the November 10 sale 24 Arlington returned goods that had been billed originally at $800. Fortune issued a check for $784. Required Prepare the necessary journal entries (a) on the books of Fortune Distributing Company and (b) on the books of Arlington, Inc. Assume that both companies use the periodic inventory system.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Management Accounting

Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta

16th edition

978-0133058819, 9780133059748, 133058816, 133058786, 013305974X , 978-0133058789

More Books

Students also viewed these Accounting questions

Question

★★★★★

Barbara buys 100 shares of DEM at $35 a share and 200 shares of GOP at $40 a share. She buys on margin and the broker charges interest of 10 percent on the loan. a. If the margin requirement is 55...

Answered: 1 week ago

Question

★★★★★

In the early 1990s, Japan underwent a recession that brought about a prolonged slump in consumer spending and capital investment. (Some estimate that in 1994 only 65% of Japans manufacturing capacity...

Answered: 1 week ago

Question

★★★★★

Advanced: Key factor and make or buy decision A construction company has accepted a contract to lay underground pipework. The contract requires that 2500 m of 1 0" pipe and 2000 m of 18" pipe be laid...

Answered: 1 week ago

Question

★★★★★

Think about a time when you have received good and bad customer service. Consider how this was related to emotions at work, for example did the employee show you emotions you shouldnt have seen or...

Answered: 1 week ago

Question

★★★★★

Sequoia Furniture Company's sales over the past three months, half of which are for cash, were as follows: a. Assume that Sequoia's collection period is 60 days. What would be its cash receipts in...

Answered: 1 week ago

Question

★★★★★

Kieso Company borrowed $730,000 on a 90-day note at 8 percent interest. The money was borrowed for 60 days in 2014 and 30 days in 2015; the note and interest were to be paid upon maturity in 2015....

Answered: 1 week ago

Question

★★★★★

The figure below is a histogram of the tuition and fee charges for the 2004

Answered: 1 week ago

Question

★★★★★

Find your own example of greenwashing. Explain why you think it constitutes greenwashing. If you were the CEO, would you have authorized the ad you chose? Why or why not?

Answered: 1 week ago

Question

★★★★★

Q22 (a) has been address You receive a task to create a new subnet with two servers. This subnet will be connected to an existing router. The new subnet allocated with network 192.168.20.24/29. The...

Answered: 1 week ago

Question

★★★★★

A construction company in London regularly participates in the bidding process for large scale construction projects in the capital. Over the last few years the company has enjoyed a stable success...

Answered: 1 week ago

Question

★★★★★

The average number of arrivals at a box office is 10 customers per hour. Only 1 customer can be served at the box office at any given time. It takes on average 3.5 minutes for a customer to be...

Answered: 1 week ago

Question

★★★★★

Explain the function of human heart and draw a clear diagram of human heart along with the proper labelling of each part.

Answered: 1 week ago

Question

★★★★★

What is the difference between the weighted average method and the FIFO method as it relates to the calculation of EUPs?

Answered: 1 week ago

Question

★★★★★

Which of the following gives the range of y = 4 - 2 -x ? (A) (- , ) (B) (- , 4) (C) [- 4, ) (D) (- , 4] (E) All reals

Answered: 1 week ago

Question

★★★★★

XY & Co. owns a fleet of 10 trucks each costing Rs 60,000. The company has employed one manager to whom it pays Rs 450 p.m., an accountant who gets Rs 250 p.m. and a peon who gets Rs 100 p.m. The...

Answered: 1 week ago

Question

★★★★★

The following figures are extracted from the books of a firm for the year 1994. Passenger buses 5 Numbers Bus costing Rs 50,000; Rs 1,20,000; Rs 45,000 Rs 55,000 and Rs 80,000 Depreciation 20% of the...

Answered: 1 week ago

Question

★★★★★

From the following, data relating to vehicle X calculate the cost per running kilometre. Vehicle X Kilometres run (annual) 15,000 Tons per km (average) 6 Cost of vehicle Rs 25,000 Road licence...

Answered: 1 week ago

Previous Question Next Question