User Account

All Pages

Record the journal entries for the month of december

Assignment Help Financial Accounting
Reference no: EM132970581

Medical Supplies Inc.is a medical supplies who opened in 2018 a business selling medical supplies/products. The company imports products from around the world and sells to local business in Canada.

  • On December 1, purchased $3,500 of hand sanitizer from Pure Medical Products Inc.; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $250.
  • On December 5, sold Masks costing $2,080 to Bay Company for a price of $1,600 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $395.
  • On December 6, received a cheque of 6500 from Canada Revenue Agency for the rent subsidy reducing the rent expense under Covid-19 Relief program.
  • On December 7, returned $550 of inventory to Pure Medical Products Inc. due to an error in the December 1 order.
  • On December 10, paid Pure Medical Products Inc. for the purchase on December 1.
  • On December 14, Bay Company returned $320 of inventory from the sale on December 5. The inventory had a cost of $125.
  • On December 22, received the payment from Bay & Co. on the December 5 sale.
  • On December 23, purchased $ 4,200 of Oxygen Meter from Oxygen Trading; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $350.
  • On December 25, paid wages and salaries to staff amounting to $5,000.
  • On December 26, received cheque from Canada Revenue Agency for Wage Subsidy amounting to $2,500.
  • On December 31, received the payment of $40,000 as Loan from Govt of Canada under Canada Emergency Business Account.
  • On December 31 Paid Rent of $8,000 to Oxford Properties, being the landlord.

Problem 1. Record the journal entries for the month of December 2020

Reference no: EM132970581

Questions Cloud

Strategic innovation at the base of the pyramid : The reading 'Strategic Innovation at the Base of the Pyramid' in part examines new developments in approaches businesses must take if they are to expand success
Calculate the value of the canadian bankers acceptance : Calculate the value of the Canadian bankers acceptance at maturity by applying the correct formula and Calculate the discounted value of the Canadian bankers
How much will have saved in the account : You plan to deposit $9500 per quarter into an account that will earn 12%. At the end of 15 years, how much will you have saved in this account?
What would be the amount related to the note : What would be the amount(s) related to the note that Merit would report in its statement of cash flows for the year ended December 31, 2021?
Record the journal entries for the month of december : Record the journal entries for the month of December 2020 Medical Supplies Inc.is a medical supplies who opened in 2018 a business selling
Company''s financial statements during the periods the debt : Explain in words how does selling the bonds at a discount or premium impact interest expense recorded on the Company's financial statements during the periods
Repare an email advising tom of the appropriate accounting : repare an email advising Tom of the appropriate accounting treatment of his business brand. Tom may not be happy with your advice
List four areas average inherent risk for the audit : List four areas above average inherent risk for this audit. Be specific as the possible effects on financial statements of identified risk.
Define a share-based compensation plan : Explain briefly the fair value method of measuring compensation arising from share options and Explain the accounting procedure if an entity cancels or settles

Reviews

Write a Review

Financial Accounting Questions & Answers

  How to properly record accounting transactions

In helping Tom better understand how to properly record accounting transactions, his part-time accountant friend Carla showed him an example. A new soda machine costs $525. The cost to service the soda machine is $95 quarterly. Supplies for one month..

  Solve maximum exchange ratio that large ltd

Solve Maximum exchange ratio that Large Ltd. Should offer without the dilution of (a) EPS and (b) MPS. No. of shares (in Lacs) 10.

  What is the amount employer should record as payroll taxes

What is the amount the employer should record as payroll taxes expense for the employee for the month of January

  What observation research might have been used in redesign

What observation research might have been used in the redesign of the original Kindle? Amazon's Kindle (its electronic book, magazine, and newspaper reader).

  Explain how the assessment of a client financial condition

Explain how the assessment of a client’s financial condition can affect the auditor’s decisions concerning evidence accumulation in later phases of the audit.

  FIN 440 Financial Markets and Institutions Assignment

FIN 440 Financial Markets and Institutions Assignment Help and Solution - Khazar University, Azerbaijan. Prepare a T-account for Allowance

  Most likely use a process costing system

Through 2009, Fortune Magazine published the FSB 100, a list of America's 100 Fastest-Growing Small Companies. Identify one company on the FSB 100 that would most likely use process costing systems.

  Prepare the journal entry for abc on january

Prepare the journal entry for ABC on January 1,2019. Respond to the requirements related to the following independent revenue arrangements for ABC Ranch

  What is the new price per share and new amount of shares

What is the new price per share, new amount of shares you will own, and the new market value of your investment if the firm declares a 3 for 1 stock split?

  "how does company gather information about its inventory

"How Does a Company Gather Information about Its Inventory?", you prepared Webworks statements for August. They are included here as a starting point for September. Webworks purchases supplies worth $120 on account. Prepare an unadjusted trial balanc..

  What are three required conditions for contingent liability

what are the three required conditions for a contingent liability to exist? What is one contingency that an auditor would be concerned with and how would the auditor become aware of this contingency?

  Will be absolutely liable for any damages in the absence

Woody Pyle, Will be absolutely liable for any damages in the absence of a statute or a provision on the warehouse receipt to the contrary.

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