User Account

All Pages

Prepare journal entries to record the following

Assignment Help Other Subject
Reference no: EM13583424

Prepare journal entries to record the following merchandising transactions of Sheng company, which applies the perpetual inventory system. (hint: It will help to identify each receivable and payable; for example, record the purchase on august 1 in accounts payable-Arotek)

Aug 1 purchased merchandise from arotek company for 7500 under credit terms of 1/10, n/30, FOB destination, invoice dated aug 1

Aug 4 at arotek request, Sheng paid $200 cash for freight charges on the aug 1 purchase, reducing the amount owed to Abilene

Aug 5 sold merchandise to laird corp for 5200 under credit terms 2/10, n/60 FOB destination invoice dated aug 5. The merchandise had cost 4000

Aug 8 purchased merchandise from waters corporation for 5400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated aug 8.

The invoice showed that at sheng's request, waters paid the 140 shipping charges and added that amount to the bill. (hint: discounts are not applied to freight and shipping charges)

Aug 9 paid 125 cash for shipping charges related to the aug 5 sale to laird corp.

Aug 10 Laird return merchandise from the aug 5 sale that had cost sheng 400 and been sold for 600. The merchandise was restored to inventory.

Aug 12 after negotiations with waters corporation concerning problems with the merchandise purchased on aug 8, sheng received a credit memorandum from waters granting a price reduction of 700

Aug 15 received balance due from laird corp for the aug 5 sale less the return on aug 10

Aug 18 paid the amount due waters corporation for the aug 8 purchase less the price reduction granted

Aug 19 sold merchandise to tux co. for 4800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated aug 19 the merchandise cost 2400

Aug 22 tux requested a price reduction on the aug 19 sale because the merchandise did not met specifications. Sheng sent tux a 500 credit memorandum to resolve the issue.

Aug 29 received tux's cash payment for the amount due from the aug 19 sale

Aug 30 paid arotek company the amount due from the aug 1 purchase.

Reference no: EM13583424

Questions Cloud

Calculate sales in pounds to achieve pound600000 after tax : hand-in assignment questionthe income statement for abcs 2012 fiscal year is presented below. abc manufactures one type
Choose a recent technical article from a referred journal : please choose a recent technical article from a referred journal or conference proceedings on the topic of threats and
All our household circuits are wired in parallel below is : a all our household circuits are wired in parallel. below is an example of a simple household circuit with 3 identical
A compound contains 7814 boron and 2186 oxygen determine : a compound contains 78.14 boron and 21.86 oxygen. determine the empirical formula for this compound. need help
Prepare journal entries to record the following : prepare journal entries to record the following merchandising transactions of sheng company which applies the perpetual
According to the following thermochemical equation what : according to the following thermochemical equation what mass of h2o in g must form in order to produce 975 kj of
An 90-kg object moving 50 ms in the positive x direction : an 9.0-kg object moving 5.0 ms in the positive x direction has a one-dimensional collision with a 3.0-kg object moving
A student calculates the unknown liquid to have a density : a student calculates the unknown liquid to have a density of 0.87 gcm3. if the class average for the density of the
Formulate a hypothesis statement and perform the five-step : write a 1050- to 1750-word paper describing a hypothesis test to perform on that data using a one or two-sample z test

Reviews

Write a Review

Other Subject Questions & Answers

  The conservation reserve program

The Conservation Reserve Program was funded in the United States to conserve which of the following precious resources?

  What are the potential outcomes of using mbo

What are the potential outcomes of using MBO in an organization and having upper level through lower level employees participate in the MBO process.

  Collecting survey data

Compare and contrast the different methods available for collecting survey data and include examples that are different from what is used in the textbook.

  Federal reserve-designing and implementing monetary policy

The U.S. Congress and the President should have enough leverage and power to control the Federal Reserve’s actions in both the short and long run. The Federal Reserve should be independent from political pressure in designing and implementing monetar..

  The purpose of this paper is for you to demonstrate your

the purpose of this paper is for you to demonstrate your ability to apply a working knowledge of the theories

  Using the spss assignment data set provided explore the

using the spss assignment data set provided explore the data using measures of central tendency measures of dispersion

  Deciding to take the course and being motivated to do well

What differences are there between deciding to take the course and being motivated to do well in the course?

  Develop an original entrepreneurial vision

Develop an original entrepreneurial vision into a successful reality

  Structure the distribution of power

What are the key institutions in our society that structure the distribution of power? Give an example of one of these systems and how the dominant group shapes society through it.

  Female leaders made greater progress towards womens equality

Had Hillary Clinton been elected as the United States president in 2008, how much of an effect do you think that would have had on women's rights and opportunities in this country? Have other countries with female leaders made greater progress toward..

  Consider the visual pathway

Consider the visual pathway. Damage to which area would have the most detrimental effect on the sense of vision?

  Public opinion is ordinarily used in reference whole society

Public opinion is ordinarily used in reference to the whole society.

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