User Account

All Pages

The following selected transactions were completed by

Assignment Help Accounting Basics
Reference no: EM13571299

The following selected transactions were completed by Affordable Supplies co., which sells supplies primarily to wholesalers and occasionally to retail customers.

  1. Jan 6. Sold merchandise on account, $14,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,400.
  2. Jan 8. Sold merchandise on account, $20,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $14,000.
  3. Jan 16. Sold merchandise on account $19,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $11,700.
  4. Jan 18. Recieved check of amount due for sale on jan 8.
  5. Jan 19. Issued credit memorandum for $4,500 for merchandise returned from sale on jan 16. The cost of merchandise returned was $2,700.
  6. Jan 26 Received check for amount due for sale on jan 16 less credit memorandum of jan 19 and discount.
  7. Jan 31 Paid Cashell service $3,000 for merchandise delivered during jan to customers under shipping terms of FOB destination.
  8. Jan 31 received check for amount dur for sale of jan 6.

Illustrate tge effects of each of the preceding transactions on the accounts and financial statements of affordable supplies co. Identify each transaction by date.

Reference no: EM13571299

Questions Cloud

Whims card company purchases inventory from china and : whims card company purchases inventory from china and incurs the following costs the cost of the merchandise is 50000
What are typical corporate governance challenges faced by : what are typical corporate governance challenges faced by an sme doing cross-border business? what could be done to
Moontrust bank has asked the president of wishware products : moontrust bank has asked the president of wishware products inc. for a budgeted income statement and budgeted balance
Four yards of material are required to lay out the dress : four yards of material are required to lay out the dress pattern. some material remains after cutting which can be sold
The following selected transactions were completed by : the following selected transactions were completed by affordable supplies co. which sells supplies primarily to
What is the companys pretax cost of debt do not round : mudvayne inc. is trying to determine its cost of debt. the firm has a debt issue outstanding with 12 years to maturity
On december 31 2013 perry corporation leased equipment to : on december 31 2013 perry corporation leased equipment to admiral company for a five-year period. the annual lease
You have been hired by securidoor corporation the : you have been hired by securidoor corporation the manufacturer of revolutionary new garage door opening device. the
An individual wishes to deposit a certain quantity of money : an individual wishes to deposit a certain quantity of money now so that he will have 500 at the end of 5 years.nbsp

Reviews

Write a Review

Accounting Basics Questions & Answers

  Was cost the main consideration in setting those prices

Mobile Battery features more than a dozen brands of batteries in many sizes. Two of the brands are PowerPlus and SuperPower. The following information about the two brands was obtained.

  Under what circumstances would it be appropriate to use

a under what circumstances would it be appropriate to use each of the activity cost drivers msda to determine the cost

  Audit of neophyte company

You are the independent accountant assigned to the audit of Neophyte Company. The company's accountant, a graduate of Rival State University, has prepared financial statements which contained the following questionable items:

  Texas does not anticipate keeping any of the heifers for

texas had a herd of cattle including heifers and steers that have not yet been weaned. texas does not anticipate

  Advance products inc has just organized a new division to

advance products inc. has just organized a new division to manufacture and sell specially designed tables using select

  Information regarding ethics for managers

The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.

  Crystal products allows customers to use bank credit cards

1. crystal products allows customers to use bank credit cards to charge purchases. the bank used by crystal products

  Sabas company has 30000 shares of 1 preferredstock of 100

sabas company has 30000 shares of 1 preferredstock of 100 par and 100000 shares of 50 par common stock. the following

  Determine foreign exchange transaction

Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units

  Assume the same facts as for questions 1 2 and 3 how much

grants are not necessarily recognized as revenue when they are awarded. columbus city was awarded a state reimbursement

  Disadvantages of the partnership form of organization

Brent Houghton and Dick Kreibach are considering a business venture. They ask you to explain the advantages and disadvantages of the partnership form of organization.

  The forklift trucks have been fully depreciated and have a

rob thorton is a member of the planning and analysis staff for thurston inc. an established manufacturer of frozen

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