User Account

All Pages

Assume both companies use the periodic inventory system

Assignment Help Accounting Basics
Reference no: EM13500524

Journalize these transactions, first on the books of Arnold Drug Stores and second on the books of Gerson Pharmaceuticals. Assume both companies use the periodic inventory system.

The following transactions occurred between Gerson Pharmaceuticals and Arnold Drug Stores during June of the current year.

June 6. Arnold purchased $29,400 of merchandise from Gerson on credit terms 2/10, n/30, FOB shipping point. Seperatel, Arnold paid freight in of $300. Gerson invoiced Arnold for $29,400

June 10. Arnold returned $3,600 of the merchandise purchased on June 6. Gerson issued a credit memo for this account.
June 15. Arnold paid $12,000 of invoice amount owed to Gerson for the June 6 purchase. This payment included none of the freight charge.
June 27. Arnold paid the remaining amount owed to Gerson for the June 6 purchase.

Reference no: EM13500524

Questions Cloud

Explain the synthesis of many pharmaceutical agents : sodium borohydride,NaBH4, a substance used in the synthesis of many pharmaceutical agents,can be prepared by reaction of NaH with B2H6 according to the equation 2 NaH + B2H6 = 2 NaBH4.
The same frequency and amplitude : A listener is standing in front of two speakers that are producing sound of the same frequency and amplitude
Explain 1-phenylethanol to m-bromobenzoic acid : Which reagents would be used to convert 1-phenylethanol to m-bromobenzoic acid using only 1-2 steps?
Explain what would have been the percent error : If the syringe volume had been incorrectly read, giving a calculated system volume of 25.6 mL, what would have been the percent error in the calculated value of R
Assume both companies use the periodic inventory system : Journalize these transactions, first on the books of Arnold Drug Stores and second on the books of Gerson Pharmaceuticals. Assume both companies use the periodic inventory system.
Calculate the lowest values of the energies : Calculate the lowest values of the energies (in eV) of an electron, a neutron and a photon allowing diffraction from the {101} planes of silicon
Obtain the drills angular acceleration : A dentist's drill starts from rest. After 3.20 s of constant angular acceleration it turns at a rate of 2.3 104 rev/min. Find the drill's angular acceleration
What average net force have you applied to the car : After a day of testing race cars, you decide to take your own 1478 kg car onto the test track. While moving down the track at 11.7 m/s, you suddenly accelerate to 28.8 m/s in 12.6 s. What average net force have you applied to the car during tha..
Explain soluble as helium in water at 0 degrees celsius : Use atomic properties to explain why xenon is 11 times as soluble as helium in water at 0 degrees celsius.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd