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Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500.
Paid $125 cash for freight charges on the purchase of July 1.
Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.
Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
Paid the balance due to Boden Company within the discount period.
Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19.
Paid Leight Co. the balance due after deducting the discount.
Received the balance due from Art Co. for the invoice dated July 19, net of discount.
Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
Prepare journal entries to record the above merchandising transactions of Blink Company, which applies the perpetual inventory system.
Samson Company is an engineering firm. Many of the employees are engineers who are working individually on different projects. Most of the design work takes place on computers. The computers are connected by a network and employees can also "surf"..
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strawberry fields purchased a tractor at a cost of 48000 and sold it two years later for 23000. strawberry fields
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peter sold an investment property in sydney and the transaction was settled on 30 june 2012 for 800000. he incurred
Explain the meaning of the increase or decrease in the LIFO reserve during the 2010. What does this tell you about inventory costs for the company? Are they rising or falling? Explain.
On February 4, Cinderella Rocks Inc., a marble contractor,issued for cash 30,000 shares of $20 par common stock at $64, and on March 31, it issued for cash 18,000 shares of $75 par preferred stock at $90.
On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:
In 2007, Peggy, a widow, places $3 million in trust, life estate to her children, reminder to her grandchildren, but retains the right to revoke the trust. In 2010, when the trust is worth $3.1 million, Peggy rescinds her right to revoke the trust..
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