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Question: Refer to Exercise and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller. (Skip the part 3 requirement.)
Exercise: Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $22,000 and credit terms of 3y10, ny60. The merchandise had cost Tuscon $15,000. Taos paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. 1. Prepare entries that the buyer should record for
(a) the purchase and
(b) the cash payment.
2. Prepare entries that the seller should record for
(a) the sale and
(b) the cash collection.
3. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 11% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Assume a 365-day year and round dollar amounts to the nearest cent, including computation of interest per day.)
at each calendar year-end mazie supply co. uses the percent of accounts receivable method to estimate bad debts. on
you examine the financial statements of a firm and find that for every unit of product y sold the firm sells 1.5 units
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santana rey created business solutions on october 1 2011. the company has been successful and santana plans to expand
Depreciation for Partial Periods-SL, Act, SYD, and DDB the cost of equipment purchased by Charleston, Inc., on June 1, 2010 is $89,000.
prepare a one to two 1-2 paragraph journal entry that examines your learning experiences with orion in week 10 of this
The Very Poor Company is involved in making installment sales whose probability of collection is extremely low. Accordingly, it has elected to use the cost recovery method. Information regarding the years 19A and 19B.
kate beckwith expects to invest 11000 annually that will earn 8. how many annual investments must beckwith make to
You should assume that the current legislative provisions applied in the year that the shares were issued and the year of the share buy-back.
Explain why this pricing strategy earned Disney a lower profit than the current strategy of requiring visitors to purchase a ticket to enter the park but not requiring an additional ticket to be purchased for each ride.
Prepare any necessary adjusting journal entries in Contemporary Designs accounting records as of December 31.
in a separate paragraph explain why you think that garnishments are necessary or what alternatives to garnishments may
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