User Account

All Pages

Prepare the journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM133099872

Question - The following information was presented by the bookkeeper for NorthWave Communications for the month of August 2019.

Aug 8 Purchased $237,700 of inventory on account from Beta Wholesalers, terms 2/10, net 30

Aug 10 A portion of the inventory purchased from Beta Wholesalers was defective. NorthWave returned $670 worth of inventory to the supplier.

Aug 12 Sold $102,600 of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $41,040 for this transaction.

Aug 14 SouthShore returned $2,052 of goods purchased on account. The cost of goods sold for the returned inventory is $1,231.

Aug 17 Purchased goods from EastCoast Trading Communications on account for $19,500 with terms of 3/10, net 30.

Aug 18 Some of the inventory purchased from EastCoast Trading Communications was slightly damaged. NorthWave decided to keep the inventory, but will receive a $640 allowance.

Aug 19 Sold $51,500 of products to West Island on account, terms 2/10, net 30; cost of goods sold was $20,600 for this transaction.

Aug 20 West Island discovered some scratches on some of the products they purchased on Aug 19. They will keep the product and NorthWave will offer a $290 allowance.

Aug 21 Paid the amount owing to Beta Wholesalers.

Aug 23 Received payment in full from SouthShore.

Aug 24 Received payment in full from West Island.

Aug 25 Paid the amount owing to EastCoast Trading Communications.

Aug 31 A count of inventory shows that $470 is missing. Make a journal entry to record the inventory shrinkage.

Required - Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

Reference no: EM133099872

Questions Cloud

Impact alibaba competitive advantages : What cultural factors impact Alibaba's competitive advantages?
Determine the net income : Greengrass Inc.'s unit variable costs are 45% of the unit selling price. Annual fixed costs are $1.5 million. Determine the net income
Combinations of marketing actions : Develop the desired positioning that you wish to use for the target market that you have chosen and justify each of the combinations of marketing actions that y
Types of data in an erp system : There are three types of data in an ERP system - organizational data, master data, and transaction data. Organizational data and master data are tightly control
Prepare the journal entries to record the transactions : Aug 8 Purchased $237,700 of inventory on account from Beta Wholesalers, terms 2/10, net 30. Prepare the journal entries to record the transactions
Describe the processes involved in document production : Describe the processes involved in document production, from the planning stage through to completion.
Opinion of renegotiating trade tariffs : 1. What is your opinion of renegotiating trade tariffs. Regardless of your political feelings from a trade perspective do you feel it is necessary?
Prepare a classified balance sheet using the balances : Hespeler Services' financial accounting information for the year ending October 31, 2019 is presented. Prepare a classified balance sheet using the balances
Failing to observe food safety procedures : Besides financial costs, what other consequences may be the result of failing to observe food safety procedures?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepared the general journal adjusting entry

The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepared the general journal adjusting entry

  Compute what amount should reported as liability for coupons

On October 1, 2017, the entity nailed 100,000 coupons for $45 off. What amount should be reported as liability for coupons on December 31, 2017?

  Acquisition cost on january 1 2014 pearl inc purchased a

acquisition cost on january 1 2014 pearl inc. purchased a piece of equipment with a list price of 60000. the following

  How the given differences affect business interactions

Write a 2-3 page essay where you compare Indian and U.S. cultures. Identify where they are different and how these differences affect business interactions.

  Compute the net present value of this investment

Jane's marketing studies indicate that the annual cash inflow from the business will amount to $90,000. Compute the net present value of this investment

  What is the direct labor efficiency variance

Fluff expected to use 1,000 direct labor hours. Fluff actually paid a wage rate of $12 per hour. The static budget variance equals the flexible budget variance for direct labor.

  Each of these items must be considered

Each of these items must be considered in preparing a statement of cash flows for Nemke Co. for the year ended December 31, 2012. For each item, state how it should be shown in the statement of cash flows for 2012.

  Prepare journal entries to record the actual revenues and

the budgeted and actual revenues and expenditures of seaside township for a recent year in millions were as presented

  What is the unearned interest income

Annual Rental Payable at the beginning of each year P1,800,000.00 and PV of Ordinary Annuity of 6% for 8 periods 6.2098. What is the Unearned Interest Income

  How much gross profit should Tullis recognize

Tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. How much gross profit should Tullis recognize

  Describe what a master budget is

Please respond to the questions asked in full detail with your post needing to be 4-5 sentences in length. If you respond to my comments with the requirements.

  Estimate of the maximum value of the kidman properties

FINA3324 Assignment 2016. Provide your estimate of the maximum value of the Kidman properties that DomaCom should pay. The maximum price is the price at which you think an investment via DomaCom's crowdfunding campaign is not worthwhile

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