User Account

All Pages

What is the entry on december assuming jefferson uses

Assignment Help Accounting Basics
Reference no: EM132791710

The following transactions were completed by Jefferson Corporation during December 2020:

  1. Dec. 16 Purchased merchandise from Intel Company, terms 2/10, n/30; FOB Shipping point. Intel Co. paid freight.
  2. Received goods from Celeron Corp, terms 3/10, 2/15/, n/30.
  3. Paid the account with Intel Co. in full
  4. Paid the account with Celeron Co. in full.

Question 1: Record the foregoing transactions in books of Jefferson Corp. using the

  1. Gross method of recording purchases (do not include amounts)
  2. Net Method of recording purchases. (do not include amounts)

Question 2: What is the entry on December 31 assuming Jefferson uses the net method, and the obligation is still unpaid on the said date?

Reference no: EM132791710

Questions Cloud

Explain what the specific issue is : Consider the issues of regulation and antitrust activity as may relate to your industry. Identify one prominent government regulation or antitrust issue that re
What is the rate of unemployment : What is the "rate of unemployment", what components does it consists of, and how is it calculated? What happened to this rate in Australia during 1970-1983, dur
Compute the amount of consolidated net income : A Reporting Company acquires a 35 percent interest in a Legal Entity for $245,000 cash. Compute the amount of consolidated net income
Demonstrates the effects of the proposed policies : Draw An appropriate Aggregate Supply and Demand Graph and Short-Run Phillips Curve clearly demonstrates the effects of the proposed policies.
What is the entry on december assuming jefferson uses : What is the entry on December 31 assuming Jefferson uses the net method, and the obligation is still unpaid on the said date?
Give the entires on may and april : There is no established cash price for the equipment. Give the entires on May 1, 2016, Dec. 1, 2016 and April 30, 2017. Do not include the amounts.
What should be included in current notes payable account : E. Included on Harding Company's liability, What should be included in current notes payable account in the statement of financial poison on December 31, 2016?
Which of any service that requires a cpa firm to issue : Which of Any service that requires a CPA firm to issue a report about the reliability is? Which is considered a violation of client`s privacy by the auditor?
Calculate three investment ratios for each companies : Consider the following information for two companies in the same industry. Calculate three Investment Ratios for each of the above companies

Reviews

Write a Review

Accounting Basics Questions & Answers

  What would be reported as cost of goods sold

What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system

  Provide the journal entry for the sale of the asset

Provide the journal entry for the sale of the asset. If the beginning balance in salaries payable was 7,700 the ending balance was 8,500.

  Compute the cost allocated to the city planning department

Specify how each pool should be allocated. Compute the cost allocated to the city planning department in August

  Question - Special Revenue Fund Transactions

Question - Special Revenue Fund Transactions. Prepare Balance Sheet for the Street and Highway Fund as of December 31, 2017

  Journalize the transactions

Jan. 2 Invested $10,200 cash in the business in exchange for common stock. Instructions - Journalize the transactions

  How did donahue arrive at that final number

How did Donahue arrive at that final number, and what do you think of her analysis? Should Tasty sell the stock?

  Estimate the amount of inventory destroyed in the flood

Sales for the month of August were $543,200. Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood

  Examine accountant analysis of accounting transactions

How does the periodicity assumption affect an accountant's analysis of accounting transactions? Explain the term fiscal year.

  Develop a cost estimating equation

Using the high-low method to develop a cost estimating equation, the estimate of needed manufacturing supplies for July

  What is retained earnings

Company X has 100,000 shares of $10 par common stock outstanding. Each stock for $ 11.60 a few years ago. What is retained earnings

  Prepare a classified balance sheet at september

Prepare a classified balance sheet at September 30, 2013. Using the balance sheet, indicate whether the total assets of Facebook Inc. at the end of the year were financed primarily by liabilities or stockholders, equity. Were the current assets suffi..

  Complete the flexible budget performance report

Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November

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