Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans On March 5th, Blowout Sales makes $22,500.00 in sales on the company’s own credit cards. The cost of merchandise sold are $16,825.00. Journalize the sales and recognition of the cost of merchandise sold. 689 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans . On March 3rd, Blowout Sales makes $3,450.00 in cash sales of general merchandise which have a cost of $1,215.00. Blowout uses a perpetual inventory system. (a) Journalize the sale event. (b) Journal the cost of merchandise sold 577 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Bargain Wholesalers sells pet supplies to retailers including Pet World Supplies. Bargain Wholesalers uses perpetual inventory. Use a General Journal to journalize the following three transactions during the month of May 1.75K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Marshall Supplies is a janitorial supply store. Marshall Supplies uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of July: 1.45K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August: 971 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Using the letter preceding each account, arrange the following selected accounts in the order they would normally appear in a chart of accounts of a company that uses a multiple-step income statement. 1.45K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Journalize the entries to record the following selected transactions: (a) Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510. (b) Paid $436 to the state sales tax department for taxes collected. 1.77K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Details of invoices for purchases of merchandise are as follows 906 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100. Prior to payment, $1,400 of the merchandise is returned. The correct amount is paid within the discount period 2.27K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Conquest Company uses a perpetual inventory system. Conquest purchased $1,500 of merchandise on account and payment was made within the discount period. The credit terms were 2/10,n/30. Journalize Conquest’s purchase and payment 1.03K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the following terms: FOB destination, 2/10, n/30. The seller prepays the freight costs of $85 (debit Freight Out for the freight costs). Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. The correct amount is received within the discount period. The company uses a perpetual inventory system 2.30K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Using the perpetual inventory system, journalize the entries for the following selected transactions: 2.02K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans For each of the following, calculate the cost of inventory reported on the balance sheet. 630 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Which of the following costs would be included in merchandise inventory? (a) Purchase price (b) Insurance in transit FOB shipping point (c) Freight for delivery FOB shipping point (d) Repair due to negligence of receiving clerk (e) Receiving Department employee salary (f) Cost of processing purchase orders 1.17K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Prepare (a) a single-step income statement, (b) a statement of owner’s equity, and (c) a balance sheet in report form from the following data for Kooper Co., taken from the ledger after adjustment on December 31, 2010 the end of the fiscal year 1.90K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Selected data from the ledger of Morrison Co. after adjustment at September 30, 2011 the end of the fiscal year, are listed as follows: 871 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans The following data were extracted from the accounting records of Meridian Designs for the year ended March 31, 2014 923 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans On December 31, 2021, Grand Company had $1,232,000 of short-term debt in the form of notes payable due February 2, 2022 671 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans On December 31, 2020, Waterway Company had $1,313,000 of short-term debt in the form of notes payable due February 2,2021. On January 21, 2021, the company issued 23,200 shares of its common stock for $45 per share, 644 viewsDarshita Changed status to publish February 16, 2020 0 Votes 0 Ans Where are selling and administrative expenses found on the multiple-step income statement? A. before gross profit B. after sales and before gross profit C. after net income before expenses D. after gross profit 645 viewsDarshita Changed status to publish February 16, 2020 « Previous 1 2 … 12 13 14 15 16 … 128 129 Next »
