User Account

All Pages

Prepare journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM133079065

Question - The following transactions were selected from the records of Kramerica Industries Ltd ("Kramerica").

Aug 9 Sold merchandise to Willard's Wizards at a selling price of $5.400 on terms 3/10, N/30. The goods cost Kramerica $4,200.

Aug 10 Willard's Wizards returned product for a credit on their account of $1.200. The product was deemed not to be defective and returned into inventory. The returned product's cost to Kramerica was $930.

Aug 15 Purchased goods for $4,400 from Jackie Chiles Ltd on terms 2/10, N/30

Aug 17 Returned goods costing $600 to Jackie Chiles Ltd. for full credit.

Aug 19 Collected payment from Sacamano Ceiling for the August 9 sale.

Sep 15 Paid Jackie Chiles Ltd. in full.

Required - Prepare journal entries to record the transactions, assuming Krameria Industries Ltd. uses a perpetual inventory system. Omit journal entry explanations.

Reference no: EM133079065

Questions Cloud

Monopoly maximizes profit by setting mr : Suppose a monopoly faces demand given by P = 24 - Q and has a cost function given by C = 10 + 4Q.
How many shares of XYZ common stock were outstanding : Laws in XYZ's state of incorporation protect treasury stock from dilution. At December 31, year 2, how many shares of XYZ's common stock were outstanding
Review human resource management principles : Your team needs to review human resource management principles from some of the countries listed below to determine if country is a good fit for organization.
What is the effective annual interest rate of this loan : A corporation wants to borrow $4 million for six months at a stated annual rate of 8%, What is the effective annual interest rate of this loan
Prepare journal entries to record the transactions : Prepare journal entries to record the transactions, assuming Krameria Industries Ltd. uses a perpetual inventory system. Omit journal entry explanations
GRM3001 Introduction to Quantitative Methods Assignment : GRM3001 Introduction to Quantitative Methods Assignment Help and Solution, Gulf College - Assessment Writing Service
Applying specific lean tools for eliminating waste : You will practice identifying process waste and assessing the appropriateness of applying specific Lean tools for eliminating waste.
Define leadership and shared leadership : Define leadership and shared leadership. Discuss the elements of path-goal leadership theory and leadership substitutes theory.
Organizational development technique : If you were asked to lead a change initiative at your current job, which Organizational Development (OD) technique would you use, and why?

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