Journalize transactions using journal buyer and seller

Assignment Help Financial Accounting
Reference no: EM133009495

1/1/20 Yes Inc. sold merchandise on account to a new company Tim Co., $8,500 terms FOB shipping point, 2/10 n/45. The cost of the merchandise sold was $5,500.

1/2/20 Tim Co. paid CASH transportation charges $500 on the January 1 purchase from Yes Co.

1/8/20 Yes Co. issues Tim Co. a credit memorandum for merchandise returned $4250. The cost of the merchandise returned was $2750

1/9/20 Yes Co. received payment from Tim Co. for purchase of January 1st

Problem 1) Journalize transactions using Journal BUYER and SELLER and also corresponding T- Accounts

Reference no: EM133009495

Questions Cloud

Which the measurement date for shares issued to employees : Which the measurement date for shares issued to employees in share option plans accounted for using the fair-value method is
What must profit margin be if wishes to finance ten percent : A firm has an asset turnover ratio of 2.0.What must its profit margin be if it wishes to finance 10% growth using only internally generated funds?
How entity a should account for the compound instrument : On October 31, 20X5, Entity A issues convertible bonds. How Entity A should account for the compound instrument on initial recognition.
Write a cover letter as a newly graduated nurse : Write a cover letter as a newly graduated nurse
Journalize transactions using journal buyer and seller : Journalize transactions using Journal BUYER and SELLER and also corresponding T- Accounts. Yes Co. received payment from Tim Co. for purchase of January 1st.
Adopt the role of the controller : Coco Printing Inc., Adopt the role of the controller and discuss any financial reporting issues that should be addressed before the meeting.
What plastic material is used to make cereal box liners : What plastic material is used to make cereal box liners and shopping bags and What plastic material is used to make household garbage bags, coating for paper
Discuss social learning theory : Discuss social learning theory. What is the basic premise of social learning theory, how does the theory view crime, what are means to deal with or reduce
Why is ethics important-valuable : 1. When it comes to research, why is ethics important/valuable?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the minimum number of shares x in order to guarantee

What is the minimum number of shares X in order to guarantee that at least one your friends is elected? Please explain why X is minimum

  What was the net price of the skateboards

Bob's Sporting Goods ordered 20 skateboards for a total $629 list price. What was the net price of the skateboards

  Calculate the annual rate of return for the new machine

Prepare an incremental analysis for the 4 years showing whether Shellhammer should keep the existing machine or buy the new machine - calculate the annual rate of return for the new machine

  Compute the contribution margin per unit

Annual fixed costs are $844,200. Current sales volume is $4,210,000. Compute the contribution margin per unit

  What the net effect of property dividend on retained earning

What the net effect of this property dividend on retained earnings is a reduction of? Sydney's Corporation has an investment in 5,000 shares of Street Company

  Prepare the journal entries required to record revaluation

Prepare the journal entries required to record the revaluation adjustment for the year ended 30 June 2019; 30 June 2020 and 30 June 2021

  Find what is the company cost of debt financing

Find What is the company cost of debt financing. The company can issue R1,000 par value, 10% coupon, 5 year bonds that can be sold for R1,200 each.

  Determine the expected mix of conference rooms

Formulate a linear program to determine the expected mix of conference rooms to ensure the maximum profit for CRSL. Show all supporting calculations and derive the optimum solution using a computer package (eg solver in Excel).

  Analyze the amortization of an intangible asset

Analyze the amortization of an intangible asset - The company expects the vehicle to have a useful life of 10 years

  How do prepare the general journal entries for alaska corp

Alaska Corp, How do prepare General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."

  Find what will account be worth six years from today

Roger decides to start an investment account, If earns 9% on his investment, what will his account be worth 6 years from today, assuming he compounds annually?

  Which is the government agency that enforces the securities

Which is the government agency that enforces the securities laws of the U.S., including that apply to financial reporting. Government Accountability Office

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd