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

Question

1 Approved Answer

What would be the journal entry for: A large record sale for the month was made and delivered, in addition to the items from above,

What would be the journal entry for:A large record sale for the month was made and delivered, in addition to the items from above, for $150,000 by Norm’s records. 55% of the sale was paid immediately. The remainder will be paid next month. The cost of the records sold was $39,000

Step by Step Solution

★★★★★

3.27 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Debit Accounts Receivable Norms Records 82500 for ... 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

College Accounting A Practical Approach

College Accounting A Practical Approach

Authors: Jeffrey Slater

12th edition

978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233

More Books

Students also viewed these Accounting questions

Question

★★★★★
What is the Journal Entry for both transactions given below: ABC received $300,000 in cash for issuing 10,000 shares of $9.00 par common stock. ABC received $600,000 cash for issuing 2000 shares of...

Answered: 1 week ago

Question

★★★★★
In Exercise 16.56, what would be the estimated selling price of a house occupying a 0.01-acre lot, with 100 square feet of living area and no central air conditioning? Considering the nature of this...

Answered: 1 week ago

Question

★★★★★
In Prob. 9.65 what would be the mercury manometer reading if the nozzle were operating exactly at supersonic design conditions? A, 10 cm2 100C 300 kPa A, 30 cm2 Mercury

Answered: 1 week ago

Question

★★★★★
1 YOUR NAME: 2 Asset # 3 Asset name: 4 Date acquired: 5 Cost: 6 Depreciation method: 7 Salvage (residual) value: 8 Estimated useful life (years): 9 222 Computer 1/1/2018 $50,000 Straight Line (SL)...

Answered: 1 week ago

Question

★★★★★
Dr. Eveal Industries has the following balance sheet (The firm has a market price of $22 a share): Dr. Eveal Industries a. Show the effect on the capital account(s) of a two-for-one stock split. b....

Answered: 1 week ago

Question

★★★★★
Formal authority and status are most related to which group of roles? A. Decisional B. Informational C. Interpersonal D. Technical

Answered: 1 week ago

Question

★★★★★
How is ????0 different from ????0?

Answered: 1 week ago

Question

★★★★★
The following data refer to Twisto Pretzel Company for the year 20x 1. Work-In-process inventory, 12/31/x0 .............................................$ 8,100 Selling and administrative salaries...

Answered: 1 week ago

Question

★★★★★
Create a MATLAB script that generates x-values from -3 to 3 using linspace with 150 plot value. Define three different y-values as follows: y 1=tan( x ) y 2=1/sqrt( x^ 2+1) y 3=1/(1+ e^x) Plot these...

Answered: 1 week ago

Question

★★★★★
Examine the following quantitative research question: "Do children who participate in early childhood education programmes learn more when student-centered activities are applied than those who do...

Answered: 1 week ago

Question

★★★★★
Given the table T ID ColA ColB 10 20 30 40 50 60 70 80 90 and the table U ID ColC 10 100 10 110 40 120 What will the number returned from the query? select count(*) from T left outer join U on T.ID =...

Answered: 1 week ago

Question

★★★★★
3. Suppose each person in a large statistics class (enrollment 1000 students) rolls a die 60 times and counts the number of times they roll an ace (one dot). (a) For each person, the total number of...

Answered: 1 week ago

Question

★★★★★
Grand Corporation reported pretax book income of $805,000. Tax depreciation exceeded book depreciation by $535,000. In addition, the company received $330,000 of tax-exempt municipal bond interest....

Answered: 1 week ago

Question

★★★★★
Use Excel to answer the questions below. Formulate the null and alternative hypothesis. Present the answer in tabulated form and indicate the decision in the table. Follow the example of tabulated...

Answered: 1 week ago

Question

★★★★★
Marcia, a project manager, was in charge of assigning tasks for the school's barbecue fundraiser. One of the team members, Larry, hated to cook but was an excellent bartender. Marcia should develop a...

Answered: 1 week ago

Question

★★★★★
A Production Facility has produced 615,000 products and would like to allocate these products to their customers. Given the following requested customer demand, calculate how much of the EXCESS...

Answered: 1 week ago

Question

★★★★★
Trendy Inc. makes two styles of trophies, basic and delwxe, and operates at capacity. Trendy does large custom orders. Trendy budgats to produce 10.000 basic trophies and 5.000 deluxe thophies....

Answered: 1 week ago

Question

★★★★★
What does non-recourse financing mean?

Answered: 1 week ago

Question

★★★★★
Lincoln Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2012, 2013, and 2014. (Use the income statement approach.) 2012 Dec. 31 Recorded Bad Debts Expense of...

Answered: 1 week ago

Question

★★★★★
Redo the journal entries for Exercise 20A-3, assuming that bonds sold at 102. In Exercise 20A-3, Morris Corporation issued $275,000 of 5%, 5-year bonds at 97 on December 1, 201X, with semiannual...

Answered: 1 week ago

Question

★★★★★
Norman Company uses a voucher system along with a petty cash fund. Record each of the following entries in journal entry form. Assume that Norman Company records all vouchers at gross. 201X Jan. 7...

Answered: 1 week ago

Question

★★★★★
Grace Hesketh is the owner of an extremely successful dress boutique in downtown Chicago. Although high fashion is Graces first love, shes also interested in investments, particularly bonds and other...

Answered: 1 week ago

Question

★★★★★
You have been asked for your advice in selecting a portfolio of assets and have been supplied with the following data. You have been told that you can create 2 portfoliosone consisting of assets A...

Answered: 1 week ago

Question

★★★★★
X 1 and S 2 1 are the sample mean and sample variance from a population with mean 1 and variance 1 2 . Similarly, X 2 and S 2 2 are the sample mean and sample variance from a second independent...

Answered: 1 week ago

Previous Question Next Question