User Account

All Pages

What is the journal entry for February

Assignment Help Financial Accounting
Reference no: EM132789831

Question - Topics - Receivable Financing - On January 31, 2019, Alpha Corporation factored accounts receivables of P1,500,000 with credit terms of 1/10, n/30 immediately after shipment of the goods to the customer. The factor charges a 4% commission based on the gross amount of the receivables factored. The factor also withheld 25% of the amount factored to cover for sales returns and allowance. On February 6, 2019, the customer subsequently returned P120,000 of damaged merchandise. What is the journal entry for February 6?

Reference no: EM132789831

Questions Cloud

Name several new testament church : Name several ways the New Testament Church sometimes failed in practicing community in the ways taught by Paul and other Apostles?
Create an operating expense budget for the fourth quarter : Monthly sales are expected to increase by 5% each month. Create an operating expense budget for the fourth quarter (for three separate months) of 20X9
Which criticisms are warranted : Why do you think your organization/public institutions of higher education are prone to criticism? Which criticisms are warranted?
How culture relates to a child development : Throughout this course, you have researched a number of topics related to child development. For this benchmark assessment, you will take all that you've.
What is the journal entry for February : On February 6, 2019, the customer subsequently returned P120,000 of damaged merchandise. What is the journal entry for February 6
What is the finance charge on maria loan : Maria borrowed $6440 to purchase a used car. The total amount she will need to pay includes the $6440 she borrowed, $2208 interest, and $230 loan fees.
Different grades in elementary school : Imagine you are a substitute teacher teaching a topic of interest (your choice) to 3 different grades in elementary school: kindergarten, g
What the amount of gross margin would be : The receivable was collected within the discount period. Based on this information alone, the amount of gross margin would be
Determine the respective shares of April and May : Both partners are personally solvent, but April is the only general partner. In the final distribution, determine the respective shares of April and May

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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