User Account

All Pages

Journalize the june transactions for aslam company

Assignment Help Financial Accounting
Reference no: EM132659057

Aslam & Co and Karachi Company completed following transactions during the month of June:

  1. June. 2. Aslam Company sold merchandise on account to Karachi Company, $32,000, terms FOB shipping point, 2/10, n/30. Aslam Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $19,200.
  2. 8. Aslam Company sold merchandise on account to Karachi Company, $49,500, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $29,700.
  3. 8. Aslam Company paid freight of $710 for delivery of merchandise sold to Karachi Company on April 8.
  4. 12. Karachi Company returned $7,500 of merchandise purchased on account on June 8 from Aslam Company. The cost of the merchandise returned was $4,800.
  5. 12. Karachi Company paid Aslam Company for purchase of June 2, less discount.
  6. 23. Karachi Company paid Aslam Company for purchase of June 8, less discount and less return of June 12.
  7. 24. Aslam Company sold merchandise on account to Karachi Company, $67,350, terms FOB shipping point, n/eom. The cost of the merchandise sold was $40,400.
  8. 26. Karachi Company paid freight of $875 on June 24 purchase from Aslam Company.
  9. 30. Karachi Company paid Aslam Company on account for purchase of June 24.

Required

Problem 1: Journalize the June transactions for (1) Aslam Company and (2) Karachi Company.

Reference no: EM132659057

Questions Cloud

Examples of influences previous income : What are three examples of influences previous income and expenditure figures have on the preparation of a budget?
Preparing a budget for department : What are three items of information about a department you would try to obtain as part of your research in readiness for preparing a budget for that department?
What five pieces of performance information : What five pieces of performance information from previous periods should you obtain when getting ready to prepare a budget?
Partly parallel development process : Describe some industries (be specific) in which a partly parallel development process would not be possible or effective.
Journalize the june transactions for aslam company : Journalize the June transactions for Aslam Company and Karachi Company. June. 2. Aslam Company sold merchandise on account to Karachi Company, $32,000
Code of code of cooperation and volkswagen group : The Code of Code of Cooperation and Volkswagen Group Essentials serve as guiding principles to ensure that corporate culture is consistently put into practice
How professional communication skills are needed : Explain how professional communication skills are needed throughout the process of program or policy implementation. Describe how professional communication.
Identify three areas of compliance : Identify three areas of compliance you could monitor in your workplace and explain how you would ensure that regulations are being adhered to.
How to calculate the gain or loss on the sale of a machine : How to calculate the gain or loss on the sale of a machine. DO NOT make any assumptions regarding the tax treatment for the gain or loss on the disposal

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much is an initial deposit worth assuming a compound

At the end of three years, how much is an initial deposit of $100 worth, assuming a compound annual interest rate of 10 percent? Explain in detail

  Calculate the revpar for the month of april

During the month of April, it sold 3,000 standard room nights at $90 and 1,000 deluxe, Calculate the RevPAR for the month of April.

  Compute the price of the bonds based on semiannual analysis

If yield to maturity goes down substantially to 6 percent, what will be the new price of the bonds? (Do not round intermediate calculations)

  Explain the impact on cash flows of a build-up in inventory

Explain the impact on cash flows of a build-up in inventory during this pandemic and how can companies mitigate the financial impact.

  Increases its selling price

Heely Company manufactures a product that sells for $50 per unit. Heely incurs a variable cost per unit of $35 and $2,400,000 in total fixed costs to produce this product. They are currently selling 200,000 units.

  Calculate the amount of revenue and gross profit

Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs

  Compute overhead budgettimothy inc uses a flexible budget

compute overhead budget.timothy inc. uses a flexible budget for overhead costs. the company expects to produce 40000

  What is the current bond price of bottecchia

If the bond will be issued at an effective rate of 9 percent per year, what is the current bond price? Please explain the answer in detail.

  Calculate the preferred and commons stock dividends

Calculate the preferred and commons stock dividends for a company with the following information.

  Prepare journal entries for lamar related to the bonds

Lamar Corporation owns 60 percent of Humbolt Corporation’s voting shares. On January 1, 20X2, Lamar Corporation sold $185,000 par value, 8 percent first mortgage bonds to Humbolt for $191,000. The bonds mature in 10 years and pay interest semiannuall..

  Accounts and amounts in its financial statements

Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2013. Assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occu..

  Demonstrate your understanding of the material

What are responsibiliti desired outcome is that you are able to collaborate with peers and instructor, demonstrate your understanding of the material, and participate as a member of an online community.es of  instructor?

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