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

Question

1 Approved Answer

USA Trading Corporation and you need to record the following transactions in the General Journal & General Ledger for March 2022. The company owns and

USA Trading Corporation and you need to record the following transactions in the General Journal & General Ledger for March 2022. The company owns and operates a retail electronics & appliance store. The company started on March 1, 2022.

March 22 The company collected $20,000 cash in advance from Queens Electronics for Merchandise to be delivered next week; the cost of the merchandise is $ 12,000.

March 29 Shipped and delivered the Merchandise to Queens Electronics.

Step by Step Solution

★★★★★

3.25 Rating (143 Votes )

There are 3 Steps involved in it

Step: 1

22march Merchandise ac D... 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

Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

More Books

Students also viewed these Accounting questions

Question

★★★★★
Record the following transactions in the general journal of Jesse's Quick Clean Service. Assume Scotiabank charges merchants $0.50 per debit card transaction and MasterCard charges 4 percent of sales...

Answered: 1 week ago

Question

★★★★★
Record the following transactions in the general journal of Jesse's Plumbing Store. Assume Scotiabank charges merchants $0.50 per debit-card transaction and MasterCard charges 4 percent of sales as...

Answered: 1 week ago

Question

★★★★★
Record the following transactions in the general journal, assuming that the company records all vouchers as gross: 201X March 6 Voucher no. 8 was prepared for the purchase of $500 of merchandise from...

Answered: 1 week ago

Question

★★★★★
A list of all of the raw materials needed to manufacture a job. Question 5 options: Bill of Materials Job costing Job cost record Question 6 (1 point) A system for assigning costs to products or...

Answered: 1 week ago

Question

★★★★★
In 150 words or fewer, explain the difference between trading investments and available- for- sale investments.

Answered: 1 week ago

Question

★★★★★
Suppose that random access memory (RAM) can be added to your computer at a cost of $8 per gigabyte. Suppose also that the value to you, measured in terms of your willingness to pay, of an additional...

Answered: 1 week ago

Question

★★★★★
Select two qualitative studies from the literature. Compare the authors handling of the following dimensions: a. Motivation for conducting the research b. Data collection strategies c. Credibility...

Answered: 1 week ago

Question

★★★★★
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials,...

Answered: 1 week ago

Question

★★★★★
Exercise 3-9 Weighted average: Costs assigned to output and inventories LO C2 During April, the production department of a process manufacturing system completed a number of units of a product and...

Answered: 1 week ago

Question

★★★★★
Dwight Donovan, the president of Donovan Enterprises, is considering 2 Investment opportunities. Because of limited resources, he will be able to invest in only 1 of them. Project A is to purchase a...

Answered: 1 week ago

Question

★★★★★
No Excel Please You purchased a home on January 1, 1985 with a $100.000 morte requiring 30 equal amal pay ments at 10% interest with the first payment due on January 1, 1986. The bank sold your...

Answered: 1 week ago

Question

★★★★★
A parachute company sells safety devices that are designed to fire, releasing the reserve parachute, at a mean height of 335.2 m with a standard deviation of 12.1 m. The company recently updated the...

Answered: 1 week ago

Question

★★★★★
1. Although Apples inbound logistics began with Apple controlling the assembly of its computers, it shifted to having suppliers acquire raw materials with contract manufacturers handling most of the...

Answered: 1 week ago

Question

★★★★★
Compose two (2) pieces of academic writing on the following questions. Responses should be 800 words each and have a short introduction, body, and a short conclusion. Research Task 1 What are the...

Answered: 1 week ago

Question

★★★★★
Timber Log Homes Ltd. (Timber) has produced log home kits in its current location of Langley, British Columbia, since 1987. Until recently, Dean Fortin, the chief operating officer, was the sole...

Answered: 1 week ago

Question

★★★★★
Find the annual depreciation using SYD method. A Computer Company has purchased some computers worth $5,000,000. It cost them $200,000 to transport the Computer to their location. The Company...

Answered: 1 week ago

Question

★★★★★
4. Draw the UML class diagram of the following code. class Exam \{ public String city; private int marks; public Exam(int a) \{\} public void setSum(int a)\{ marks =a;} public String getCity ()\{...

Answered: 1 week ago

Question

★★★★★
Suppose the government bond described in problem 1 above is held for five years and then the savings institution acquiring the bond decides to sell it at a price of $940. Can you figure out the...

Answered: 1 week ago

Question

★★★★★
Multiple Choice Questions Identify the best answer for each of the following: Laperla County entered into a capital lease on June 30, 20X8, for equipment to be used by General Fund departments. The...

Answered: 1 week ago

Question

★★★★★
What types of audit findings could result from a single audit? Explain.

Answered: 1 week ago

Question

★★★★★
Prepare in proper form the journal entries (budgetary and actual) to record the following transactions and events in the General Ledger, Revenues Ledger, and Expenditures Ledger of a Special Revenue...

Answered: 1 week ago

Question

★★★★★
If marketing communication managers attend to the promotion mix and leave the rest of the marketing mix to managers in other departments, what might be the consequences?

Answered: 1 week ago

Question

★★★★★
Advertising transforms a product into a mirror of its consumer. Explain this in terms of branding.

Answered: 1 week ago

Question

★★★★★
Brands enable consumers to communicate something about themselves. Explain how this might work.

Answered: 1 week ago

Previous Question Next Question