Prepare the journal entries to record given transactions

Assignment Help Accounting Basics
Reference no: EM133190005

Question - Two different companies, MI and DSC, entered into the following inventory transactions during December. Both companies use a perpetual inventory system.

December 5 - MI sold inventory on account to DSC for $360,000, terms 3/10, n/30. This inventory originally cost MI $234,000.

December 8 - DSC returned inventory to MI for a credit of $40,000. MI returned this inventory to inventory at its original cost of $26,000.

December 13 - DSC paid MI for the amount owed.

Required - Prepare the journal entries to record these transactions on the books of MI.

Reference no: EM133190005

Questions Cloud

How many stage seats are available : A tavern holds 50 seats. The cost of a stage seat is $15.00 and the cost of a dining seat is $5.00. How many stage seats are available
Case study-a luxury called coffee : Filipinos have learned to live with the pandemic, and are now pummeling through another crisis of rising prices, highly influenced by the continuous surge of oi
Prepare lander journal entry to record this sale : Landers, Incorporated held 1,500 of Shipman Company common stock with a cost of $36,900. Prepare Lander journal entry to record this sale
Contract in accordance with the new leasing standard : Required: Analyze this information to determine how to account for each contract in accordance with the new leasing standard. Your answer should include the fol
Prepare the journal entries to record given transactions : Prepare the journal entries to record these transactions on the books of MI - December 13 - DSC paid MI for the amount owed
Describe a team environment : Question 1: Outline a time when you identified a safety hazard. What steps did you take to address it?
Prepare the journal entries to record the sale on february : Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collected on March 2
Discuss three possible research designs : Discuss three possible research designs that you would consider in the presentation, an introduction to research design, definition of research design
Basic responsibilities the bank of canada : 1. Which of the following is not one of the four basic responsibilities the Bank of Canada has for controlling the growth in the supply of money and credit?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is wrong with the board logic

Community Health Center (CHC) is considering spending $50,000 on a blood analyzer. What is wrong with the board's logic

  What is the depreciation expense for the asset in year two

Depreciation was computed on the sum-of-the-years'-digits method. What is the depreciation expense for this asset in year 2?

  Beginning and ending balance sheets for book purposes

What are it's beginning and ending balance sheets for book purposes (as would go on Schedule L, Form 1065?)

  How much is consolidated retained earnings immediately

Non-controlling interests were measured using the proportionate share method. How much is consolidated retained earnings immediately after the acquisition?

  Would you expect to see more volatile returns

Generally speaking, in which two hedge fund strategies would you expect to see more volatile returns?

  Determine the amount of accrued interest

On March 1, 2021, Brown-Ferring Corporation issued $100, Determine the amount of accrued interest that was included in the proceeds received from the bond sale.

  ACCT11081 Introductory Financial Accounting Assignment

ACCT11081 Introductory Financial Accounting Assignment Help and Solution, Central Queensland University - Assessment Writing Service

  What the break-even in monthly unit sales would be

Homedelt. produces and sells a single product. The selling price of the product is $230.00 per unit and its variable cost is $66.70 per unit.

  What is the journal entries to record capital contributions

These values are accepted, except that the agreed value of Accounts Receivable is $40,000. What is the journal entries to record the capital contributions

  What is the degree of operating leverage

What is the Degree of Operating leverage of the company and what does it mean? What is the Margin of safety of the company and what does it tell

  The cash advance for services to be provided in the future

The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one year contract started October 1.

  What is his short-term capital loss carryover

Chuck had a short-term capital loss of $5,000, a short-term capital gain of $1,900, What is his short-term capital loss carryover (if anything) to 2016

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd