Make the journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM133170994

Question - The following transactions of The Linen Barn occurred in July.

DATE TRANSACTIONS

July 5 Accepted a return of damaged merchandise from Ann Dickinson, a credit customer; issued Credit Memorandum 301 for $882, which includes sales tax of $42; the original sale was made on Sales Slip 1610 of June 30.

July 21 Gave an allowance to Roberta Bishop, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum 302 for $546, which includes sales tax of $26; the original sale was made on Sales Slip 1663 of July 17.

Required - Make the journal entries to record the above transactions.

Reference no: EM133170994

Questions Cloud

Discuss business analytics models : Discuss business analytics models and data warehouses based on a current event. Discuss the trends, examine business analytic principles and standards, make jud
What is the breakeven sales for jongin product : Variable costs ratio are 60% for Jongin and 85% for Sehun. Total fixed costs are 150,000. There are no other costs. What is breakeven sales for Jongin product
Develop a negotiation strategy and plan : 1. Develop a negotiation strategy and plan. 2. What common ground do both Cybaris and King have to negotiate on?
What price will the company charge : What price will the company charge if the firm uses cost-plus pricing based on variable manufacturing cost and a markup percentage of 200%
Make the journal entries to record the transactions : Question - The following transactions of The Linen Barn occurred in July - Make the journal entries to record the above transactions
What will happen to the currency exchange rates : What will happen to the currency exchange rates & currency value if there was an increase in domestic interest rates
Decennial population count in united states : Discuss whether you believe a constitutional amendment should be passed to allow sampling in the decennial population count in the United States
What is whitt weighted average number of shares outstanding : March 1 - sold an additional 50,000 shares on the open market at $25 per share. What is Whitt weighted average number of shares outstanding
Current event that demonstrates ethical issue : Share a current event that demonstrates an ethical issue in a business setting.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss lower of cost or market rule to inventory valuation

When applying the lower of cost or market rule to inventory valuation, market generally means

  Calculate the appropriate amount

Calculate the appropriate amount to include in an NPV calculation for year 0. (Not the present value, but the amount that would be present valued.)

  Calculate the monthly debt repayment amount

Jon has an outstanding debt of $28,000. His creditors have set a repayment period of 4 years during which monthly principal payments are required. They have waived all the interest charges and late fees. Jon's yearly take-home is $30,600. Calculat..

  Develop specific assertions related to securities

Financial Assertions and Audit Objectives. You are engaged to examine the financial statements of Spillane Company for the year ended December 31.

  Discuss what steps can be taken to avoid this type of scam

The invoice will include names, figures, and other details to give it the appearance of legitimacy.

  Calculate the estimated inventory at the end of november

Royal Gorge Company uses the gross profit method to estimate ending inventory and Calculate the estimated inventory at the end of November

  How much is the total assets as of december for harangue

HARANGUE INFLATED SPEECH Co, How much is the total assets as of December 31, 20x1? Average receivables during the year ?400,000

  At the beginning of 2014 ovila company estimated the

at the beginning of 2014 ovila company estimated the following costs to produce one unit of product 8 pounds of direct

  Explain the scheduling procedures for service operations

Categorize different scheduling procedures for various types of service operations, such as restaurants, hospitals, and airlines.

  Calculate the dollar value of the ending inventory

Walker Manufacturing had 517 hot tubs in stock at the end of the year. Inventory records show the following information.

  Compute the project profitability index for each project

Oxford Company has limited funds available for investment and must ration the funds. Compute the project profitability index for each project.

  Prepare journal entries to record purchase of the machine

Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the installation. Assume that cash was paid

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