FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Long corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay Lace in the amount if $15,000 with terms of 2/10, n/30. Lindsay's paid Long on January 28. Long records Accounts receivables and sales at the gross price.

Prepare the related journal entries for Long

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

6.21 Probability in tails for given z-score For a normal distribution, a. Show that a total probability of 0.01 falls more than z = 2.58 standard deviations from the mean. b. Find the z-score for...

Answered: 1 week ago

Question

★★★★★
Strathcona Paper rewards its managers on the basis of the after-tax return on investment of the assets that they managethe higher the reported return on investment, the higher the reward. The company...

Answered: 1 week ago

Question

★★★★★
Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year...

Answered: 1 week ago

Question

★★★★★
When recording an adjusting entry for a prepaid expense O a. an asset account is debited. b. a liability account is debited. O c. an expense account is credited. O d. an asset account is credited....

Answered: 1 week ago

Question

★★★★★
June is a 34-year-old Jewish woman of color from New York, NY, and an Army Sergeant based in Georgia. She served one tour of duty in Iraq. Currently, she is in the process of being discharged due to...

Answered: 1 week ago

Question

★★★★★
Silvia is a 23-year-old, single, Vietnamese-American female brought into the emergency department by her father and sister. Silvia states she feels "unsafe" and expresses a paranoid fear that a...

Answered: 1 week ago

Question

★★★★★
Problems 1.On 8.23.17, the night before the Powerball lottery results were announced, a man posted ( and then deleted) the following Tweet: "If I win, 10 people who RT this tweet will get $1,000,000...

Answered: 1 week ago

Question

★★★★★
Abigail has three children - Ben who is a toddler aged 2, Marie who is aged 8, and a 15 year old named Josh. Abigail lives in a deteriorating two bedroom apartment in a crime ridden part of town. She...

Answered: 1 week ago

Question

★★★★★
As part of its internal analysis, an HR manager at a consumer products firm is asked to prepare a forecast for the supply of product managers over the next year. Which of these techniques would...

Answered: 1 week ago

Previous Question Next Question