Prepare all journal entries including any adjusting entries

Assignment Help Financial Accounting
Reference no: EM132813958

Zeedoc Corp. has the following transactions for the month of May 2019:

May 1 Purchased merchandise on account from DWS Company for $10,000, terms 2/10, n/30 FOB shipping point.

May 1 Paid $12,000 in advance for a one-year insurance policy.

May 2 Freight charges of $200 were paid by the appropriate party for the merchandise purchased on May 1.

May 3 Issued additional shares for $50,000 cash.

May 5 Sold merchandise on account to SDL Inc. for $4,000, terms 2/10, n/30. The cost of the merchandise was $2,100.

May 6 Freight charges of $100 were paid by the appropriate party on the May 5 sale.

May 8 Returned merchandise to DWS and received a $200 credit for the value of goods returned.

May 9 Paid DWS in full.

May 10 Purchased $1,700 of supplies on account.

May 12 SDL returned merchandise sold for $2,000 that cost $1,200. The merchandise was restored and returned to Inventory.

May 14 Received payment in full from SDL for merchandise sold on account on May 5.

May 21 Paid $8,000 to the bank, of which 30% was interest and the remainder was to repay the principal amount of a loan for $20,000 received in January.

May 25 Hired a new manager to start on the 27th. Salary is $3,875 per month, paid on the 10th of every month.

Problem 1: Prepare all journal entries, including any adjusting entries required to close the accounting period ending May 31st, 2019 for Zeedoc. The company uses a perpetual inventory system. If no journal entry is required for any event, write NO ENTRY REQUIRED for that date.

Reference no: EM132813958

Questions Cloud

What day do the remaining credit customers pay : Fifty percent of Finology's customers pay on average on Day 20, and 30 percent pay on Day 40. On what day do the remaining credit customers pay?
What is Espat accounts receivable turnover rate : The accounts receivable balance decreased by $10,000 during 2016. Rounded to two decimal places, what is Espat's accounts receivable turnover rate
Find the price of option strategy on per share basis : Suppose that you wish to make a bet on a stock (PLTR) as follows.
Summarize the six steps of hypothesis testing : Summarize the six steps of hypothesis testing. Propose a scenario in which hypothesis testing is applied to public health data. The response must be typed.
Prepare all journal entries including any adjusting entries : Prepare all journal entries, including any adjusting entries required to close the accounting period ending May 31st, 2019 for Zeedoc.
Interest rate differential between usd and amd : Outline a carry trade strategy to exploit the interest rate differential between USD and AMD bank deposits if you believe AMD is unlikely to depreciate signific
Compare descriptive and inferential statistics : Compare and contrast descriptive and inferential statistics. Discuss why both descriptive and inferential statistics are used in the analysis of public health.
What arguments do they make regarding the use of animals : What arguments do they make regarding the use of animals for sport or profit? In what ways can our laws improve the living conditions or protect animals
How much external funding is required : Profit margin of 10% and a dividend payout ratio of 35%. Assuming no additional increase in liabilities will occur, how much external funding is required?

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