Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 08, 2024

Long Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsays Lace in the amount of $15,000 with terms of 2/10,

Long Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsays Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsays paid Long on January 28. Long records accounts receivable and sales at the gross price.

image text in transcribed

Prepare the related journal entries for Long. PAGE 9 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5

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

Tax Accounting

Authors: Greg Shields

1st Edition

163716128X, 978-1637161289

More Books

Students also viewed these Accounting questions

Question

★★★★★

Describe the function of training in aligning the resources and activities of an organization to its strategic objectives.

Answered: 1 week ago

Question

★★★★★

=+b) If Shawn thinks theres a 60% chance the long-range predictions will predict a 50% chance of good conditions, find the corresponding EVwSI.

Answered: 1 week ago

Question

★★★★★

Lexigraphic Printing Company is considering replacing a machine that has been used in its factory for four years. Relevant data associated with the operations of the old machine and the new machine,...

Answered: 1 week ago

Question

★★★★★

(Hound to the rearest cent)

Answered: 1 week ago

Question

★★★★★

Which of the following resources is the most difficult to imitate? Which of the following resources is the most difficult to imitate? Brand image State of the art manufacturing facilities Low cost...

Answered: 1 week ago

Question

★★★★★

Renaldo's Bakery makes bread for the local restaurants. Gennaro's job is to inspect the bread for defects, including size, holes, slice width, hardness, and softness. Each loaf of bread could have as...

Answered: 1 week ago

Question

★★★★★

An archer wants to test the speed of his shot (arrow) using limited sources. During the experiment, he hits a solid ball made up of clay soil having mass 0.4 kg kept at a height of 80 m on the...

Answered: 1 week ago

Question

★★★★★

The term (2 points) refers to a broad range of tools and activities used to explore big data in order to make forecasting models that will inform decision-making. a) Information system b) Knowledge...

Answered: 1 week ago

Question

★★★★★

Jim decided to sell his business because he wanted to retire. Through their lawyers, Mike agreed to buy Jim's business for $500,000. A certified cheque was specified as the method of payment for the...

Answered: 1 week ago

Question

★★★★★

Does your strategic intent take you towards your vision if successfully executed?

Answered: 1 week ago

Question

★★★★★

Does your strategic intent require the organisation to change at least as fast as the eternal environment?

Answered: 1 week ago

Question

★★★★★

Are the investments going to be supported by the stakeholders?

Answered: 1 week ago

Previous Question Next Question