Record the transaction in the general journal of fitzroy ltd

Assignment Help Financial Accounting
Reference no: EM132490712

Question 1: Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd, assuming the business is registered for GST and that GST has to be added to the figures given.

Point 1. Purchased 240 units for $220 each on credit.

Point 2. Returned 12 units to the supplier.

Point 3. Sold 48 units for $380 each on credit.

Point 4. Purchased office supplies for $360 cash

Point 5. Customer returned 6 of the units sold in (3).

Point 6. Sold 42 units for $390 each on credit.

Point 7. The physical inventory count at the end of the period consisted of 140 units of inventory.

Reference no: EM132490712

Questions Cloud

Are his ideas still relevant today : Adorno said popular music puts people to sleep Are his ideas still relevant today and identify some key features of either subcultures or countercultures you
Prepare journal entries for the month of march : On 28 February 2019, Darwin-based entity, Prepare journal entries for the above transactions for the month of March 2019 for Phonee Partners.
What is the angle of refraction if the angle : What is the angle of refraction if the angle of incidence of the ray in glass is 22°? Show all work.
What would be the maximum current flowing : Assuming the inverter efficiency is 92%, what would be the maximum current flowing to the inverter from the batteries?
Record the transaction in the general journal of fitzroy ltd : Record the transactions in the general journal of Fitzroy Ltd, assuming the business is registered for GST and that GST has to be added
Create general journal entries for the transactions : Prepare general journal entries for the transactions of Heidelberg Housewares, assuming the business is registered for the GST and that GST has to be added
Find the final position of athlete : If a 40 kg gymnast and a 400 kg sumo wrestler each dropped from 1 m above the trampoline, find the final position of each athlete.
One of the fastest recorded pitches : If a pitch were thrown horizontally with this velocity, how far would the ball fall vertically by the time it reached home plate, 60.5 ft away?
How much would the project npv decline : It can be used to offset profits in other units. If the number of cars washed declined by 40% from the expected level, by how much would project's NPV decline

Reviews

Write a Review

Financial Accounting Questions & Answers

  Audit standards require second set of analytical procedures

Audit standards require that auditors use analytical procedures at two stages in the audit: at the planning, or risk assessment, level and at the final, or concluding, stages of the audit. Why do audit standards require the second (final) set of anal..

  What would be the selling price of the bond

The stated rate of a three year $100,000 annual bond is 10%. The effective rate of interest is 9%. What would be the selling price of the bond? A three year $100,000 bond with a stated annual rate of 10% is sold for 95,000. What would be the journal ..

  Compute breed dollar sales that will yield projected

Breed Products has performed extensive studies on its costs and production and estimates the following annual costs based on 150,000 units (produced and sold):  Compute Breed's unit selling price that will yield a profit of $600,000, given sales of 1..

  Sells products mainly to the home construction market

Steel Company USA is a metal fabricating business that sells products mainly to the home construction market. The data table that follows should be used in this assignment.  Using the information in the table, create an income statement with a schedu..

  Journal entry-using the effective interest method

On January 1, 2016, for $17.8 million, Cenotaph Company purchased 8% bonds, dated January 1, 2016, with a face amount of $19.8 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and Dece..

  Analyzing the statement based on trend analysismarcus

analyzing the statement based on trend analysis.marcus companyyou are the senior financial analyst for the marcus

  What is columbias average collection period based

During 2013 Columbia Inc. had a beginning accounts receivable of $680,000 and ending accounts receivable of $760,000. If net sales of $4,500,000 are composed of 20% cash sales and 80% credit sales., What is Columbias average collection period based o..

  Prepare the adjusting journal entries

Below is some information related to unrecorded expenses that the business incurred durning August. Prepare the adjusting journal entries as of August 31,

  What are permanent accounts

Why do we perform the closing process? What are the four steps in the closing process? What are temporary accounts? What are permanent accounts

  How much of retained earnings is available for dividends

Hutchinson Company had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set asi..

  Produces and sells high quality video equipment

Pinder co produces and sells high quality video equipment. to finance its operations pinder co issued $25,000,000 of five year, 7% bonds, with interest paybale semiannually at a market interest rate of 9%. Determine the present value of the bonds pay..

  Briefly explain what jordan would need to do

List the changes in your final sensitivity analysis, and explain why you chose this set of changes and briefly explain what Jordan would need to do to implement each of these changes.

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