Prepare journal entries that sydney retailing buyer record

Assignment Help Financial Accounting
Reference no: EM132472696

Point 1: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. Both Sydney and Troy use a perpetual inventory system and the gross method. May 11 Sydney accepts delivery of $40,000 of merchandise it purcha e for resale from Troy: invoice dated May 11 , terms 3/ 10, n/90, FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 ca h to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $ 1.400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $ 1,050. 20 Sydney pay Troy for the amount owed. Troy receives the cash immediately.

Question 1. Prepare journal entries that Sydney Retailing (buyer) records for the e three transaction

Question 2. Prepare journal entrie that Troy Wholesalers (seller) records for the e three transactions.

Reference no: EM132472696

Questions Cloud

Prepare and determine what a correct journal entry : Prepare and determine what a correct journal entry . On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock
Calculate the Total Assets on the Balance Sheet : Assuming no further transactions, Calculate the Total Assets on the Balance Sheet of Carpenter Printing Incorporated As of May 31
Calculate profit margin and gross profit rate : Tamarisk, Inc. reported net sales of $247,000, cost of goods sold of $148,200, operating expenses of $61,400, Calculate profit margin and gross profit rate
Problem - Entries for Retirement and Issuance of Bonds : Problem - Entries for Retirement and Issuance of Bonds. Prepare journal entries to record the retirement of the old issue and the sale of the new issue on June
Prepare journal entries that sydney retailing buyer record : Prepare journal entries that Sydney Retailing (buyer) records for the e three transaction. Prepare journal entrie that Troy Wholesalers (seller) records
Prepare journal entries for Morgan Manufacturing : Given the following information: Chief executive officer $8,500. Prepare journal entries for Morgan Manufacturing to record monthly payroll at July 31, 2007
Compute the earnings per share if return on assets fell : Determine Which plan would be most favorable if return on assets increased to 15.2 percent? Consider the current plan and the two new plans.
Prepare entries for falk to record the lease asset : Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $146,600 straight-line amortization at December 31
Prepare entries to record cost and installation of machinery : On July 23 of the current year, Dakota Mining Co. pays $5,985,120 for land. Prepare entries to record cost and installation of machinery

Reviews

Write a Review

Financial Accounting Questions & Answers

  Discuss the key issues which will need to be addressed

Discuss the key issues which will need to be addressed in determining the basic components of an internationally agreed conceptual framework.

  How do you prepare a statement of cash flows

That is, how do you prepare a statement of cash flows using the indirect method? Don't use numbers but explain the mathematical calculations and line items.

  How many products does she need to sell to break even

For each product sold, the entrepreneur makes a profit of $10. How many products does she need to sell to break even?

  Preparation of the balance sheet from the given

preparation of the balance sheet from the given transactions.the following events occurred at handsome hounds grooming

  Compute the net cash from operating activities

Glitter Girl, Inc. recognized net income of $205,000 including $60,000 in depreciation expense. Additional changes from the balance sheet are as follows. Accounts Receivable $2,000 decrease Prepaid Expenses $15,000 decrease Inventory $36,000 increase..

  What is the par or stated value of intel''s preference shares

What specific items does Intel discuss in its Note 2-Summary of Significant Accounting Policies and For what segments did Intel report segmented information? Which segment is the largest? Who is Intel's largest customer?

  Company projected a negative net present value

Do you feel if a company projected a negative net present value they should always reject the proposal? What would be your argument to management for why you would always rejecting?

  Evaluate of variable-overhead spending variance and the

evaluate of variable-overhead spending variance and the variable-overhead efficiency variancegantt textiles inc.

  Calculate eunice tax liability after tax credits

Prior to the effect of tax credits, Eunice’s regular income tax liability is $225,000 and her tentative AMT is $212,000. Eunice has general business credits available of $15,000. Calculate Eunice’s tax liability after tax credits.

  Journalize the entries to record the given transactions

Journalize the entries to record the following transactions for Mountain Realty Inc. Refer to the Chart of Accounts for exact wording of account titles.

  Uses the installment-sales method

Fryman Furniture uses the installment-sales method. No further collections could be made on an account with a balance of $36,000. It was estimated that the repossessed furniture could be sold as is for $10,800, or for $12,600 if $600 were spent recon..

  Financial statement analysis

Discuss at least 3 points which support your conclusion, and 1 of these points must relate to a competitor's financial performance

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