Create a journal entry from this transaction

Assignment Help Financial Accounting

Reference no: EM13774503

So to create a journal entry from this transaction would I debit accounts recievable and credit cost of goods sold? December 8

Received a check as payment in full of the November 24 invoice from customer Robert Wise (11330). The $25,500 invoice on this sale was number U2000. Remember, the wholesale division of Uptight Tools offers credit terms of 2/15, n/30 to all retail customers.

Reference no: EM13774503

Questions Cloud

Determine the number of shares outstanding : A corporation has 46,555 shares of $22 par value stock outstanding that has a current market value of $242 per share. If the corporation issues a 5-for-1 stock split, determine the number of shares outstanding.

Development of anti-cancer compounds : On the use of organometallic chemistry in the development of anti-cancer compounds

Internal auditors of development technologies : In 2013, the internal auditors of Development Technologies, Inc., discovered that (a) 2012 accrued wages of $2 million were not recognized until they were paid in 2013 and (b) A $3 million purchase of merchandise in 2013 was recorded in 2012 instead...

What characteristics does patricia hearst possess : What characteristics does Patricia Hearst possess that could sway a jury against her? As a result, what characteristics should the prosecuting attorney look for when selecting a jury

Create a journal entry from this transaction : Received a check as payment in full of the November 24 invoice from customer Robert Wise (11330). The $25,500 invoice on this sale was number U2000. Remember, the wholesale division of Uptight Tools offers credit terms of 2/15, n/30 to all retail cus..

System safety is different than industrial safety : Explain 2 ways that system safety is different than industrial safety. After an accident occurs why do you think additional training is often the first response to a corrective action? Discuss if you think other actions should be considered.

Direct materials price-quantity variances for metal and wood : Winners Trophy Company produces trophies. The company's direct materials standards for it's deluxe trophy include 1 pound of metal and $0.45 per ounce of wood for the base. Standard prices for the year were $3 per pound of metal and $0.45 per ounce o..

Define and describe the following term- prejudice : Define and describe the following terms: Prejudice, Stereotype, Discrimination, Racism, Sexism, In-group, Out-group and Conformity

What arts visit to psychiatrist shows about making of maus : what art's visit to his psychiatrist shows about the making of Maus. you might consider some of the following: art find the story too scary to think about: he cant tell everyone's story

User Account

All Pages