Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

only Help with Part B please On October 5, Flounder Corporation buys merchandise for resale on account from Novak Corporation. The selling price of the

only Help with Part B please
image text in transcribed
image text in transcribed
On October 5, Flounder Corporation buys merchandise for resale on account from Novak Corporation. The selling price of the goods is $4,560, and the cost to Novak Company is $2,850. On October 8. Flounder returns defective goods with a selling price of 5690 and a cost of $270. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $270, if not more. Both companies use a periodic inventory system. (a) - Your answer is partially correct. Record the transactions on the books of Flounder Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Oct. Supplies 5 4560 4560 Accounts Payable 690 8 Accounts Payable 690 Supplies e Textbook and Media List of Accounts Attempts: 2 of 2 used (b) - Your answer is partially correct Record the transactions on the books of Novak Corporation (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Oct. Cost of Goods Sold 2850 5 2850 Inventory 270 8 Inventory 270 Cort of Goods Solid eTextbook and Media List of Accounts Sare for Attempts: 1 of 2 used Sobelt

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Recommended Textbook for

Global Financial Systems Stability And Risk

Authors: Jon Danielsson

1st Edition

0273774662, 9780273774662

More Books

Students also viewed these Accounting questions

Question

14.5 Describe how accidents at work can be prevented.

Answered: 1 week ago