User Account

All Pages

Journalize the entries for the seller and the buyer

Assignment Help Accounting Basics
Reference no: EM132557756

Question - Based on the information below, journalize the entries for the seller and the buyer. Both use a perpetual inventory system and record at net of prompt payment discount.

(a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point. The cost of the merchandise is $2,850. The seller prepays the freight of $75.

(b) Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420.

(c) Buyer pays within the discount period.

Reference no: EM132557756

Questions Cloud

Identify a code of ethics relevant to accountants : Explain the theory of cognitive dissonance and its relationship to how individuals may respond when confronted with an ethical situation
Prepare bank-account reconciliation : Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Prepare bank-account reconciliation
What are the biggest challenges : How is the modern world of work different to the past? What are the biggest challenges?
Identify and describe the three initial activities : As a leadership team identify and describe the three initial activities in order to set the context for any change to innovation?
Journalize the entries for the seller and the buyer : Based on the information, journalize the entries for the seller and the buyer. Buyer returns $700 of merchandise as defective. The cost of merchandise is $420
Compute the gross profit to be recognised : Compute the gross profit to be recognised for each of the three years, assuming that the outcome of the contract can be reliably estimated.
Nutritionist working at local county health department : Imagine that you are a WIC (Women's, Infant & Children) nutritionist working at the local county health department.
Explain implication of reporting non-controlling interest : Explain the implication of reporting Non-controlling interest as a separate item of owner's equity. Non-controlling interest (NCI) is the ownership
What are the complications of liver abscess : Hepatic abscess (HA) can be defined as encapsulated collection of suppurative material within the liver parenchyma. What are the complications of liver abscess?

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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