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On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 80 calculators at $20 each from De Vito Co. for cash. 9 Paid freight of $80 on calculators purchased from De Vito Co. 10 Returned 2 calculators to De Vito Co. for a $42 credit (including freight) because they did not meet specifications. 12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30. 14 Granted credit of $31 Mega Book Store for the return of one calculator that was not ordered. 20 Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30.
Instructions Journalize the September transactions. Date Description/Account Debit Credit Sept. 6 Sept. 9 Sept. 10 Sept. 12 (To record cost of merchandise sold.) Sept. 14 (To record cost of merchandise sold.) Sept. 20 (To record cost of merchandise sold.)
lancer audio produces a high-end dvd player that sells for 1300. total operating expenses for the past 12 months are as
the partnership had net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of partnership recourse liabilities on the last day of the partnership year. Michelle's..
Two years later the bond is converted when the market value of the stock is $150. Prepare the entries at the date of issuance and at the date of conversion.
ellis enterprises produces high quality blankets sold to hotels and resorts. blankets must be well made because of
the general ledger of the karlin company a consulting company at january 1 2011 contained the following account
The cash flow of a firm which is available for distribution to the firm's creditors and stockholders is called the
What entry should Parent make under the equity method and the cost method (not significant influence)
heather owns a two-story building. the building is used 40 for business use and 60 for personal use. during 2013 a fire
if total liabilities decreased by 25000 and stockholders equity increased by 5000 during a period of time then total
BUACC5930 Accounting Concepts and Practices. You are an accountant at WestGroupAccountants&Investment Advisers. You have been approached by a group of investorsfor your professional advice on investing in Harvey Norman Holdings Limited.
laundry costs for the whole hospital is 21000 for 600000 pounds or.. 35lb.laundry for radiology revealed that 7500 of
A transportation company is paid in the month of May for delivering a truckload of goods, although it actually delivers it in June. What effect will there be on the financial statements if the correct adjusting entry is not made?
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