Record the transactions

Assignment Help Accounting Basics
Reference no: EM133011782

Question - M and N Sporting Goods reports these selected transactions for the month of July:

July 9: Issued invoice No. 159 for a sale on account to Evans Company, $4,600, terms 1/10 n/30. The cost of the merchandise was $2,700.

July 10: Issued invoice No. 160 for a sale on account to Sails and Boats, $5,700, terms 2/15 n/45. The cost of the merchandise was $2,450.

July 20: Issued a credit memo to Sails and Boats for $2,800 for merchandise returned. The cost of the returned merchandise was $1,200.

Record the above transactions in either the sales journal or the general journal. M and N Sporting Goods has a perpetual inventory system.

Reference no: EM133011782

Questions Cloud

Explain how you are going to brainstorm ideas : You have been hired by ABC tax cunsultants pty ltd to evaluate and explore the needs and opportunities as per the circumstances given hereby.
What are the barriers to fulfilling careers : What are the barriers to fulfilling careers? Does the concept of career still have relevance? Why, or why not?
What can do to implement new plans to improve communication : What can you do to implement new plans to improve communication processes? Imagine that six months have gone by since you implemented the new Communications.
What are developing recommendations for improvement : 1. Researching critical and creative thinking as it relates to learning and the workplace.
Record the transactions : M and N Sporting Goods reports these selected transactions for the month of July: Record the above transactions in either the sales journal
Draft a company policy for bereavement leave : Draft a company policy for Bereavement Leave for your province (Use Email format)
What are the components of indirect approach : What are the components of indirect approach? HR (BUSINESS WRITING)
Diffusion of innovation related to change : How is Everett M. Rogers's Diffusion of Innovation related to change?
What are the advantages of time management : What is time management, and what are the advantages of time management

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.

  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!

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