User Account

All Pages

What would the inventory balance at the beginning of October

Assignment Help Financial Accounting
Reference no: EM132863717

Question - On October 1, Benji's Bicycle Store had an inventory of 20 ten-speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 40 bicycles at a cost of $200 each from Monroe Bicycle Company, terms 1/10, n/30.

Oct. 6 Sold 25 bicycles to Team Wisconsin for $330 each, terms 2/10, n/30.

Oct. 7 Received credit from Monroe Bicycle Company for the return of 2 bicycles.

Oct. 13 Issued a credit memo to Team Wisconsin for the return of a bicycle. The item is in usable condition and will be returned to stock.

Oct. 14 Paid Monroe Bicycle Company in full, less discount.

Oct. 26 Received full payment due from Team Wisconsin.

Required -

A. How would the October transactions be journalized for Benji's Bicycle Store, for the month of October?

B. What would the inventory balance at the beginning of October and the October transactions affect this account? What would the balance at the end of October be?

Reference no: EM132863717

Questions Cloud

Draw the corresponding graphs of the market : What is happening with the U.S. dollar during the COVID-19 pandemic? Draw the corresponding graphs of the market for U.S. dollars.
What is her gross income : She received a gift from her father of $25,000, where the exclusion was $15,000 this year. What is her gross income
Will ibm be financially viable over next two to three years : Will IBM be financially viable over the next two to three years, and which steps should be done to improve its financial stability?
Pursuing business administration degree : Actively listening is something that will be critical while pursuing a business administration degree. It is something that I struggle with and need to work on.
What would the inventory balance at the beginning of October : What would the inventory balance at the beginning of October and the October transactions affect this account? What would the balance at the end of October be
What is the impact of specific trade agreements : What is the impact of specific Trade Agreements on international companies. Please provide a minimum of 3 examples. Company and country examples
What is the impact of culture on international business : What is the impact of culture on international business and companies. Please provide a minimum of 3 examples. Company and country examples is mandatory.
How much is the consignment sales revenue : On Oct 10, a receivable balance of P70,000 was determined to be uncollectible. How much is the consignment sales revenue
Adult nutrition-analyze food habits : Summarize each adult's diet including their nutritional strengths and weaknesses. Analyze food habits.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Journal entry to record the declaration of stock dividend

Earnhardt Corporation has outstanding 3,051,000 shares of common stock of a par value of $10 each. The balance of in it's retained earnings account at January 1, 2014, was $24,730,000, and it then had Paid-in Capital in Excess of par - common stock o..

  Flood insurance in advance

A company purchases one year of flood insurance in advance on May 1, paying $42,000 ($3,500/month).Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fi..

  Products by using a predetermined application rate

Huxtable charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of machine hours. The following data pertain to the current year:  Tiffany charges manufacturing overhead to products by using a pred..

  How much are willing to pay for one share of red snapper

Top Performance Company If this policy is to be continued indefinitely, what is the value of a share of stock if the required return is 20 percent?

  Financial statement case

How much was Amazon’s long-term debt at December 31, 2009? Of this amount, how much was due within one year? How much was payable beyond one year in the future? Journalize in a single entry Amazon’s interest expense for 2009. Amazon paid cash of $32 ..

  Which one should be accepted or rejected

Suppose your firm is considering two mutually exclusive, required projects with the cash flows shown as follows. Which one should be accepted or rejected

  What tax consequences be aware of regarding accounts

What tax consequences should he be aware of regarding each of these accounts when it comes time to decide where to withdraw money

  Would an effectively enforced law requiring drivers

Would an effectively enforced law requiring drivers to wear seat belts tend to reduce driver deaths? Pedestrian deaths? Dr. Samuel Johnson said, "There are few ways in which a man can be more innocently employed than in getting money."

  What amount should the note receivable from xxx corp

At year-end, GHI Co. received two P1,000,000 notes receivable from customers. At what amount should the note receivable from XXX Corp. be reported at year-end?

  Find example of when joint venture was extremely successful

Find an example of when a joint venture was extremely successful? On the other hand, can you find an example where a join venture was not successful?

  Prepare the stockholders equity section of the company

Alpha Co. sold 10,000 shares of common stock, which has a par value of $ 10, for $ 13 per share. The company’s balance in retained earnings is $ 75,000. Prepare the stockholders’ equity section of the company’s balance sheet.

  Create the entry to record the asset retirement obligation

Create the entry to record the asset retirement obligation. Use Oil Platform as an account title and Prepare the journal entries to record

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