Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q Search R 1/E 14/12/2020 (303207 1 Subway dawgie E 1) Hi rawan abu-ajlan, when you submit this form, the owner will be able to

image text in transcribed
Q Search R 1/E 14/12/2020 (303207 1 Subway dawgie E 1) Hi rawan abu-ajlan, when you submit this form, the owner will be able to see your name and email address, 1.On 25/12/2019 Amazon purchased a group of assets from Samsung company of total amount of 650,000, and it has got a sale discount of 5% of the total amount. It paid 250,000 cash, and the rest was on account. The purchase contract included that Amazon get 10% of the rest amount if it paid within 10 days, and it must pay the rest amount within 2 months - The estimated fair value of purchased assets are as follow: asset Estimated fair value Furniture 73,000 Car 22.500 Inventory 50,000 building 500.000 Total 645 500 Amazon paid the credit amount on 2/1/2020 Requirements 1-prepare the Joumal entry on 25/12/2019, 2-prepare the adjustment entry/s on 31/12/2019 3- Prepare the oumal entry on 2/1 2020 O CIN

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_2

Step: 3

blur-text-image_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 Accounting For MBAs

Authors: Peter Easton, Robert Halsey, Mary Lea McAnally, John Wild

8th Edition

1618533584, 9781618533586

More Books

Students also viewed these Accounting questions

Question

What is wrong with the National Protection Framework

Answered: 1 week ago