Reference no: EM131000654
James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month:
a. The company purchased merchandise on account for $22,000 on October 12, 2011. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $500 were paid in cash.
b. On October 18 the company returned merchandise costing $3,000. The return reduced the amount owed to the supplier. The merchandise returned came from beginning inventory, not from the October 12 purchase.
c. On October 31, James paid for the merchandise purchased on October 12.
d. During October merchandise costing $18,000 was sold on account for $28,000.
e. It was determined that inventory on hand at the end of October cost $16,060.
Required:
1. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold.
2. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions.
|
What are the three fundamental analysis strategies
: Explain the role and interests of the project champion, organizational management, and end users regarding a new system project. How will each impact the organizational feasibility of the project?
|
|
Mercury company has only one inventory pool
: Compute the inventory at December 31, 2012, 2013, and 2014, using the dollar-value LIFO method.
|
|
Determine the sample size required
: Let X1 , X2 ,... , Xn , be a random sample from a normal population, with unknown mean, and variance σ2 = 5. The population mean is to be estimated with the sample mean such that the 95% con?dence interval will be ξL ≤ μ - X¯ ξR, an interval of total..
|
|
Determine the mle for the parameter
: 1. Given a random sample X1 , X2 ,..., Xn from a Gamma γ(α, β) population, (i) Determine the MLE for the parameter β when α is speci?ed.
|
|
Prepare journal entries for the above transactions
: Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions.
|
|
Estimate ground-state energy of the proton
: A proton of mass ,mp, (given in data) is confined in a very-deep Square-well potential with L= 1 femto meter. Sketch a diagram to show the allowed energy levels of the proton inside the well.
|
|
Probability that an order change to one for application
: What is the probability that an order change to one for application A can be ?lled from a batch ready to be shipped for application B?
|
|
If the federal reserve changes the reserve ratio
: If the Federal Reserve changes the reserve ratio in the economy from 10% to 5%, explain the effect this will have on the broader economy in the short run and the mechanism for it happening. Use both the quantity theory of money and the money multipli..
|
|
The marginal rate of substitution
: The marginal rate of substitution between bundles V and Z isa. greater than the marginal rate of substitution between bundles Z and T.b. less than the marginal rate of substitution between bundles Z and T.c.
|