Solution-Prepare journal entries for the transactions

Prepare journal entries for the transactions

Assignment Help Cost Accounting

Reference no: EM133018380

Question - Presented below are selected transactions of Metlock Company. Metlock sells in large quantities to other companies and also sells its product in a small retail outlet.

March 1 Sold merchandise on account to Dodson Company for $10,800, terms 4/10, n/30.

March 3 Dodson Company returned merchandise worth $800 to Metlock.

March 9 Metlock collected the amount due from Dodson Company from the March 1 sale.

March 15 Metlock sold merchandise for $400 in its retail outlet. The customer used his Metlock credit card.

March 31 Metlock added 1.00% monthly interest to the customer's credit card balance.

Required - Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.)

Reference no: EM133018380

Questions Cloud

Prepare the share capital section : Prepare the share capital section of the statement of financial position at December 31, 2017

Compute the dividend per share on each class of stock : The following amounts were distributed as dividends: first year, $31,960; second year, $73,240; Compute the dividend per share on each class of stock

What is the effect on the accounting equation : Question - A hotel purchases supplies inventories for $900 cash. What is the effect on the accounting equation

Discuss and analyse professional leadership : Discuss and analyse in more detail, 2 of your chosen discussion posts that you submitted for Assignment 2 (AT2) (600 words for each topic)

Prepare journal entries for the transactions : Prepare journal entries for the transactions above - March 1 Sold merchandise on account to Dodson Company for $10,800, terms 4/10, n/30

What would be the pros and cons of an NBA lockout : Question - What would be the pros and cons of an NBA lockout, an NHL lockout, MLB lockout or NFL lockout (choose one league)

Prepare the December stockholders equity section : Purchased 1,800 shares of its own outstanding common stock for $41 per share. Prepare the December 31, 2020, stockholders' equity section

Assignment - Evaluating a Capital Investment : Assignment - Evaluating a Capital Investment - Perform the calculations for each of your chosen measures. Evaluate capital investments from a cost accounting

Difference in full costing and variable costing net income : Calculate the difference in full costing net income and variable costing net income without preparing either income statement

User Account

All Pages

Prepare journal entries for the transactions

Reference no: EM133018380

Reference no: EM133018380

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT