User Account

All Pages

How do prepare the necessary journal entries for larkspur

Assignment Help Financial Accounting
Reference no: EM132763094

The following information pertains to Larkspur Solar Panels, Inc. July 1 Sold $166,000 of solar panels to Crane Company with terms 2/15, n/30. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,500 will be honored on this sale.

  • July 12 Sold $86,000 of solar panels to Blue Spruce Corp. with terms of 3/10, n/60. Larkspur expects no allowances related to this sale.
  • July 18 Blue Spruce Corp. paid Larkspur for its July 12 purchase.
  • July 20 Crane calls to indicate that the panels purchased on July 1 work well, but the color is not quite right. Larkspur grants a credit of $2,000 as compensation.
  • July 29 Crane Company paid Larkspur for its July 1 purchase.
  • July 31 Larkspur expects allowances of $4,820 to be grated in the future related to solar panel sales in July.

Problem 1: Prepare the necessary journal entries for Larkspur.

Reference no: EM132763094

Questions Cloud

How much is corn break even point in units : Fixed costs total P300,000 annually. The expected mix in units is 60% for product Y and 40% for product Z. How much is Corn's break even point in units?
What is the maximum amount of the educator expense deduction : Travis and Jessica Coleman, a married couple who will file jointly, are both teachers. In 2019, Travis had receipts totaling $386 in qualifying expenses.
What amount should be reported as gain or loss on transfer : Carrying amount of liability liquidated P 1, 500, 000. What amount should be reported as gain or loss on transfer of real estate?
What is the amount that nc will record for interest expense : On January 1, 20X6, Nellie Corp. (NC) entered into a lease agreement contract that entitled it to use equipment. Details of the contract follow.
How do prepare the necessary journal entries for larkspur : Prepare the necessary journal entries for Larkspur. July 12 Sold $86,000 of solar panels to Blue Spruce Corp. with terms of 3/10, n/60.
What is yield to maturity and what is the effective return : If the bond is currently trading on the market at Rp915,500, what is the yield to maturity and what is the effective annual return?
Compute what amount should the inventory be valued : Silent Corporation decided to reclassify/transfer the property, On the date of transfer, what amount should the inventory be valued?
How does the apply to an organization : The final phase of an audit is addressing contingent liabilities and their relation to the audit. Please discuss a review for contingent liabilities.
Find how much of the items was included in operating income : Find How much of the items was included in operating income? Cash collections from customers for services yet to be provided totaled $45,000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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