Journalize Warwick entries to record the purchase

Reference no: EM131814088

Question: On March 1, Warwick's Co., a women's clothing store, purchased $74,600 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. On March 5, Warwick's returned $9,500 of the merchandise, receiving a credit memo, and then paid the amount due on March 9, within the discount period. Journalize Warwick's entries to record

(a) the purchase,

(b) the merchandise return, and

Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM131814088

Questions Cloud

What is the total amount of cash that company received : On March 1, 2020 the B Company issued $800,000 of 10 year bonds payable dated January 1, 2020 at face value. The bonds have a stated rate of 12%.

Total value of the purchase price as margin or equity : The speculator put up 4% of the total value of the purchase price as margin or equity.

Compute your realized rate of return : You originally paid $1,086 for the bond and the company just called the bond. Compute your realized rate of return.

Describe psychographic characteristics of sample students : Describe the demographic and psychographic characteristics of the sample students. Analyse how student motivation & emotion affect their purchasing decesion

Journalize Warwick entries to record the purchase : On March 1, Warwick's Co., a women's clothing store, purchased $74,600 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30.

Describe three facts about short-run economic fluctuations : Describe the three key facts about short-run economic fluctuations and how the economy in the short run differs from the economy in the long run.

Explain steps researchers took to ensure generalizability : Generalizability is the extent to which research findings from your sample population can be applicable to a larger population.

Compute the portfolio expected return and portfolio risk : If the weight of portfolio assets assigned to investment X is 0.4, compute the Portfolio expected return, Portfolio risk.

Offered the highest average annual returns : What securities have offered the highest average annual returns over the last several decades?

User Account

All Pages