User Account

All Pages

What the journal entry in the books of john

Assignment Help Financial Accounting
Reference no: EM132942529

Question - On January 5, Ross sold goods costing $700 to Pam for $1,000, terms 3/10, n/30. Ross paid for all the goods on January 10. What the journal entry in the books of John for receiving the money from Pam will include a:

Credit to Account Receivable $ 970

Credit to Sales Discount $30

Credit to Inventory $30

Debit to Cash $970

Reference no: EM132942529

Questions Cloud

How the company solved the problem or made changes : Find a real-life case and describe the case. DO NOT describe how the company solved the problem or made changes so that the fraud would not happen again.
Principles of taxation in optimization of financial matters : The following question relate to the nature and the necessity of tax levying by the governments in accomplishing of efficient allocation of finance;
How will the new guidance of permitting private entity : How will the new guidance of permitting private entity franchisors to classify pre-opening activities as a separate performance obligation(s)
Finding the business account options : Individually, provide a response to the following customer scenarios. Include the first answer paragraph written, and the revised version edited to verify the e
What the journal entry in the books of john : Ross paid for all the goods on January 10. What the journal entry in the books of John for receiving the money from Pam will include a
Income generation and financial sustainability : Drawing on relevant examples discuss the following three characteristics and how they are used to classify sport organisations and their operations as professio
Analyse organisation companies : You work in a conglomerate organisation and have been asked by your boss to analyse several companies owned by your organisation.
What is the fraud triangle : What is the Fraud Triangle? Discussion prompt: Who is responsible for hiring a corporation's external auditor
Explain buying habits of entertainers and politicians : Julie Powers collects overdue accounts for a large credit card company. She has access to records of all transactions for any customer. Julie sometimes looks up

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the canadian divisions return on investmen

What is the Canadian Division's return on investment? (Round to nearest whole percent.) What is the Canadian Division's turnover?

  Prepare journal entries for the transactions

Common shares, no par, 100,000 shares authorized 80,000 issued and outstanding 640,000. Prepare journal entries for the transactions

  Recruited for the senior accountant position

This was Joel Craig's first visit to the controller's corner office since being recruited for the senior accountant position in May. Because he'd been directed to bring with him his preliminary report on year-end adjustments, Craig presumed he'd done..

  Find what entry would be required to show the correct year

A fishing licence fee of $600,000, Find What entry would be required to show the correct Year to date expense of that licence fee?

  Define dual aspect term in accounting

Define dual aspect term in accounting. The HOA is responsible for building and grounds maintenance, security, maid service (if desired)

  How much gain must the sa general partnership recognize

How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

  Current unadjusted allowance for uncollectible accounts

The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance

  What amount of the gain or loss will be recognized by nash

Nash Co. had a sheet metal cutter that cost $120,000 on January 5, 2010. This old cutter had an estimated life of ten years and a salvage value of $20,000. On April 3, 2015, the old cutter is exchanged for a new cutter with a fair value of $60,000. W..

  Which is a strong indicator that a material weakness

According to the PCAOB, which is a strong indicator that a material weakness in internal control exists? Inadequate controls over non-routine transactions.

  Calculate the lease liability balance at december

Calculate the lease liability balance at December 31, 2039 after the second lease payment is made. O9d-Lc3 Company leased equipment from Z-39 Leasing Company.

  Find what amount should columbia recognize profit

Find What amount should Columbia recognize profit or loss for the year 2016 as a result of this transaction? The company is threatened with a court suit

  What was balance in eve prepaid insurance

The liability policy was $63,000 for eighteen-months, and the crop damage policy was $24,000 for a two-year term. What was the balance in Eve's prepaid insurance as of December 31, 2012?

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