Discuss the special journal where each should be recorded

Assignment Help Accounting Basics
Reference no: EM131533479

Question: Nestlé, a Switzerland-based company, uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal in a manner similar to that explained in this chapter. Journalize the following summary transactions of Nestlé transactions that should be recorded in the general journal. For those not recorded in the general journal, identify only the special journal where each should be recorded. (All amounts in millions of Swiss franc, CHF.)

1. Nestlé purchased CHF 8,000 of merchandise on credit from the suppliers.

2. Nestlé sold CHF 100,000 of merchandise (cost is CHF 44,000) on credit to customers.

3. A key customer returned CHF 900 of (worthless) merchandise to Nestlé (assume the cost of this merchandise is left in cost of goods sold).

Reference no: EM131533479

Questions Cloud

Explain general overview of organizational ethics policies : Explain General overview of organizational ethics policies. Rationale for the design of your code of ethics. The written code of ethics.
What is the general journal : Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal.
Normal probability distribution : A study of long-distance phone calls made from General Electric's corporate headquarters in Fairfield
What was the leaders greatest career achievement : Discuss which leadership theory best describes the chosen leader's approach to leading people. What was the leader's greatest career achievement?
Discuss the special journal where each should be recorded : Nestlé, a Switzerland-based company, uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal.
Identify the court that took jurisdiction : Discuss one (1) real-life criminal case, taken from current events, and identify the court that took jurisdiction
Compute the percentage of total sales : Apple reports the following operating income (and average assets in parentheses) for each of its geographic segments-$ millions: Americas, $6,637 ($1,882).
What are the security governance principles : What are the security governance principles? Why should organizations incorporate security into their governance efforts?
Discuss about the teacher education : Discuss about the Teacher Education, Gender Studies, and the Cross-Disciplinary Quest for Queer Pedagogies.

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.

  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!

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