On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1,000 on Invoice 1001, terms 3/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10. View transaction list View journal entry worksheet / No 1 2 Date April 01 April 10 General Journal Accounts receivable/Fronke's Franks Sales Cash Sales discounts Accounts receivable/Fronke's Franks Debit 1,000 980 20 Credit 1,000 1,000 Ⓡ
Q: Joe Taxpayer has the following items of income- Inheritance of apple stock, fair market value at…
A: Taxable Income: - Taxable Income of an individual is the total income earned by that person during…
Q: a. What are the cash flows for the project in years 0 through 57 b. Plot the NPV profile for this…
A: Given in the question: Initial Investment $899,000 First Year Sales $806,000 Second…
Q: Accounting Carter Paint Company has plants in four provinces. Sales last year were $100 million, and…
A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,.…
Q: Based on the following information, determine the venture's inventory-to-sale conversion period:…
A: Inventory to sale conversion period is the period taken by the company to convert its inventory into…
Q: Marginal costing and absorption costing are two product costing methods used in the manufacturing…
A: a) Overheads are the expenditure which cannot be conveniently traced to or identified with any…
Q: 2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he…
A: ANSWER:- Self employment tax of Martin Hughes=$40,896.90 Self employment tax of Elisa =$42,993 STEP…
Q: a company manufactures a single product which has variable cost of £40 per unit. The contribution to…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Below is the details of payroll for Ms Amirah as at 31st March 2021. Employee's Category Basic rate…
A: Gross Pay - It is the sum of all the monetary payment made to an employees without deduction of any…
Q: The following accounts of ABC Manufacturing Co. appeared in its balance sheets on December 31, 2013…
A: Direct material Used :— It is the cost of material that is directly incurred in the manufacturing…
Q: E At age 22, someone sets up an IRA (individual retirement account) with an APR of 7%. At the end of…
A:
Q: Are there any requirements for which cost flow assumption is selected for use by a company?
A: The process of removal of costs from the inventory of the company and identification of that costs…
Q: You are still debating about the two different computers. If you are paid $10.00/hour and your…
A: Payroll deductions are the amount of wages that are taken from an employee's total earnings in order…
Q: How does an audit of financial statements pertain to agency theory?
A: Agency theory is an approach to analysing various relationship in term of principal and agent. The…
Q: During 2024, its first year of operations, Hollis Industries recorded sales of $11,800,000 and…
A: Net revenue refers to the income earned by a company after incurring all costs to the company…
Q: Ben Efit’s employer provides him with the following benefits during the 2022 taxation year:…
A: Services provided by employer other than salary is known as perquisites. Some perquisites are…
Q: At May 31, 2022, the accounts of Cullumber Company show the following May 1 inventories-finished…
A: According to the given question, we are required to compute the cost of goods manufactured. Cost…
Q: Discuss the financial statements required by IPSAS1 and the basis of their preparation
A: Financial statements refer to the records of the business activities in written form and reporting…
Q: 3: An employer in The U.S. Virgin Islands, employs two individuals, whose taxable earnings to date…
A: 3) Total Futa tax is paid on the first $7000 of the employee salary. So since second individual has…
Q: Prepare the following: The Statement of Owner’s Equity for the Month The Balance sheet for Shop…
A: Statement of Owner's Equity - This is the statement which shows the flow of change in capital during…
Q: Additional information follows: 1. Other expenses, which are paid monthly, include $3,500 of…
A:
Q: statement and retain earings statement please.
A:
Q: Give your thoughts on the prompts below Firms use market capitalization when considering the…
A: Answer:- Market capitalization meaning:- The total value of the outstanding common shares owned by…
Q: Entries for bond (held-to-maturity) investments Demopoulos Company acquired $203,400 of Marimar Co.,…
A: The bond investments are initially recognized in the books by debiting the investment in the bond…
Q: Below are several transactions for the Academy Paper Company for the month of June; record the…
A: Date Particular Debit ($) Credit ($) June 2 Cash 10,500 James Adams, Capital 10,500…
Q: Minquo Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2012,…
A: Provision for uncollectible accounts is the amount which are estimated by the management to be…
Q: ABC PIC Income Statement for the Year Ended May 31, 2021 AED1,615,000 Sales Revenue Less Cost of…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: 1. What is the objective of a financial statement? 2. What are the components of a financial…
A: As per the Honor code of Bartleby we are bound to given the answer of first three sub part only,…
Q: On 1 April 2018, Accra Ltd acquired office accommodation at a cost of GH¢45 million with a 30- year…
A: An income statement is a financial statement that summarizes a company's income and costs. It also…
Q: Though COVID-19 has affected the majority of companies and individuals worldwide, to some…
A: Physical Units Schedule is given in the Process Account. Statement of Equivalent Units is the…
Q: A company has an opening NERDTOH balance of $10,000 and an opening ERDTOH balance of $20,000. They…
A: The rue of refundable dividend tax would be applied on all the Canadian controlled private companies…
Q: During your first audit of medium-size manufacturing company, the owner, John Bell, explains that in…
A: Audit Risk Audit risk is the likelihood that an auditor may provide a financial statement with major…
Q: Margin of Safety a. If Canace Company, with a break-even point at $325,000 of sales, has actual…
A: The margin of safety is the sales level over and above break-even sales. Margin of safety determines…
Q: Data from different sources linked together to find the intrinsic value hidden beneath is which…
A: Data are collected, processed, analyzed, and stored by the business. There are different phases of…
Q: Prepare original and adjusting journal entres for payments Ouellette & Associates began operations…
A: ADJUSTED JOURNAL ENTRIES Adjusting entries are changes to journal entries you've already…
Q: Critically evaluate the Regret aversion influencing investment decision-making
A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…
Q: At the start of 2022, Croton's Debt Service Fund had no assets or liabilities. Prepare journal…
A: General Fund: "General Fund" is fund kept aside for the development or for the purchasing the fixed…
Q: Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The…
A: Workings :- 1) Calculation of cost per share of Tett Co. :- Total cash paid / number of shares…
Q: owing agures from its adjusted thal balance for its first year of business, which ended on July…
A: As per the Honor code of Bartleby we are bound to given the answer of first question only, Please…
Q: Why would a company want to know their operating leverage when they can already calculate the number…
A: Operating leverage is a cost-accounting metric that evaluates the degree to which a company or…
Q: 6.4
A: Cost of Good Sold - It is relative expense incur on producing the goods or providing services by the…
Q: Could you explain why the manufacturing cost of $2,815,000 was used to calculate the unit cost…
A: Total Manufacturing Cost = Direct Material + Direct Labour + Factory Overheads Cost of Goods…
Q: Compressed air used in operating paint sprayers for student painters, a company that paints houses…
A: Direct material cost refers to the cost of raw material used in production of the final goods.These…
Q: View Policies Current Attempt in Progress Wildhorse Supply Co. has the following transactions: Nov.…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Explain relevant law General Rule Exception Apply law to key facts General Rule Exception
A: In the question this has been asked regarding the long term capital gains. Gains which a taxpayer…
Q: A purchase on credit is recorded twice and not corrected during the year-end physical inventory.…
A: When goods are purchased on account i.e. on credit then in that case the purchase account is debited…
Q: Break-Even Analysis Media outlets such as ESPN and FOX Sports often have websites that provide…
A: Formula: Break-even point units=Fixed costRevenue per unit-Variable cost per unit
Q: The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is…
A: The selling price of the sweatshirts would be $50.00 each. Hooper would pay the students a…
Q: Task 1: Consider the company's financials over the most recent years: Fiscal year 2020 2019 2018…
A: Return on Equity is basically Calculated as Net income / Total shareholder Equity. ROE is the…
Q: why would the company sell both pistachios and oranges instead of only pistachios?
A: CVP Analysis stands for Cost Volume Profit analysis. Under this, decisions are taken by Business…
Q: Metlock Inc. manufactures cycling equipment. Recently, the vice president of operations of the…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q.22.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $48,700, terms n/30. The cost of the merchandise sold is $29,200. Showcase Co. issues a credit memo for $9,700 as a price adjustment prior to Balboa Co. paying the original invoice. Question Content Area a. Journalize Showcase Co.’s entries for (1) the sale, including (2) the cost of the merchandise sold. If an amount box does not require an entry, leave it blank. (1) - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - Question Content Area b. Journalize Showcase Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area c. Journalize Showcase Co.’s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require…The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255Oct. 1 Sold merchandise on account to Mayer Company, invoice no. 2141, $2,526.21. Oct. 15 Sold merchandise on account to Nicolas Inc., invoice no. 2142, $789.25. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. SALES JOURNAL PAGE 25 DATE INV.NO. CUSTOMER'SNAME POST.REF. ACCOUNTSRECEIVABLE DR.SALES CR. 20-- Oct. 1 2141 Mayer Co. fill in the blank 1 Oct. 15 2142 Nicolas Inc. fill in the blank 2 Oct. 31 Total fill in the blank 3 (113) (411) GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT NO. 113 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Oct. 31 S25 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 GENERAL LEDGER ACCOUNT Sales ACCOUNT NO. 411 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Oct. 31 S25 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11
- Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT (a) Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30. (b) Credit memo no. 513A for return of merchandise. 2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.
- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 2,154.01; Purchases 511, 2,485.12; Purchases Returns and Allowances 512, 287.52; Freight In 514, 48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
- Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal