User Account

All Pages

Prepare all relevant journal entries on the books of ABC

Assignment Help Accounting Basics
Reference no: EM132981178

Problem - On June 16, 2014, ABC sold merchandise to XYZ with a list price of P10,000, trade discount 20% and 25%, 2/10, n/30. They were received by XYZ on the same date. Freight charges were $600.

Under each of the following independent situations, prepare all relevant journal entries on the books of (a) ABC and (b) XYZ:

a. FOB Shipping Point, freight collect. XYZ settled his account with ABC in full on June 24.

b. FOB Destination, freight prepaid. XYZ settled his account with ABC in full on June 25.

c. FOB Shipping Point, freight prepaid. XYZ settled his account with ABC in full on June 26.

d. FOB Destination, freight collect. XYZ settled his account with ABC in full on June 24.

e. FOB Shipping Point, freight collect. XYZ settled his account with ABC in full on June 27.

f. FOB Destination, freight collect. XYZ settled his account with ABC in full on June 28.

Reference no: EM132981178

Questions Cloud

What two elements play significant role in sustaining change : What two elements do you believe play the most significant role in sustaining change? The concept of a "Just Culture" has a number of key elements.
Prepare an audit program that details the specific tests : Prepare an audit program that details the specific substantive tests you would apply to Nelson's accounts receivable and revenue for the December 31, 2020
Explain how could christian perspectives prevent employee : How could Christian perspectives prevent an employee from performing their required duties? What legal and ethical responsibilities do you have to ensure
What is the total accumulated depreciation as of December : The entity used the straight line method of depreciation with no residual value. What is the total accumulated depreciation as of December 31, 2021
Prepare all relevant journal entries on the books of ABC : ABC sold merchandise to XYZ with a list price of P10,000, trade discount 20% and 25%, 2/10, n/30. Prepare all relevant journal entries on the books of ABC
What are research interests issues in specialty area : What are your research interests or your practice issues in this specialty area? Specific specialty area leadership and business administration you would.
How would Angel Investor Pty Ltd classify this instrument : If the instrument is a financial instrument, how would Angel Investor Pty Ltd and Easy Business Ltd classify this instrument
Discuss the components of the project plan : Discuss the components of the project plan according to the Chapter 3 Videos in Project Management Foundations by Bonnie Biafore
Analyze how each country government addresses cost : Using the WHO's Organization's global health agenda as well as the results of your own research, analyze how each country's government addresses cost

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd