User Account

All Pages

Prepare the journal entry to record this purchase

Assignment Help Accounting Basics
Reference no: EM131633334

Question - Select Apparel purchased 90 new shirts and recorded a total cost of $2,258 determined as follows:

Invoice cost

$1,850

Shipping charges

185

Import taxes and duties

165

Interest (6.0%) on $1,800 borrowed to finance the purchase

108

 

$2,258

 Required - Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system.

Reference no: EM131633334

Questions Cloud

Traditional financial and management evaluation : Determine whether or not traditional financial and management evaluation ratios such as return on assets (ROA), return on equity (ROE).
Raise any possible defences under the acl : Do Ann, Bruce or Carol have any possible rights under Part 3-5 of ACL against Hank's, Distributors Ltd. or Mower Ltd.?
What might motivate employees to share their skills : What might motivate employees to share their skills and knowledge on a personal profile on the company's social networking intranet portal?
Jennings reported retained earnings : If Jennings reported Retained earnings of $2,168,500 for 2015 and Retained earnings of $2,830,200 for 2016, what was Jennings reported.
Prepare the journal entry to record this purchase : Select Apparel purchased 90 new shirts and recorded a total cost of $2,258 determined as follows: Prepare the journal entry to record this purchase
How the advances have changed the way police do business : Write a paper identifying some of technology used by law enforcement in carrying out their duties. How these advances have changed the way police do business.
Future competitive environment is complex vs simple : If you, as a brilliant management theorist, conclude that the future competitive environment is complex (non-linear) vs simple (linear).
Is the emphasis on color blind society an answer to racism : Is the emphasis on color blind society an answer to racism
Define what is rationale for naming that particular agency : Was there an obvious federal agency to be named as lead? If so, which one and what is the rationale for naming that particular agency

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which investment banking areas do hedge funds

Explain the importance of hedge funds to investment banks, including revenue, types of business, and which division is most relevant. In addition, with which investment banking areas do hedge funds principally compete?

  Prepare the journal entry to record depreciation expense

Prepare the journal entry to record depreciation expense for the building in 2010. (Round to nearest dollar.)

  Undeveloped real estate in mr greys name and the name of

undeveloped real estate in mr. greys name and the name of his daughter sue smith jointly with right of survivorship

  Larry formed sleuth corporation in order to incorporate the

larry formed sleuth corporation in order to incorporate the detective agency business that he had been operating for

  Hoyt rented office space two years ago to harris receiving

hoyt rented office space two years ago to harris receiving the first and last months rent plus anbspsecurity deposit of

  Determine the amount of interest expense reported

Determine the amount of interest expense reported on the 2014 income statement.  Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31,2014.

  Describe the nature of depreciation as the term is used

Does the recognition of depreciation in the accounts provide a special cash fund for the replacement of fixed assets? Explain.

  Mike barton owns barton products inc the corporation has 30

mike barton owns barton products inc. the corporation has 30 employees. barton corporation expects 800000 of net income

  Income statement for the year

Anest has asked you to prepare an accrual basis income statement for the year-The following information should help in the preparation of the income statement-The equipment has a useful life of ten years-Supplies on hand at the end of the period ha..

  On november 1 2011 manufacturing rented a portion of its

the unadjusted trial balance of the manufacturing equitable at december 31 2011 the end of its fiscal year included the

  Operating income under absorption versus variable costing

Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.

  Discus the direct materials and labor costs per unit

Feist Co. expects to sell 200,000 units of its product in the next period with the following results.

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