Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The following transactions occurred between AcrePharmaceuticals and E & S, the pharmacy chain, during Octoberof the current year:
Oct 6 E & S purchased $12,000of merchandise from Acre on credit terms of 3/10, n/30,FOB shipping point. Seperately, E & S paid a $75 bill for freightin. These goods cost Acre $3,600.Oct 10 E & S returned $3,000 of themerchandise purchased on October 6. Acre accounted for thesales return and placed the goods back in inventory (Acre'scost, $1,200).Oct 15 E & S paid $6,000 of theinvoice amount owed to Acre for the October 6 purchase, less the discount.Oct 27 E & S paid the remaining accountowed to Acre for the October 6 purchase.
Requirements
1. Journalize thesetransactions on the books of E & S. 2. Journalizethese transactions on the books of Acre Pharmaceuticals.
Is the discount applied on bothentries?
At a production level of 0, an activity has a cost of $1000. At a production level of 100 units, that same activity has a cost of $1100. This is an example of a:
During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries.
AZ sells its utensils wholesale for $0.85 each; the average cost per unit is $0.83, of which $0.12 is fixed costs. If AZ were to accept BV's offer, what would be the increase in AZ's operating profits?
Canary Corporation has 1,000 shares of stock outstanding. It redeems in a qualifying stock redemption 200 shares for $200,000 at a time when it has paid-in capital of $100,000 and E & P or $800,000. What would be the charge to Canary's E & P as a ..
The estimated revenues control account of star city general fund is eliminated when:
Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical ..
Direct labor hours used on each product are 50,000for A1, 40,000 for B2, and 110,000 for C3. How much ordering andreceiving overhead is assigned to each product?
Imagine the government has released funds for creating small businesses. You are interested in establishing a small business, and you must decide on the form of business organization that would best suit your unique product or service and business..
State Corporation is a 30%-owned equity investee of Pico Corporation. During 2003, State declared $50,000 in dividends to be paid in 2004. How does the dividend declaration affect Pico's balance sheet at December 31, 2003?
Damon would have control of the corporation after transfers by the two of them, says that she will transfer some property at the same time so that the two of them will have control of the company after the transfers and Damon's transfer will quali..
How are bad debts accounted for under the direct write-off method? What are the advantages and disadvantages of this method?
Depreciation is recorded on a straight-line basis at end of each fiscal year. The useful life of equipment is five years.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd