Prepare the journal entries

Assignment Help Financial Accounting

Reference no: EM13945396

Prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system.

(a). On March 2, Novy Company sold $801,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $521,000

(b). On March 6, Opps Company returned $80,100 of the merchandise purchased on March 2. The cost of the returned merchandise was $52,100

Reference no: EM13945396

Questions Cloud

Apply this philosophy to the field of criminal justice : Apply this philosophy to the field of criminal justice.

Develop a web site that consists of at least three pages : Develop a web site that consists of at least three pages: a home page and two content pages. You decide what subject you're going to use for your web site.

Production cost per door stopper for september : Bellfont Company produces doorstoppers. August production costs are below: Door Stoppers produced 79,000 Direct material (variable) $20,000 Direct labor (variable) 40,000 Supplies (variable) 20,000 Supervision (fixed) 26,400 Depreciation (fixed) 23,2..

Design a test program that creates a car object : Also design a test program that creates a Car object, then calls the accelerate method five times, and after each call gets the current speed of the car and displays it. Then it calls the brake method five times, and after each call gets the curre..

Prepare the journal entries : Prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system.

Using the medicare nursing home compare website : Instructions: For this Assignment, you will research the differences between clinical quality and customer service quality, specifically in long-term care.

Decide to hedge position by selling japanese yen forward : Your company expects to receive 5,000,000 Japanese yen 60 days from now. You decide to hedge your position by selling Japanese yen forward. The current spot rate of the yen is $.0089, while the forward rate is $.0095. If the spot rate turns out to be..

Discuss the factors involved in estimating the cost : Define Accounting. Briefly explain the ‘Entity Concept' and ‘Money Measurement Concept of accounting - what is rectification of errors? List and explain the stages where the errors are deducted for rectification.

Based on current dividend yields and expected capital gains : Based on current dividend yields and expected capital gains, the expected rates of return on portfolios A and B are 13.1% and 16.5%, respectively. The beta of A is .8, while that of B is 1.8. If you currently hold a market index portfolio, what woul..

User Account

All Pages