FND 154 Fundamentals of Accounting, Accounting Basics

Assignment Help:
Exercise 5-2 - Harwick company.
1) On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point.

2)On April 6, paid freight costs of $900 on merchandise purchased from Botham.

3) On April 7, purchased equipment on account for $26,000.

4) on April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise.

5) on April 15, paid the amount due to Botham Company in full.

(a) Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.

b) Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. prepare the journal entry to record this payment.

Related Discussions:- FND 154 Fundamentals of Accounting

Help., How would I do this make it and adjustment account revenue 300.00 of...

How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280

Importance of accounting in the public sector, Problem 1: i) Assess th...

Problem 1: i) Assess the importance of accounting in the Public Sector. ii) How far has the Governmental Accounting Standards Board (GASB) changed financial reporting, ass

Advantages and disadvantages of weighted-average, Q. Show Advantages and di...

Q. Show Advantages and disadvantages of weighted-average? Advantages and disadvantages of weighted-average when a company utilizes the weighted average method and prices are ri

Taking a physical inventory in periodic inventory procedure, Q. Taking a ph...

Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by

The following financial data were taken from the annual, Based on the finan...

Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. Al

Business transactions and the accounting equation, Business transactions an...

Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction

Hi, 1. Carmen Santiago works for a number of businesses as a  “consultant...

1. Carmen Santiago works for a number of businesses as a  “consultant.” She has helped design accounting systems,  provided accounting services, and analyzed the financial  s

Write Your Message!

Captcha
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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd