User Account

All Pages

Prepare the journal entry to record this transaction

Assignment Help Accounting Basics
Reference no: EM131813303

Question - Jupiter Company sells goods that have a cost of $470,000 to Danone Inc. for $720,000, with payment due in 1 year. The cash price for these goods is $603,000, with payment due in 30 days. If Danone paid immediately upon delivery, it would receive a cash discount of $7,000. Jupiter Company accepts a note receivable from Danone Inc. to pay for the goods.

Prepare the journal entry to record this transaction at the date of sale. (Jupiter records sales discounts using the net method.

Reference no: EM131813303

Questions Cloud

Inflation-adjusted social security payments each year : Suppose, for our example, that you anticipate receiving $20,000 in inflation-adjusted Social Security payments each year
Discuss about randomly selected element of the population : A normally distributed population has mean 57,800 and standard deviation 750. Find the probability that a single randomly selected element X of the population.
How does systems thinking apply to an organizations culture : How does systems thinking apply to an organization's culture, goals, and structures? Write your initial response in 300-500 words.
Evaluating two different irrigation system options : The tempo golf country club in London, Ontario, is evaluating two different irrigation system options.
Prepare the journal entry to record this transaction : Jupiter Company sells goods that have a cost of $470,000 to Danone Inc. for $720,000, with payment due in 1 year. Prepare journal entry to record transaction
Determine the sales mix and cm by product and in total : Determine the sales mix, CM by product and in total, the CM ratio by product and in total, and the net income
Define standard deviation for samples : Find the probability that the mean of a sample of size 90 will differ from the population mean 12 by at least 0.3 unit, that is, is either less than 11.7.
What unit value royal decking use for each of its product : What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory
How do social and cultural environments impact newborns : How do social and cultural environments impact newborns? Share any professional or personal observations that support your posting.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Hannon corporation produces high-performance rotors it

1 mussatto corporation produces snowboards. the following per unit cost information is available direct materials 16

  Why his use of operating income per mascot was in error

Taking a deep breath, Janice replied, "Sure, Blake. I"d be happy to explain how you made so much more operating income than you were expecting."

  Bubble corporation manufactures two products i and ii from

bubble corporation manufactures two products i and ii from a joint process. a single production costs 4000 and results

  Determine the impact of this dividend

Determine the impact (increase, decrease, no change) of this dividend on the following: 1. Total assets. 2. Total liabilities. 3. Common stock. 4. Total stockholders equity. 5. Market value per share of common stock.

  Units of q-chip sold at the break-even point

Q-Chip Plus has variable costs per unit of $35 and a selling price of $65. Konerko's fixed costs are $540,000. How many units of Q-Chip would be sold at the break-even point?

  Discuss two important reasons why harris kidz should

harris kidz is a retail store specializing in childrenu2019s clothing. harrisu2019s management accountant hasgathered

  Corporation files for bankruptcy

In 2001, Donna sells 100 of these shares to Walter (a family friend) for $100,000. In 2007, Egret Corporation files for bankruptcy, and its stock becomes worthless.

  What is the total profit if stock price remains unchanged

HSBC stock is currently trading at £475.8 (Pound sterling). George decides to write a covered call on the stock by writing one call with a strike of £490.

  Explain why starbucks global expansion strategy failed

Explain why Starbuck's global expansion strategy failed in Australia and compare this to success on other markets

  Refer to polaris''s financial statements

Refer to Polaris's financial statements in Appendix A to answer the following.

  Determine number of units that campbell company must sell

Determine the number of units that Campbell Company must sell in order to achieve its after-tax profit objective

  Which are not deductible until paid for income tax purposes

In 2013, its first year of operations, Watts Company reported pretax accounting income of $600,000. Included in the $600,000 was an expense for accrued, unpaid warranty costs of $80,000, which are not deductible until paid for income tax purposes.

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