Provide the journal entry to record grieder payment

Assignment Help Financial Accounting
Reference no: EM13511366

Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions:

a. Spartan sold merchandise with a list price of $37,000.
b. Spartan sold merchandise with a list price of $52,000.
c. Grieder paid for the purchase in transaction a within the discount period.
d. Grieder paid for the purchase in transaction b after the discount period.

Required:

1. Provide the journal entries for Spartan to record the sales in a and b.
2. Provide the journal entry to record Grieder's payment in c.
3. Provide the journal entry to record Grieder's payment in d.

 

Reference no: EM13511366

Questions Cloud

Explain vessel and reacts according to the reaction : A mixture of 0.100 mol of CO2, 0.050 mol of H2, and 0.100 mol of H2O is placed in a 1.00 L vessel and reacts according to the reaction shown below. CO2 + H2 --> CO + H2O
Explain smoot company accounts receivable : Prepare an aging schedule for the accounts receivable, and give the journal entry for recording the necessary change in the allowance for bad debts account.
Explain what was the orginal pressure of the helium : In a certain experiment a sample of helium in a vacuum system was compressed at 25 degrees C from a volume of 200.0 mL to a volume of 0.240 mL where its pressure was found to be 30.0 mm Hg. What was the orginal pressure of the helium
Find the speed of the block when it leaves the ramp : A 3.1 kg block slides down a frictionless ramp, as shown in the figure. The top of the ramp is 1.6 m above the ground; What is the speed of the block when it leaves the ramp
Provide the journal entry to record grieder payment : Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions.
Describe the chain of results elements : Describe the Chain of Results elements and how each element provides alignment opportunities. Follow your thoughts up with documented research from outside scholarly resources.
State phosphorus-32 decays by beta emission form sulfur-32 : Phosphorus-32 decays by beta emission to form sulfur-32. How many half-lives have passed in the reaction shown here
Find the average mechanical power output of the engine : A car with mass of 1000.0 kg accelerates from 0 m/s to 40.0 m/s in 11.0 s. What is the average mechanical power output of the engine
Calculate the maximum acceleration experienced by the jumper : A 74.6-kg bungee jumper jumps from a bridge. She is tied to a bungee cord whose unstretched length is 11.8 m, and falls a total of 34.0 m. Calculate the maximum acceleration experienced by the jumper

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd