Reference no: EM131784084
Question - Sales-related transactions
Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $30,300, terms 2/10, n/30. The cost of merchandise sold is $18,200. Summit Co. issues a credit memo for $5,200 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $3,100.
Journalize Summit Co.'s entries.
a. The sale: The cost of the merchandise sold:
b. The credit memorandum: The cost of merchandise returned:
c. The receipt of the check for the amount due from Bitone Co. If a box does not require an entry, leave it blank.
Question - Purchase-related transactions
Versailles Co., a women's clothing store, purchased $17,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Versailles Co. returned $2,400 of the merchandise, receiving acredit memo, and then paid the amount due within the discount period.
a. Journalize Versailles Co.'s entry to record the purchase.
b. Journalize Versailles Co.'s entry to record the merchandise return.
c. Journalize Versailles Co.'s entry to record the payment. If a box does not require an entry, leave it blank.
Question - Entry for cash sales; cash short
The actual cash received from cash sales was $31,025, and the amount indicated by the cash register total was $31,060.
Journalize the entry to record the cash receipts and cash sales.
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What is the amount of the sales discount allowable
: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $25,000. What is the amount of the sales discount allowable?
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Prepare a multiple-step income statement
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Compute cash receipts from customers
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Record the income reported by d corporation
: Record the income reported by D Corporation of $35,000 and by F Corporation of $367,000 in 2014. Record the fair value effects at 2015 year-end.
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Journalize versailles co entry to record the purchase
: Versailles Co. returned $2,400 of the merchandise, receiving acredit memo, Journalize Versailles Co.'s entry to record the purchase
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Write the difference equations for the spring-mass system
: Write the difference equations for the spring-mass system shown in Figure and find the natural frequencies of the system.
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How much will be paid to common stockholders
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Calculate what the final temperature is going to be
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Determine the difference equations and boundary conditions
: An N-mass pendulum is shown in Figure. Determine the difference equations, boundary conditions, and the natural frequencies.
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