User Account

All Pages

Prepare the entries required under the periodic system

Assignment Help Managerial Accounting
Reference no: EM133073448

Question - Lorenson Corporation presents you with their inventory transaction for November 2020 to record in their data. Opening inventory was $132,150.

01-Nov Purchased 22,500 units of inventory on account for $236,300.

05-Nov Freight charged by the supplier (also on account) for the above transaction was $26,950.

09-Nov Some of the goods in the above order were damaged. They were able to negotiate a purchase allowance of $15,900 to be applied to their account.

12-Nov They returned $31,200 of goods to the supplier for credit on their account.

15-Nov A purchase discount was received on the order of $16,540.

15-Nov Payment of $199,610 is made on the above account.

30-Nov Sales to customers on account for the month totaled $516,030.

30-Nov Cost of goods sold on the sales for the month was $206,400.

30-Nov At the end of the month an inventory count is performed and they find there is $90,300 of inventory left on hand.

Required - Prepare the entries required under the periodic system. Journal entry descriptions are NOT required. If no entry is needed state this and why.

Reference no: EM133073448

Questions Cloud

Contribute to rrsp for the current year : At the end of last year, David had unused RRSP contribution room of $2,500. Last year, he had earned income of $80,000 and he was a member of his employer's def
Indicate dollar amounts to reported as current liability : For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any
Brainstorm list of of the most serious social problems : Brainstorm list of of the most serious social problems facing the United States today. list them from the most pressing to the least pressing
Investigate new approaches to budget management : Describe two research methods you can use to investigate new approaches to budget management.
Prepare the entries required under the periodic system : Prepare the entries required under the periodic system - 05-Nov Freight charged by the supplier (also on account) for the above transaction was $26,950
Describe the afn equation : Describe the AFN (Additional Funds needed) and how its role in the financial forecast. Describe the AFN equation as discussed in today's lesson content.
Estimate the variance of rate of return : Can you estimate the variance of this rate of return? Type your answer as decimal (i.e. 0.052 and not 5.2%). Round your answer to the nearest four decimals if n
What is the invoice price if the annual coupon : A bond has a quoted price of $985, and it pays an annual coupon. The last coupon payment was made 90 days ago. What is the invoice price if the annual coupon is
Families encounter risks of varying degrees : What type of risk this family is taking? What would you do to motivate the family to research and purchase homeowner's insurance?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Which statements about using a plantwide overhead rate

Which statements about using a plantwide overhead rate based on direct labor is correct? Using a plantwide overhead rate based on direct labor-hours

  Determine the balances in work in process and finished goods

Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 31, 20Y8

  Evaluate what would be the net operating income

Evaluate what would be the net operating income, If the selling price increases by $2 per unit and the sales volume decreases by 100 units

  Calculate the roi under each of proposed courses of action

Using the ROI formula, calculate the ROI under each of the proposed courses of action. Increase sales by $30,000 with no change in the contribution margin %

  How many units must be sold to produce a target price

Fixed costs are $446,344 and the company currently sales 8,826 units. How many units must be sold to produce a target price of $73

  Consider the following scenariothe ski pro corporation

consider the following scenariothe ski pro corporation which produces and sells to wholesalers a highly successful line

  What is the maximum purchase price that martell products

What is the maximum purchase price that Martell Products should be willing to pay for the copier if the company's required rate of return is: Ten percent? Sixteen percent?

  How much operating income can blake expect

Blake plans to sell 500 stuffed mascots next month. How much operating income can Blake expect to earn next month if he realizes his planned sales?

  How to gain maximum learning and points

Explain how the managers choice of the type of responsibility center (cost, revenue, profit, or investment) affects the behavior of other employees

  Prepare an operating budget for the banner company

You are well aware of the importance of budgeting in managing a business enterprise successfully. Consequently, you have decided to prepare an operating budget for the Banner Company for the year 2013.

  Find which costs will change with a decrease in activity

Find Which costs will change with a decrease in activity within the relevant range? Total fixed costs and total variable costs./ Unit fixed cost

  Journalize the adjusting entry to record the accrued fees

At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees

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