User Account

All Pages

Prepare the journal entry to record payment

Assignment Help Cost Accounting
Reference no: EM13531691

This information relates to Percy Co.

1. On April 5, purchased merchandise from Lyman Company for $28,000, terms 2/10, n/30.

2. On April 6, paid freight costs of $700 on merchandise purchased from Lyman.

3. On April 7, purchased equipment on account for $30,000.

4. On April 8, returned some of April 5 merchandise to Lyman Company, which cost $3,600.

5. On April 15, paid the amount due to Lyman Company in full.

Instructions

(a) Prepare the journal entries to record the transactions listed above on the books of Percy Co. Percy Co. uses a perpetual inventory system.

(b) Assume that Percy Co. paid the balance due to Lyman Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Reference no: EM13531691

Questions Cloud

Explain the daily protein requirement for an average woman : A shipment of protein bars has arrived from Orkasia. These bars are labeled as containing 100% of the daily protein requirement for an average woman, which is 65 g of protein/day.
Thinking about thinking : Thinking About Thinking
Find the speed of the bullet just before it hits the wood : A bullet of mass m= 0.0230 kg is fired along an incline and imbeds itself quickly into a block of wood of mass M= 1.30 kg. find the speed of the bullet just before it hits the wood
Explain one individual kreb cheat sheet cycle in the heart : How much energy in ATP's is produced in one individual Kreb Cheat sheet cycle in the heart. ( Assuming all the product goes though the electron transport chain)
Prepare the journal entry to record payment : Prepare the journal entries to record the transactions listed above on the books of Percy Co. Percy Co. uses a perpetual inventory system.
Identify and explain the placebo effect function : Identify and explain the placebo effect's function in each step of the scientific method: observation, hypothesis, experimentation, verification.
Determine what is the magnetic force acting on it : A uniform magnetic field points north; its magnitude is 4.8 T. A proton with kinetic energy 7.5 10-13 J is moving vertically downward in this field. What is the magnetic force acting on it
Find its average acceleration during that contact : To test the quality of a tennis ball, you drop it onto the floor from a height of 4.02 m. what is its average acceleration during that contact
Statement through gross profit for the month of may 2012 : Journalize the transactions using a perpetual inventory system and post the transactions to T accounts. Be sure to enter the beginning cash and common stock balances.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Calculate the dividends per share on each class of stock

During its first four years of operations, the following amounts were distributed as dividends: first year, $3,000; second year, $4,000; third year, $30,000; fourth year, $80,000. Calculate the dividends per share on each class of stock for each o..

  Determine the division of the net income

Plan (e), except that Driscoe is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the salary allowances.

  How much retained earnings did the firm have

It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $223,125, and common stock of $150,000. How much retained earnings did the firm have?

  Adjusting entry for the one month expiration

The business had recorded the cost of $1,200 to the asset- Prepaid Insurance business would record transaction

  Questionkaiser company is interested in applying activity

questionkaiser company is interested in applying activity base costing in the company. management appointed a

  Consider the following potential investment which has the

consider the following potential investment which has the same risk as the firms other projectstimecash

  Prepare the journal entry to record interest

Prepare the journal entry to record interest on June 30, 2011 and prepare the journal entry to record interest on December 31, 2011 (the second interest payment).

  The assignment aims to develop an understanding of

the assignment aims to develop an understanding of accounting information systems structure and their use in the

  Library research assignment

Determine how the responsibilities of the board of directors audit committee have changed due to the Sox Act in overseeing the financial reporting process and to hire and be in charge of the independent auditors.

  Utilizing cost allocation methods

Decision making in companies is often facilitated by utilizing cost allocation methods.

  How the meei administrators might use the information

Analyse the MEEI Case and determine how the MEEI administrators might use the information from the Activity Based Costing System?

  Evaluate the gain on the sale

Evaluate the gain on the sale but difficulty figuring out the nature of the gain. Can somebody help me out?

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