User Account

All Pages

Prepare the journal entry to record this payment

Assignment Help Accounting Basics
Reference no: EM133069127

Question - Journalize purchase transactions. E5.2 (LO 2), AP Information related to Rice Co. is presented below.

On April 5, purchased merchandise on account from Jax Company for $28,000, terms 2/10, net/30, FOB shipping point.

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

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

On April 8, returned $3,600 of merchandise to Jax Company.

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

Required -

Prepare the journal entries to record these transactions on the books of Rice Co. under a perpetual inventory system.

Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment?

Reference no: EM133069127

Questions Cloud

Potential uses in electricity-generating solar cells : An Indium-Gallium-Arsenide-Nitrogen alloy developed at Sandia National Laboratory is said to have potential uses in electricity-generating solar cells.
How much is Jose pension adjustment amount : His current salary is $60,000 a year and the benefit accrual amount is $700. How much is Jose's pension adjustment (PA) amount
Creation of the endowment : As a future graduate of the University of Minnesota's prestigious Carlson School of Management, someday you would like to endow a scholarship (meaning give the
Stock total dollar return : 1. You bought 1 share of stock for $44.28 three months ago, just received a dividend of $2.25 per share, and can sell the stock for $50.96 per share today.
Prepare the journal entry to record this payment : Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment
Type of options combination : Using Put Call Parity, being long a stock and short a call option on that stock is equivalent to what type of options combination?
Determine the tax basis of any assets : MMD oil company leased property from WMM investors and paid the following amounts in 2019. Determine the tax basis of any assets
Describe interest rate changes affect the savings rate : Describe how interest rate changes affect the savings rate in the United States. How do banks adjust interest rates on deposits and loans? What would your targe
Compute the cost of internal equity : A company is expected to pay a dividend of $1.90 next year. Dividends are expected to grow at a constant rate of 3% per year, and the stock price is currently $

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