Reduce the residual value remaining furniture

Assignment Help Accounting Basics
Reference no: EM13160309

Purchased office furniture on credit from Goodyear supply for defective office furniture received on may 10 and returned for credit. The return of defective furniture will reduce the residual value remaining furniture to $3000.

How do I enter this in the General Journal?

Reference no: EM13160309

Questions Cloud

Which entries would company make to record change : The new method. Williams Company experiences a 40% tax burden. Which one of the following entries would the company make to record this change?
Books to record the settlement of the receivable : (c) Prepare the journal entry on Mann's books to record the settlement of his debt. (d) Prepare the journal entry on Doran's books to record the settlement of the receivable.
Calculate the molarity of the naoh solution : when 0.198 g of KHP is tritated with NaOH it requires 27.80 mL of NaOH to reach the endpoint of the reaction. Calculate the molarity of the NaOH solution.
How social psychology differs from other disciplines : Discuss how social psychology differs from other disciplines, such as clinical psychology, general psychology, and sociology in at least 300 words.
Reduce the residual value remaining furniture : Purchased office furniture on credit from Goodyear supply for defective office furniture received on may 10 and returned for credit. The return of defective furniture will reduce the residual value remaining furniture to $3000.
Calculate the heat evolved : The heat of formation of Al2O3(s) is -1669 kJ/mol. Calculate the heat evolved when .267 g of Al burns in oxygen.
Purchasing-procurement and strategic sourcing : Describe and discuss the differences and relationships between purchasing, procurement, and strategic sourcing. How have these concepts evolved?
How dorecombination hot spots and cold spots affect : How dorecombination hot spots and cold spots affect the relationshipbetween the physical map and the genetic map of achromosome.
State what is the equilibrium constant kc : The equilibrium concentration of I2 is 0.0900M. What is the equilibrium constant, Kc , for the reaction at this temperature?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Provide a brief scenario of a specific type of business

Assess the importance of free cash flow in a growth company. Provide a brief scenario of a specific type of business that would benefit from free cash flow.

  Lifo method of accounting for inventory

During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.

  Financial statement cycles

When the auditor has the same level of willingness to risk that material misstatements will exist after the audit is finished for all financial statement cycles:

  Which of error would cause the imbalance

A trial balance that has total debits of $20,000 and total credits of $24,500. Which of error would cause the imbalance?

  Amount of the total tax liability

Meese Paper Distributors, Inc. has before-tax earnings of $1,900,000. Using the corporate tax table found in the text, calculate the amount of the total tax liability for Meese.

  Compute for the company break-even point

Compute for the company's break-even point in unit sales using the equation method.

  Cash revenue and kind of transaction

Pardee Company earned $25,000 of cash revenue. What kind of transaction is this?

  Show support for the bond payable discount by preparing

On June 1, 2002, a company purchased on the open market $20,000 of a company's non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of "60" ($12,000 cash) plus accrued interest.

  What are the two methods of accounting

Find what are the two methods of accounting for treasury stock and fill the journal entry to record the purchase of treasury stock by the cost method.

  Determine if any authority exits that would support current

Your client, Totally Toys, is a toy manufacturer. For several years, the company buried empty paint cans on its property. The paint was used in the production process.

  Compute the overhead rate for veronica company

Veronica Company allocates overhead costs to jobs on the basis of directo labor-hours. Its estimated average monthly factory costs for 2005 were as follows: Compute the overhead rate for Veronica Company.

  What is the amount of gargoyle purchases during the month

JJ Gargoyle Company is preparing their budget for next year. COGS sold has been estimated at fifty percent of sales. Product purchases and payments are to be made during the month preceding the month of sale.

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