Prepare all entries for sharma to account for this

Assignment Help Financial Accounting
Reference no: EM133435016

Question: In 2023, the following transaction occurred between Vincent Wholesale Corp. (consignor) and Sharma Stores (consignee):

On March 2, 2023 Vincent shipped merchandise costing $26,000 to Sharma. Vincent paid $2,000 for freight and Sharma paid $1,500 for advertising (to be reimbursed by Vincent). By the end of the third quarter of 2023 (September 30, 2023), Sharma advised Vincent that all the merchandise has been sold for $35,000 and forwarded the proceeds (net of a 15% commission and the outlay for advertising) to Vincent.

Instructions

a) Prepare all entries for Sharma to account for this transaction.

b) Prepare all entries for Vincent to account for this transaction.

 

 

Reference no: EM133435016

Questions Cloud

Utilizing a civilizational approach : What are the advantages and disadvantages of utilizing a "civilizational" approach?
How do you think the physicians in the practice would react : How do you think the physicians in the practice would react to this plan? Should they be involved in developing this plan? And if so, how should they be involve
Identify and provide a detailed explanation : identify and provide a detailed explanation for three key driving factors that have led to the implementation of health informatics in the healthcare industry?
How can message readability through document design : How can you enhance your message's readability through document design? For example, headings add visual impact and aid readability in business reports.
Prepare all entries for sharma to account for this : Prepare all entries for Sharma to account for this transaction. Prepare all entries for Vincent to account for this transaction.
What employee retention tools and processes : What employee retention tools(one) and processes(one) would you incorporate to improve nursing retention and minimize the likelihood of a negligence lawsuit
Would the eola center most likely be for-profit : What makes the Eola Retirement Center a facility where one would be able to age in place and Would the Eola Center most likely be for-profit or not-for-profit
Explanation of the quality improvement : Explanation of the quality improvement needs and recommendations of your practice setting/organization type
How can field of criminal justice improve quality of justice : How can college education in the field of criminal justice improve the quality of justice on the street?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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