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Purchase-Related Transactions
Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,200, receiving a credit memo.
Problem a. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank.
Problem b. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Problem c. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Telmarine Company's payroll taxes are: FICA 8%, state unemployment 2.50%, Prepare a summary journal entry at December 31 for the full year's payroll
Prepare the journal entry to record the issuance of the 8% mortgage January
Assume you are Louis. List and explain to Elijah reasons why an independent audit may be beneficial to Direction Electric Sdn Bhd.
Prepare a maximum 700-word informal memo and explain to Mr. Skaros why his production cost report showed only 2,000 equivalent units in ending inventory.
Maas Enterprises has $2,190,000 of 6 percent bonds outstanding. There is $40,000 of unamortized discount remaining on the bonds after the March 1, 2011, semiannual interest payment.
Topper Toys has developed a new toy called the Brain buster. Compute the Direct labor rate and efficiency variance for August
Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, but Sam is insolvent. Which of the following statements is correct concerning the impact of this transaction?
on january 1, 2011, Sesame revised these estimates to a total useful life of 4 years and a salvage value of $10,000. Prepare Sesame's enty to record 2011 depreciation expense.
What were the appropriate journal entries to record Toys R Us's pension expense and to record gains and/or losses related to the pension plan?
What do profitability ratios indicate about the company?
The Work in Process Inventory account of Phelan Corporation increased $22,000 during November 2013. Costs incurred during November included $24,000 for direct material, $126,000 for direct labor, and $42,000 for overhead.
moore corportation follows a policy of a 10 depreciation charge per year on all machinery and a 5 depreciation charge
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