On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10. n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. Note: for your answers: Santos Fisheries is the seller and Golden Fish is the buyer. Prepare the journal entry to record the purchase by Golden Fish. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10. n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. Note: for your answers: Santos Fisheries is the seller and Golden Fish is the buyer. Prepare the journal entry to record the purchase by Golden Fish. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR:
Expert Answer:
Answer rating: 100% (QA)
General Guidance The answer provided below has been developed in a clear step by step manner Step 1 ... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
On November 1, 2013, Dos Santos Company for ecasts the purchase of raw materials from a Brazilian supplier on February 1, 2014, at a price of 200,000 Brazilian reals. On November 1, 2013, Dos Santos...
-
purchases and sales note not all journal entry numbersletters or lines may need to be completed or require fillin if no journal entry is needed, write na seller's entries date description post ref...
-
terms for payment on accountfrom the buyer to the seller in some industriesit is customary to give a discount for early paymentA discount might be labeled 15 n20 which means that thr buyer either can...
-
A Contractors Ltd was formed on 1 January 2012 and the following purchases and sales of machinery were made during the first 3 years of operations. Each machine was estimated to last 10 years and to...
-
Loan Request Simon Fraser started a landscaping and lawn-care business in April 2010 by investing $20,000 cash in the business in exchange for capital stock. Because his business is in the Midwest,...
-
A 45 wt% Pb-55 wt% Mg alloy is rapidly quenched to room temperature from an elevated temperature in such a way that the high-temperature microstructure is preserved. This microstructure is found to...
-
Ernie Els wants to save money to meet two objectives. First, he would like to be able to retire 30 years from now with a retirement income of \($300,000\) per year for 20 years beginning at the end...
-
Tolbert Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Tolbert Enterprises Inc., with balances on January 1,2012, are as follows: Common Stock , $10 stated value...
-
Acme Materials Company manufactures and sells synthetic coatingsthat can withstand high temperatures. Its primary customers areaviation manufacturers and maintenance companies. The followingtable c 2...
-
A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $22,000 cash as an owner investment in exchange for common stock. December...
-
Z plc has found that it can estimate future sales using time series analysis and regression techniques. The following trend equation has been derived: y = 25,000 + 6,500x where: y is the total sales...
-
The ABC Corporation manufactures and sells two products: T1 and T2. 20XX budget for the company is given below: Projected Sales Units Price T1 60,000 $165 T2 40,000 $250 Inventories in Units January...
-
Solve 2 Sxax-b ax - b dx 2 xax-bdx= (Type an exact answer. Use parenthe
-
The Joan Company uses the process cost system and average cost method. The following production data are for the month of July, 20--. Production Costs Work in Process beginning of the month:...
-
The Ontario Line will be a 15.6-kilometre subway line that will make it faster and easier to travel within Toronto and beyond. The line will bring 15 new stations to the city and will run from...
-
Describe common mistakes mentors or coaches make when working with a mentee. Discuss alternative techniques that would lead to an improved mentor-mentee relationship, and achievement of agreed-upon...
-
In statistics, p stands for Question Blank 1 of 4 choose your answer... . A result is usually considered statistically significant when Question Blank 2 of 4 p > 0.05 because it is Question Blank 3...
-
1. Use these cost, revenue, and probability estimates along with the decision tree to identify the best decision strategy for Trendy's Pies. 2. Suppose that Trendy is concerned about her probability...
-
The following were selected from among the transactions completed by Ingress Company during January of the current year: Jan. 3 Purchased merchandise on account from Pynn Co., $10,400, terms FOB...
-
Tower Controls Co. had a gross salary payroll of $750,000 for the month ending March 31. The complete payroll is subject to a FICA tax rate of 7.5%. Only $30,000 of this payroll is subject to state...
-
Salvo Delivery Service had the following selected transactions during February: 1. Received cash from issuance of capital stock, $35,000. 2. Received cash for providing delivery services, $15,000. 3....
-
Search the Internet: Is plagiarism fraud?
-
Search the Internet and learn about the AICPA's site on Business Valuation and Forensic/Litigation Services.
-
Go to the Journal of Forensic Accounting Inter- net site. What approach does the publisher, James Edwards, take with respect to the defi- nition of forensic accounting? Is the narrow or broad...
Study smarter with the SolutionInn App