User Account

All Pages

Prepare the entry on dale companys books

Assignment Help Accounting Basics
Reference no: EM131144300

Presented below are two independent situations.

(a) On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Cornwell Appliances' books to record the sale of the receivables.

(b) On May 10, Dale Company sold merchandise for $3,500 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Dale Company's books to record the sale of merchandise.

Reference no: EM131144300

Questions Cloud

Record the collection of the givens note at its maturity : Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2010.
Describe the type of industry in which cr. plastics compet : Describe the type of industry in which C. R. Plastics competes. Are there competitive factors that could limit the future success of the company despite the recent growth that has been experienced?
Indicate the statement presentation of the financing : Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Prepare the entry on kimbles books related : On July 4, Kimble's Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Prepare the entry on Kimble's books related to this transaction.
Prepare the entry on dale companys books : On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold.
Determine the reorder point that will achieve a 98 service : Buy-More stocks color graphics monitors. The daily demand is normally distributed with a mean of 1.6 monitors and a standard deviation of 0.4 monitors. The lead time to receive an order from the manufacturer is a constant 15 days. Determine the reord..
The company recorded this amount as an addition : On December 31, 2010, Jarnigan Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts.
Calculate the test statistics or p value and state the concl : A coin that is balanced should come up heads half the time in the long run. A coin is tossed 4040 times and gives 2085 heads. Is the coin biased? Use Alpha = .05. (State the Hypothesis Scenario, calculate the test statistics or p - value and state th..
Prepare journal entries to record the 2010 transactions : At December 31, 2009, Braddock Company had a balance of $15,000 in the Allowance for Doubtful Accounts. During 2010, Braddock wrote off accounts totaling $13,000. One of those accounts ($1,800) was later collected.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the cross-rate of euros to swiss francs euro-sf

Suppose the exchange rate between U.S. dollars and Swiss francs is SF 0.9645 = $1.00, and the exchange rate between the U.S. dollar and the euro is $1.00 = 1.1934 euros. What is the cross-rate of euros to Swiss francs (Euro/SF)?

  Analysis on prime cost and overhead variances

This problem belongs to basic Accounting questions and it discuss about writing an analysis on prime cost and overhead variances using a fictitious company. The analysis includes 6 direct material variances, 2 variable overhead variances and 4 dir..

  The impact on operating income for eliminating

The impact on operating income for eliminating this business segment would be:$54,900 decrease$135,100 decrease$52,900 decrease$190,000 increase$190,000 decrease

  What amount of cash should be reported in the may

What amount of cash should be reported in the May 31, 2010, balance sheet?

  Prepare two income statements for matka company

Prepare two income statements for Matka Company, one using the FIFO and straight line methods and the other using the LIFO and double declining balance methods. Ignore income taxes.

  Bryant company designs and builds fancy dining room tables

bryant company designs and builds fancy dining room tables for individual customers. on july 1 there were two jobs in

  Compute peach company''s income taxes paid

Given the following information, compute Peach Company's income taxes paid.

  Determining financial statement effects of transactions

determining financial statement effects of transactions involving notes payable many businesses borrow money during

  Goll corp issued 1000 of its 10 1000 bonds for 960000 these

goll corp. issued 1000 of its 10 1000 bonds for 960000. these bonds were to mature on january 1 2016 but were callable

  Prepare the journal entries to record the exchange

Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry.

  Write a memo to your instructor that lists the steps

Write a memo to your instructor that lists the steps of the accounting cycle in the order they should be completed. End with a paragraph that explains the optional steps in the cycle.

  Ralph cost recovery deduction

The cost of the equipment is $150,000. Ralph does not elect immediate expensing under § 179, nor does he elect not to have the uniform capitalization rules apply. Compute Ralph's cost recovery deduction for 2015.

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