User Account

All Pages

Prepare the journal entries to record transactions on books

Assignment Help Accounting Basics
Reference no: EM131619696

Question - The following transactions are for Sailing Boats Ltd.

1. On 7 December Sailing Boats Ltd sold $720,000 of inventory to Ships Ahoy Ltd, terms 2/7, n/30. The cost of the inventory sold was $480,000.

2. On 8 December Ships Ahoy Ltd was granted an allowance of $30,000 for inventory purchased on 7 December.

3. On 13 December Sailing Boats Ltd received the balance due from Ships Ahoy Ltd.

Required

Prepare the journal entries to record these transactions on the books of Sailing Boats Ltd. Sailing Boats uses a perpetual inventory system.

Assume that Sailing Boats Ltd received the balance due from Ships Ahoy Ltd on 2 January of the following year instead of 13 December. Prepare the journal entry to record the receipt of payment on 2 January.

Reference no: EM131619696

Questions Cloud

Define following would be considered student self-direction : Elementary students should be aware that evidence is not always complete and that therefore predictions may not always be precise
Use of the scientific method : After reviewing the Scientific Method, discuss the use of the scientific method in the following two scenarios.
Why the boarding pass and id are checked : Passengers arrive at the security screening area at Chattahoochee Airport according to a time given by N(20, 3) seconds.
How much will you have in the account after twenty years : How much will you have in the account after twenty years?
Prepare the journal entries to record transactions on books : Prepare the journal entries to record these transactions on the books of Sailing Boats Ltd. Sailing Boats uses a perpetual inventory system
What obstacles will prevent you from integrating new process : What obstacles will prevent you from integrating the new process? How do you plan to manage these obstacles and risks?
Physiologically active amines derived from tyrosine : Discuss the Biochemistry of the important physiologically active amines derived from tyrosine.
How long does it take for people to arrive in second city : A superhighway connects one large metropolitan area to another. A vehicle leaves the first city every 20 ± 15 seconds.
Criteria for good cutoff scores as viewed by the courts : Discuss the criteria for good cutoff scores as viewed by the courts.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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