User Account

All Pages

Journalize the entries by Silverman Enterprises

Assignment Help Financial Accounting
Reference no: EM132740166

Problem - Customer return and refund - On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4 Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350.

Required -

(a) Journalize the entries by Silverman Enterprises to record the December 28, 20Y3, sale?

(b) Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4.

(c) Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 20Y4.

Reference no: EM132740166

Questions Cloud

Types of merger or consolidation activities in business : Briefly explains four (4) types of merger or consolidation activities in business. Provide an example for each type of merger.
Differences in the income level between males and females : Use the Explore command to compare the income levels (rincdol) for both genders (sex). Go to the Resources area of the class to download the files.
Journal entry to record acquisition of securities available : Sarah Company acquires common stock of miriam Enterprises. Journal entries to record acquisition of securities available for sale on Nov 1 2009
Determine overall cost of capital for jasmine enterprise : Determine overall cost of capital for Jasmine Enterprise.
Journalize the entries by Silverman Enterprises : Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4
Welcome to geometry dash : Geometry Dash is a rhythm-based platformer game developed and published by RobTop Games.
What is the npv of project : Your company is about to invest in a new printing press which will save it about $25,000 per year for the next five years
Prepare balance sheet as of jan fireflies began retail : Prepare balance sheet as of 31 Jan 2010 Fireflies began retail operations on Jan 1 2010 on that date it Issued 10,000 shares of $1 par value common stock
What is the lowest strike price : Mr. John invested in a reverse butterfly spread using only puts. He received 0.3 as initial investment for each contract. He made a loss of 1.3 when the stock

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