User Account

All Pages

Prepare journal entries that sydney records transactions

Assignment Help Accounting Basics
Reference no: EM133168968

Question - Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May 11 Sydney accepts delivery of $32,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,440. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise.

May 12 Sydney returns $1,600 of the $32,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,072.

May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Assume that both buyer and seller use a periodic inventory system and the gross method.

Required -

1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.

2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

Reference no: EM133168968

Questions Cloud

What is the impact of the identified errors : Show the impact of the analysis you have performed within task 3 on the materiality. What is the impact of the identified errors
What is the internal rate of return on the investment : Burgundy is contemplating what for the company is an average-risk investment costing $38 million. What is the internal rate of return on the investment
Relationship between CIRT plan and risk management : Discuss the relationship between a CIRT plan and risk management. Describe the purpose and primary elements of a CIRT plan.
What is the total sale, profit for each State : What should be the strategy for replacing strange/out of bound values and What is the total sale, profit for each State
Prepare journal entries that sydney records transactions : Assume that both buyer and seller use a periodic inventory system and the gross method. Prepare journal entries that Sydney records transactions
Describe the topology : Describe the topology? What is the most common use of this topology? How are the network nodes connected in this topology?
What was the return on equity : Lowell Riverhawk Corporation has a total debt to assets ratio of 77.5 percent. Its net income last year was $25,000. What was the return on equity
What is the master budget variance for august : Phoenix paid $8,100 for 390 hours of professional labor. Credit checks went up to $75 per application. What is the master budget variance for August
Systems development life cycle and security life cycle : Discuss the differences between the systems development life cycle (SDLC) and the security life cycle.

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