User Account

All Pages

Provide the journal entries using the gross method

Assignment Help Accounting Basics
Reference no: EM132527474

Question - The Hawthorne Manufacturing Company offers credit customers 4/15, n/30. On October 5, 2019, Hawthorne sold merchandise at a price of $20,000 and sent the customer the invoice dated October 5th, 2019. The customer paid off their entire invoice on Oct 17th, 2019.

Required -

(1) Provide the journal entries using the gross method.

(2) Provide the journal entries using the net method.

Reference no: EM132527474

Questions Cloud

Describe fundamental aspects of cloud computing : Describe and explain the principles of communication in networks and Describe the role and functionality of hardware and software entities that contribute
Calculate raw materials to purchased for each of products : Calculate the raw materials to be purchased for each of the products. ABC company produces three products A,B and C. For the coming accounting period
Positive and negative aspects of the informal labour market : Discuss the positive and negative aspects of the informal labour market, and the role that women play in the informal sector
Infotech In Global Economy : Introduced some challenges to policy making in developing countries. If you were an analyst working for the St. Petersburg Informational and Analytical Center,
Provide the journal entries using the gross method : The Hawthorne Manufacturing Company offers credit customers 4/15, n/30. Provide the journal entries using the gross method
Discuss in depth the role of women in agricultural sector : Discuss in depth the role of women in the agricultural sector
Discuss the problems of global warming and climate change : Highlight and discuss the problems of global warming and climate change
Calculate the value of the inventory using LC-NRV : Danio Company uses the lower of cost or NRV method in valuing its inventory items. Calculate the value of the inventory using LC-NRV on an individual basis
What would be the unintended effect : If the government wants to stop inflation by imposing a price ceiling, what would be the unintended effect?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How many times did the merchandise inventory turnover

Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turnover during 2019

  Analyzing firm fundamentals and providing investment insight

Find the relationship between the various variables and stock price by plotting stock price against these variables in excel and using a straight line fit.

  Discuss the failure to achieve the budgeted costs

Ferguson & Son Manufacturing Company contributes to the failure to achieve the budgeted costs. What could they do differently that might lead to better budget

  What is the company objective in reporting

What is the company's objective in reporting "Normalized Net Income"? Do you agree with the company's assessment that it had a 15 percent increase

  What would the effective interest rate be

Zero-Interest Note: To date, Prime Corp. has been able to finance its successful operations with investments from its principal owner and cash flows.

  Determine the total cost per unit of primary processes

From these unit costs, determine the total cost per unit of primary processes and the total cost per unit of support services

  What amount should the payments be

What amount should the payments be if Bogut plans to establish the $1,710,340 foundation at the end of 9 years

  Processes the fruit into a product line of fresh fruit

Sweet Grove Citrus Company buys a variety of citrus fruit from growers and then processes the fruit into a product line of fresh fruit, juices, and fruit flavorings.

  Define the components of stockholders equity

The stockholders' equity section of Mabry Corporation's balance sheet consists of common stock ($8 par) $1,000,000 and retained earnings $300,000.

  What is an uncorrected misstatement

Uncorrected Misstatements and Performance Materiality. During the conduct of an audit, auditors may identify misstatements as a result of the completion.

  Display and print the inventory stock status by item

Display and print the following reports for May 1, 2017, to May 31, 2017: Purchases by Item Detail and Sales by Item Detail

  How much accumulated depreciation is posted

How much accumulated depreciation is posted? Where would this amount have been posted on the Balance Sheet? What is the current book value of the equipment?

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