User Account

All Pages

Sale including the cost of the merchandise sold

Assignment Help Accounting Basics
Reference no: EM131017203

On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500.

Journalize Showcase Co.'s entries for (a) the sale, including the cost of the merchandise sold, (b) the credit memo, including the cost of the returned merchandise, and (c) the receipt of the check for the amount due from Balboa Co. Refer to the Chart of Accounts for exact wording of account titles.

There will be 10 transactions 

Reference no: EM131017203

Questions Cloud

Note that a single account activity may not be suspicious : For each action, identify why it is suspicious. Note that a single account activity may not be suspicious until paired with another activity.
Circle globes stock has a beta of 109 and a standard : Circle Globes stock has a Beta of 1.09 and a standard deviation of 9.23%. The market risk premium is 8% and the risk-free rate is 3.8%. What is the cost of equity?
Net working capital other than cash : Net working capital, other than cash, is $3,220. Fixed assets are $17,530 and current liabilities are $1,690.
The collection of accounts receivable is recorded : The collection of accounts receivable is recorded by a:A)Debit to Cash and a debit to Accounts Receivable.B)Credit to Cash and a credit to Accounts Receivable.C)Debit to Cash and a credit to Accounts Receivable.D)Credit to Cash and a debit to Account..
Sale including the cost of the merchandise sold : The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29.
Prepare a report to the manager of yamada company : Prepare a report to the manager of Yamada Company showing the The effect on the cash flows for the period from 1st January to 30th June and the total amount to be collected from the customers (Account Receivables) as at 30 June 2016.
Discuss the four rules for designing an rea diagram : Discuss the four rules for designing an REA diagram? Include a definition for each? Discuss how adopting a value chain perspective reveals advantages of adopting an REA approach to information system development?
How much of purchase price acme corporation debit goodwill : The inventory is worth $60,000, the land is worth $400,000 and the equipment is worth $300,000. Everything else is worth its book value. Acme Corporation will pay $1,000,000 for Stark Inc. How much of the purchase price will Acme Corporation debit..
How do you intend to gather the data for your study explain : How do you intend to gather the data for your study? Explain. What are 3-4 types of statistical methods can be used to analyze the data? Explain in detail What are the advantages and disadvantages of each type of statistical data analysis method? Exp..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Post company began the current month with 10000 in

post company began the current month with 10000 in inventory then purchased inventory at a cost of 35000. the inventory

  Manufacturing processes and absorbs overheads

Canberra produces many different products using highly automated - Manufacturing processes and absorbs overheads on the most appropriate bosis.

  Summaries of balance sheet and income statement data

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2014, Garba's Goods and Zahra Enterprises

  You have purchased equipment for 100000 the equipment will

you have purchased equipment for 100000. the equipment will last 5 years. assume you will depreciate the equipment to

  What amount of overhead would be allocated to the wool and

international fabrics has budgeted overhead costs of 945000. it has allocated overhead on a plantwide basis to its two

  Firm book value balance sheet

Rolling is a constant growth firm, and will pay a dividend next year of $1.20. The stock sells for $40.00 and has a growth rate of 4%. The firm's tax rate is 30%. The firm's book value balance sheet is as follows:

  Batpro makes metal baseball bats each bat requires 1 kg of

batpro makes metal baseball bats. each bat requires 1 kg. of aluminum at 20 per kg. and 0.50 direct labor hours at 16

  During a period department a finished and transferred 50000

during a period department a finished and transferred 50000 units to department b. of the 50000 units 20000 were

  Berts meat market sells quarters and sides of beef on an

berts meat market sells quarters and sides of beef on an installment basis. losses on receivables are very difficult to

  Ampltpampgta sporting goods manufacturer buys wood as a

ampltpampgta sporting goods manufacturer buys wood as a direct material for baseball bats. the forming department

  If the company pursues the investment opportunity and

westerville company reported the following results from last years

  Service revenue-accounts receivable-interest expense

The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. Interest on notes payable of $400 is accrued.

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