Solution-Prepare the journal entry to record the payment on

Prepare the journal entry to record the payment on august

Assignment Help Accounting Basics

Reference no: EM131000714

On July 15, 2011, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts.

Required:

1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2011.

2. Prepare the journal entry to record the payment on August 15, 2011.

3. If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created in requirements 1 and 2.

Reference no: EM131000714

Questions Cloud

Determine the mean-median-mode : (i) Plot the data histogram and comment on the shape. (ii) Using the center of the interval to represent each income group, determine the mean, median, mode; and the variance and skewness for this data set. Comment on how consistent the numerical..

What is the mass of a sphere made of the same metal : A metal sphere r 1 =2.4cm has a mass m 1 = 0.05kg. What is the density of the metal A? in kg per cubic meter? What is the mass m1 of a sphere of radius r 2 = 5.6 cm made of the same metal?

What is the initial momentum of the entire system : What is the initial momentum of the entire system? What is the momentum of the entire system after the collision? What is the final velocity of each car?

Discussing randomness statistics and science of prediction : Watch one or more of the following videos discussing randomness, statistics, and the science of prediction, and then submit a brief (1/2 to 1-page) summary. Upload the file indoc, docx, or pdf format (if pdf, make sure you saved it or exported it..

Prepare the journal entry to record the payment on august : If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created in requirements 1 and 2.

Determine the magnitude and direction of the current : Taking R = 3.00 kΩ and ε = 420 V in the figure shown below, determine the magnitude and direction of the current in the horizontal wire between a and e.

Corresponding random variable space : Consider a family that plans to have a total of three children; assuming that they will not have any twins, generate the sample space, Ω, for the possible outcomes. By de?ning the random variable, X as the total number of female children born to t..

What would the rating be for a quake : The Richter scale is a logarithmic scale, with an increase of one on the scale corresponding to a ten-times increase in the intensity of the earthquake. What would the rating be for a quake that was 10 times as intense as A? What would the rating b..

Advantages and disadvantages to ibm and smt : What are the advantages and disadvantages to IBM and SMT from this approach and how does SMT's proposed learning rate compare with that of other companies?

User Account

All Pages

Prepare the journal entry to record the payment on august

Reference no: EM131000714

Reference no: EM131000714

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT