Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 11, 2022

Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $13,000, with

Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $13,000, with terms 2/10, net 30. The cost of the merchandise sold was $8,450. Sale Cost b. Received payment within the discount period.

Step by Step Solution

★★★★★

3.42 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

Journal Entries Tran Account Title Debit C... blur-text-image

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

Financial ACCT2

Authors: Norman H. Godwin, C. Wayne Alderman

2nd edition

9781285632544, 1111530769, 1285632540, 978-1111530761

More Books

Students also viewed these Accounting questions

Question

★★★★★

Journalize the transactions For a compound transaction if an amount box does not require an entry leave it blank For December 13th transactions a record the payroll and b payment of salaries For...

Answered: 1 week ago

Question

★★★★★

Journalize the following merchandise transactions: a. Sold merchandise on account, $16,000 with terms 2/10, n/30. The cost of the merchandise sold was $9,600. b. Received payment less the discount.

Answered: 1 week ago

Question

★★★★★

The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping...

Answered: 1 week ago

Question

★★★★★

When considering banning a toxic chemical, why should replacement substances or processes be part of the decision?

Answered: 1 week ago

Question

★★★★★

Explain why you must earn 10% on all income received from an investment during its holding period in order for its yield actually to equal the 10% value youve calculated.

Answered: 1 week ago

Question

★★★★★

(APPENDIX 6B) INVENTORY COSTING METHODS: PERIODIC AVERAGE COST Refer to the information for Filimonov Inc. given earlier (see Cornerstone Exercise 6-24). Assume that Filimonov uses a periodic...

Answered: 1 week ago

Question

★★★★★

A random variable X has range RX = {0, 1, 2,}, and suppose that Then the expected value of X equals (a) 13 (b) 3 (c) 32 (d)23 (e)12 P(X > k): k= 0,1,2,...

Answered: 1 week ago

Question

★★★★★

Portfolio managers are frequently paid a proportion of the funds under management. Suppose you manage a $100 million equity portfolio offering a dividend yield (DIV1 / P0 of 5%. Dividends and...

Answered: 1 week ago

Question

★★★★★

.Jordan Auto has developed the following production plan: Month January February March April Units 10,000 10,000 9,000 12,000 Each unit contains 2 pounds of direct materials. The desired direct...

Answered: 1 week ago

Question

★★★★★

Based on Exhibits 1 and 2, the effective duration for the AI bond is closest to: A. 1.98. B. 2.15. C. 2.73. Jules Bianchi is a bond analyst for Maneval Investments, Inc. Bianchi gathers data on three...

Answered: 1 week ago

Question

★★★★★

Illustrative case for income taxation, I have given example of my answer in number 1 I hope you can help me. BA 1A PM VINCO, Answer for work on these part 1.docx * + 2. Illustrative Case: Noel, a...

Answered: 1 week ago

Question

★★★★★

A two-mass system consists of a piston of mass $m_{1}$, connected by two elastic springs, that moves inside a tube as shown in Fig. 5.23. A pendulum of length $l$ and end mass $m_{2}$ is...

Answered: 1 week ago

Question

★★★★★

Two particles carrying charges $q_{1}=-4 \mu \mathrm{C}$ and $q_{2}=$ $12 \mu \mathrm{C}$ are located $5 \mathrm{~m}$ apart. Choose a coordinate system where the first particle is at the...

Answered: 1 week ago

Question

★★★★★

A 6 in. sch 40 pipeline carries a petroleum fraction (viscosity $15 \mathrm{cP}, \mathrm{SG} 0.85$ ) at a velocity of $7.5 \mathrm{ft} / \mathrm{s}$, from a storage tank at $1 \mathrm{~atm}$ pressure...

Answered: 1 week ago

Question

★★★★★

A 2 in. sch 40 pipe carries $\mathrm{SAE} 10$ lube oil at $100^{\circ} \mathrm{F}(\mathrm{SG}=0.928)$. The flow rate may be as high as $55 \mathrm{gpm}$, and you must select an orifice meter to...

Answered: 1 week ago

Question

★★★★★

Two items both have reorder points with service levels of 99%. One of the items is ordered 10 times a year, and the other item is ordered 20 times a year. Do these two items have the same overall...

Answered: 1 week ago

Question

★★★★★

detailed answer 3. Use EBNF to describe the syntax of Java while statements, no need to further define other statements or Boolean expressions

Answered: 1 week ago

Question

★★★★★

What is your opinion of advertising awards, such as the Cannes Lions, that are based solely on creativity? If you were a marketer looking for an agency, would you take these creative awards into...

Answered: 1 week ago

Question

★★★★★

Phoebe's Massage Company uses the allowance method to account for bad debt expense. Phoebe makes credit sales of $70,000 during the year. At year end, Phoebe estimates that $7,000 of those sales will...

Answered: 1 week ago

Question

★★★★★

The following asset information is available for BSI Inc.: Required Prepare a horizontal analysis of BSI's assets. Round percentages to one decimal point (i.e., 12.8%). 2012 2011 S 35,000 60,000 Cash...

Answered: 1 week ago

Question

★★★★★

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...

Answered: 1 week ago

Question

★★★★★

Boot time (the time between the appearance of the Bios screen to the first file that is loaded in Windows) on Eric Mousers personal computer follows an exponential distribution with a mean of 27...

Answered: 1 week ago

Question

★★★★★

Customers at the Bank of Commerce of Idaho Falls, Idaho, default at a rate of .005 on small home-improvement loans. The bank has approved 400 small home-improvement loans. Assuming the Poisson...

Answered: 1 week ago

Question

★★★★★

A carbon monoxide detector in the Wheelock household activates once every 200 days on average. Assume this activation follows the exponential distribution. What is the probability that: a. There will...

Answered: 1 week ago

Previous Question Next Question