User Account

All Pages

What the journal entry to record the sale would include a

Assignment Help Financial Accounting
Reference no: EM132672049

Problem 1: Merchandise with a cost of $6,000 is sold for $9,500 on account with term 2/10, n/30. The journal entry to record the sale would include a

Group of answer choices

Option 1: debit to Sales Discounts for $6,000

Option 2: Credit Sales Revenue for $9,500

Option 3: debit to Cash for $9,500

Option 4: Debit to Accounts Receivable for $9,310

Reference no: EM132672049

Questions Cloud

How the company would report the bonds on balance sheet : Francon Construction Inc, Show in good format, how the company would report the bonds on their balance sheet on December 31, 2015.
Difference between unitary state and federal state : Briefly explain the difference between a unitary state and a federal state. Explain the principles of constitutional design.
Which type of treatment group would be most beneficial : When a client is dealing with several problems at one time, it can be difficult to determine which type of treatment group would be most beneficial.
What is the amount and character of Sissie gain or loss : Sissie owns two items of business equipment. Both were purchased in 2015 for $100,000, What is the amount and character of Sissie gain or loss
What the journal entry to record the sale would include a : Merchandise with a cost of $6,000 is sold for $9,500 on account with term 2/10, n/30. The journal entry to record the sale would include a
Identify the relevant cash flows : Investment Appraisal - Identify the relevant cash flows and cost of capital for investment appraisal and Calculate the payback and the accounting rate of return
What is the amount and character of Jacob gain or loss : Jacob purchased business equipment for $56,000 in 2016 and has taken $35,000 of regular MACRS depreciation. What is the amount and character of Jacob gain
Describe the studies that have been conducted in given area : In a two to three page paper, describe the studies (at least two) that have been conducted in this area. Also include the behavior analytic view of this area.
What amount should be reported as cash for pala medical co : The cash account for Pala Medical Co. at June 30,If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Independent appraisal estimated the fair values of the land

Semtech Manufacturing purchased land and building for $6 million. In addition to the purchase price, Semtech made the following expenditures in connection with the purchase of the land and building:

  Estimate the companys inventory as of july 23

On July 23, the company's inventory was destroyed in a hurricane-related flood.- Estimate the company's inventory as of July 23 using last year's gross profit percentage.

  Prepare a complete statement of cash flows

Prepare a complete statement of cash flows using the indirect method and disclose any noncash investing and financing activities and supplemental cash flow information in the manner discussed in the textbook and the powerpoint. If you don't know wh..

  What should be nominal rate of return of nick investment

What should be the nominal rate of return of Nick's investment product? Nick is a product manager in an investment baking firms.

  Assume sam sell 2500 books on account for 11 each cost

assume sam sell 2500 books on account for 11 each cost these book is 16500 on 10th october 2012. one hundred of these

  Opportunity tax credit after the credit phase-out based

Kyle and Alyssa paid $1,000 and $2,000 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of California. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $132,000 and they file a j..

  Find what was the companys revenue for the year

$1270000, and paid dividends of $81400. If Sheridan's ending retained earnings was $323000, what was the company's revenue for the year?

  What is the value of wilson dovers debt

What is the value (in millions) of Wilson Dover's debt if its equity is viewed as an option? If the following is true: Total value = P = $500.0 d1 = 1.910485. Debt = X = $200.0 N(d1) = 0.9720. Volatility (s) = 0.6 d2 = 1.310485

  Journalizing the transactions involving stock issues and

journalizing the transactions involving stock issues and purchases.garner corporation is authorized to issue 1000000

  What earnings management is

Briefly explain what earnings management is?What are the recognition criteria for internally generated intangible assets according to IAS 38 'Intangible Assets

  Did joe act ethically in not revealing fully reason for sell

Did Joe act ethically in not revealing fully his reasons for selling the business? Why or why not? Identify the stakeholders in this situation.

  How should davis record the sale of merchandise costing

Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of merchandise costing $700 for $1000 on account?

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