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

  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