User Account

All Pages

Journalize the merchandising transactions for dollar store

Assignment Help Financial Accounting
Reference no: EM132315494

Question

Journalize the merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.

Nov 1, Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.

Nov 5. Dollar Store pays cash for the November 1 purchase.

Nov 7. Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.

Nov 10. Dollar Store pays $90 cash for transportation costs for the November 1 purchase.

Nov 13. Dollar Store sells merchandise for $1,600 with terms n/30.

Nov 13. The cost of the merchandise is $800.

Nov 16. Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160.

Nov 16. The returned items cost $80; the items were not damaged and were returned to inventory.

Reference no: EM132315494

Questions Cloud

Prepare entries that the buyer records for the purchase : Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period.
Why is the study of operations science important : Why is the study of operations science important in a graduate program? Why is customer demand important in management operation decisions making?
Prepare journal entries that sydney retailing records : Prepare journal entries that Sydney Retailing (buyer) and Troy Wholesalers (seller) records for these three transactions.
Managing organizational risk : Analyze the manner in which a CIRT plan fits into the overall risk management approach of an organization and how it supports other risk management plans.
Journalize the merchandising transactions for dollar store : Journalize the merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
How do you believe the issue might have been avoided : How do you believe the issue might have been avoided? Use third person: eg. One may argue; It may be concluded; Known repercussions from the threat (monetary).
Compute the ending inventory under the dollar-value lifo : Compute the ending inventory under the dollar-value LIFO method at December 31, 2018. The cost-to-retail ratio for 2018 was 60%.
Prepare the journal entries to record the sale : What are any additional journal entries necessary for Tanner-UNF to report its investment in the December 31, 2018, balance sheet.
What are any amounts that rantzow-lear company would report : What are any amounts that Rantzow-Lear Company would report in its 2018 balance sheet and income statement as a result of this investment?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Expanding rapidly-currently needs to retain all of earnings

Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of $1.75 coming 3 years from toda..

  Record sales and sales tax payable

During December, Far West Services makes a $3,400 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a transaction/event, select "No journal entry require..

  Calculate the gross margin for fifo and lifo method

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Calculate the gross margin for FIFO and LIFO method.

  Calculate the net cash flow provided by operations

Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31, 2011 and explain why net income is different from the net cash provided by operations.

  How much revenue will san report in its 2011 and 2012

Suppose the estimated costs to complete at the end of 2012 are $80 million instead of $60 million. Determine the amount of gross profit or loss to recognized in 2012 using the percentage-of completion method.

  Illustrate what is damon expected price

The stock's dividend is projected to increase at a constant rate of 7% per year. The required rate of return on the stock is 10%. Illustrate what is Damon's expected price 4 years from today ?

  A stock split includes a debit to which account

The complete stockholders' equity section of Bulldog Corporation has the following balances as of December 31, 2013-A 2:1 stock split includes a debit to which?

  Suggest business conditions

Management believes that excessive inventories have accumulated for all three products. As a result, a new policy dictates that ending inventory in any month should equal 30% of the expected unit sales

  Barkley corp obtained a trade name in january 2011

barkley corp. obtained a trade name in january 2011 incurring legal costs of 30000. the company amortizes the trade

  How should the city report the financial activities

How should the city report the financial activities of the Building Authority?

  Computer village sells computer equipmentcomputer village

computer village sells computer equipmentcomputer village sells computer equipment and home office furniture. currently

  What is effective annual rate of interest on line of credit

The stated interest rate on the borrowed funds is 10%. What is effective annual rate of interest on the line of credit?

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