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Question - Jornalize the following purchase, sales and returns entries:
Date: March 2 $12,000 in inventory was purchased on credit with a term of 2/13 n / 30 and FOB shipping point of $ 250 (FOB shipping point)
Date: March 4 Merchandise was returned for $ 400 of the purchase made on March 2 because it was defective.
Date: March 6 The shipment of the inventory purchase purchased on March 2 was paid.
Date: March 11 Inventory was sold on credit to a customer for $ 5,000 with a sale term of 2/10 n / 30.
Date: March 12 The amount owed for the purchase of March 2 was paid.
Date: March 15 An allowance was offered to the customer on the March 11 purchase.
Date: March 20 The customer who made the purchase on the 11th paid in full with the corresponding discounts.
Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 506,000 shares of stock outstanding.
Karl Corporation was organized on January 2, 2018. During 2015, Karl issued 40,000 shares at $24 per share, purchased 6,000 shares of treasury stock
How much does Hombran owe creditors, How much of the company's assets do the Hombrans stockholders actually own
After the equipment is sold, why is retained earnings on January 1, 2012, equal to a negative $74,000 in both cases despite having shown a different pattern of expenses, gains, and losses over time?
Compute the net interest expense to be reported for this note and related swap transactions as of December 31, 2014.
Compute the 2015 federal income tax for Poy Corporation, a C corporation. Revenues = 1,000,000 including 50,000 of dividends received from IBM stock, Expenses= 700,000 and dividends paid to shareholders= 150,000
Problem - You want to buy a car, and a local bank will lend you $15,000. What will be the monthly loan payment
CO5123 - Advanced Issues in Accounting - Summarise the company you have chosen, including the value of leases as currently listed in the financial reports
Wren is a consultant who is going from Philadelphia to Washington for a three-day seminar. She is undecided whether to drive to Washington or take the train. She has listed the following costs relative to her trip: should Wren take the train to Washi..
Please give us an example of a transaction where there are two increases. Note that you will still need to have at least one debit and one credit. Indicate which account will be debited and which will be credited.
Journalize the following transactions for Armour Inc. using both the periodic inventory system and the perpetual inventory system, presented in a side-by-side format shown at the end of this exercise. Sold merchandise on credit to Rondo Distributors,..
In January, Knox Company requisitions raw materials for production as follows: Job 1 $900.00, Job 2 $1400.00, Job 3 $700.00, and general factory use $600. Prepare a summary journal entry to record raw materials used.
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