User Account

All Pages

Prepare the necessary journal entries to record transactions

Assignment Help Accounting Basics
Reference no: EM133169049

Question - John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:

1. John's purchased merchandise on account for $5,800. Freight charges of $700 were paid in cash.

2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,000 and John's account was credited by the supplier.

3. Merchandise costing $3,200 was sold for $6,000 in cash.

Required - Prepare the necessary journal entries to record these transactions.

Reference no: EM133169049

Questions Cloud

How should organisations set objectives : How should organisations set objectives? Past experien Current market performance? Challenging objectives? what?
Discuss whether management decision and reasoning justified : Discuss whether management's decision and reasoning are justified. Also, you need to explain your answer by referring to the Conceptual Framework
Explain to your colleague the purpose of framework : Explain to your colleague the purpose of the Conceptual Framework. Support your argument with reference to the components of the Conceptual Framework
What is parker degree of financial leverage : Parker Investments has interest expense of $6,000, and preferred dividends of $5,000. What is Parker degree of financial leverage
Prepare the necessary journal entries to record transactions : John's purchased merchandise on account for $5,800. Freight charges of $700 were paid in cash. Prepare the necessary journal entries to record transactions
Andrew mason admits that groupon has many copycats : Andrew Mason admits that Groupon has many copycats around, yet his assessment is that imitating his company is difficult. Do you agree? And why?
What amount should the company use to record the purchase : The Hayes Company purchased some land and paid the following, related amounts: What amount should the company use to record the purchase
How much depreciation expense would be recorded : The Costanza Corporation purchased some equipment August 1, 2021 for $17,040. How much depreciation expense would be recorded
How would JLR benefit if the UK stayed in the EU : Discuss whether JLR are likely to re-shore or offshore production after the UK leaves the EU - How would JLR benefit if the UK stayed in the EU

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