Reference no: EM132567638
Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest.
June1Sold merchandise to Avery & Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650).
2Purchased $4,900 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point.
4Purchased merchandise inventory from Bastille Sales for $11,400; terms 1/15, n/45, FOB Bastille Sales.
5Sold merchandise to Gelgar for $11,000; terms 2/5, n/15, FOB destination (cost of sales $7,700).
6Collected the amount owing from Avery & Wiest regarding the June 1 sale.
12Paid Angolac Suppliers for the June 2 purchase.
20Collected the amount owing from Gelgar regarding the June 5 sale.
30Paid Bastille Sales for the June 4 purchase.
Question 1: Prepare General Journal entries to record the above transactions.
Question 2: Based on the information provided above, calculate the following:
a. Calculate Net sales.
b. Calculate Cost of goods sold.
c. Calculate Gross profit from sales.
|
How were business drivers impacted by the breach
: Many types of systems are networked together, and the number of devices that are added to this network increases every year. With this explosive growth.
|
|
How much of money in Edwin account was earned in interest
: When Edwin was born, his grandparents started a savings account for him with a beginning balance of $300. How much of money in Edwin account was earned
|
|
Describe the critical success factors for big data analytics
: Mention the most critical success factors for Big Data Analytics (Watson, Sharda, & Schrader, 2012), then describe them briefly.
|
|
How diverse is the workforce in your organization
: How diverse is the workforce in your organization? Are there any difficulties between people of different cultures or backgrounds?
|
|
Calculate gross profit from sales
: Calculate Gross profit from sales. June1Sold merchandise to Avery & Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650).
|
|
Describe independent experimental design and a paired design
: Describe the difference between an independent experimental design and a paired design. Explain how type I and II errors influence the construction.
|
|
Discuss the case of perin v. hayne
: Discuss the case of Perin v. Hayne. Be sure to discuss the courts reasoning and ruling on each of the four legal theories.
|
|
Expert testimony unnecessary in medical malpractice
: In what circumstances is expert testimony unnecessary in medical malpractice? Have you ever know of or been involved with such a case?
|
|
What ending equity was
: Sigma Co had a net income of $150, paid $17 in dividends, and sold new stock for $40. Beginning equity for the year was $650. Ending equity was
|