User Account

All Pages

Prepare the journal entries to record appropriate payment

Assignment Help Financial Accounting
Reference no: EM132968862

Slinky Company purchased merchandise on June 10, 2021, at a price of $23,000, subject to credit terms of 2/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.

Required:

Problem 1. Prepare the journal entry to record the purchase.

Problem 2. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.

Reference no: EM132968862

Questions Cloud

What were the total proceeds from the common-stock sale : The firm issued 5 million shares of common stock, and the underwriting fees were $2.30 per share. What were the total proceeds from the common-stock sale
Find what is amount of net income for great plains company : December 31, Year 1, Great Plains Company has assets of $950,000 and liabilities of $320,000. What is the amount of net income during Year 2?
What is the amount of his foreign tax credit : His income from all sources (including foreign) is $200,000 and his total US tax is on that income is $34,000. What is the amount of his foreign tax credit
What is the expected return on a portfolio composed : If the? T-bill rate is? 4.5%, and the market is expected to return? 11.5%, what is the expected return on a portfolio composed of? 30% Risk-averse Corp
Prepare the journal entries to record appropriate payment : Slinky Company purchased merchandise, Prepare journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.
Prepare bank reconciliation for star corporation for march : Prepare the bank reconciliation for Star Corporation for March 31, 2021 using the following information: Bank charged $128 for an NSF cheque
Journalize the transactions for blue spruce corp : Journalize the transactions for Blue Spruce Corp. Preferred Stock (7%, $100 par noncumulative, 3,500 shares authorized) $210,000
What were the sales for the month : Total receipts for the month were $16,170 which included sales taxes. If the sales tax rate is 5%, what were the sales for the month
Prepare the journal entries that summarize the transactions : Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Which of the concerning unearned revenues is not true

Which of the concerning unearned revenues is NOT true? They are receipts for services or products that will be performed or delivered at a future date.

  Determine the acquisition cost of the equipment

On January 1, 2016, Ruby Company purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Ruby paid for the purchase on January 8. Determine th..

  Calculate break-even point in number of passenger flights

Comfi Airways, Inc., a small two-plane passenger airline, has asked for your assistance in some basic analysis of its operations. Both planes seat 10 passengers each, and they fly commuters from Comfi’s base airport to the major city in the state, Me..

  How appropriate is for the fasb to take the position

How appropriate is it for the FASB to take the position it has? Current FASB practice states that goodwill cannot be created, added to, or depreciated

  How much is the over- or underapplied overhead

Actual factory overhead was $287,920, actual machine-hours were 19,050. How much is the over- or underapplied overhead

  Which are now reported at fair market value

Which are now reported at fair market value on the balance sheet and changes in such values are included in earnings (net income)?

  What russell company net income would be

Interest accrued on a note payable to bank, $3,640. After adjusting entries are made for the items listed above, Russell Company's net income would be

  How many people will hear story in generation

What is the percentage increase in the number of people who will hear the story from one Generation to another? How many people will hear story in Generation

  Using the weighted-average method

Canler Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Using the weighted-average method, determine the equivalent units o..

  What is the firms expected rate of return

What is the firm's expected rate of return? Rock company's stock has a 20% chance of producing a 30% return, a 68% chance

  What is the most you would be willing to pay

If your required return on this stock is 10.53 percent, what is the most you would be willing to pay for Alfa Growth, Inc. common stock now

  What are the consequences of this agreement

Question - Gigi, Anik, Geo and Milton have been carrying on a retail business in partnership from 2001. What are the consequences of this agreement

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