1 Received $40,000 cash as new stockholder investment. 3 Purchased inventory costing $8,000 on account from Dawkins Company, terms 2/10, n/30. 4 Purchased office supplies for $500 cash. 4 Held an office party for the retiring accountant. Balloons, hats, and refreshments cost $150 and were paid for with office staff contributions. May 5 Sold merchandise costing $7,500 on account for $14,000 to Richard Company, terms 3/15, n/30. 8 Paid employee wages of $2,000. Gross wages were $2,450; taxes totaling $450 were withheld. 9 Hired a new accountant; agreed to a first-year salary of $28,000. 9 Paid $1,500 for newspaper advertising. 10 Received payment from Richard Company. 12 Purchased a machine for $6,400 cash. 15 Declared a cash dividend totaling $25,000. 18 Sold merchandise costing $13,000 for $3,000 cash and $21,000 on account to Feynman Company, terms n/30. 19 Paid Dawkins Company account in full. 22 Company executives appeared on the cover of a national newsmagazine. Related article extolled Selfish Gene's labor practices, environmental concerns, and customer service. 23 Market value of Selfish Gene's common stock rose by $150,000. 25 Purchased a building for $15,000 cash and a $135,000 mortgage payable. 29 Paid dividends dedared on May 15.

Rite Shoes was involved in the transactions described below. Purchased $9,500 of inventory on account. Paid weekly salaries, $1,050. Recorded sales for the first week: Cash: $8,400; On account: $6,600. Paid for inventory purchased in event (1). Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Situation: To pump up sales of all brands, Chapman Inc. is moving aggressively to ship extra cases of inventory into distributors’ warehouses and record them as sales, a practice generally known as “trade loading.” Chapman’s president has asked you whether these shipments may be recognized as revenue. Directions: Research the related generally accepted accounting principles and prepare a short memo to the president. Cite your references and applicable paragraph numbers.

I need help working out problems like these. Please explain in detail each step used to complete these journals.   Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $2.00   Jan. 5 500 2.30   Jan. 7     300 Jan. 12 300 2.40   Jan. 15     300 Jan. 17 200 2.50   Jan. 19 500 2.70   Jan. 24     800 Jan. 28     100 Jan. 31 200 2.90     Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places. If required, round your final answers to the nearest cent.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $ $ 2.  Perpetual moving-average inventory method $ $

Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000. What is the balance that would appear in Venus Company's inventory account on February 1 assuming use of a periodic inventory system? Explain.

The following transactions occurred during the month of November in the operation of Wonderful Buy, Inc, a retailer of electronic merchandise.   Record each transaction listed below to show its impact on the accounting equation in the table provided on the next page for that purpose.  For any entry that impacts Retained Earnings, write a brief description in the column provided.    November 4   Purchased merchandise for $6,000 on account from International                                     Fragrance Corporation, terms: 3/10, n/60. November 16 Sold merchandise to a customer on account for $8,000,                                     terms 2/10, n/30.  The merchandise had cost Wonderful Buy’s $4,000. November 18 Sold merchandise to a customer for cash, $850. The merchandise had cost                         Wonderful Buy’s $350.                                         November 19 Customer returned $200 of the merchandise from the sale on November 18 and was given a refund.  The…

Here is the new question. Unfortunately it did not go over completely last time.  May I please get some help on this practice question

Hi, I submitted this question earlier but received feedback that the attachment of the question I sent wasn't very clear so I'm trying again. I took the screen grab again as well have copied and pasted the question directly as well. It's asking to journalize the transactions. Hope this is better than the last time. Thanks!The following were selected from among the transactions completed by Babcock Company during November of the current year:Nov. 3 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, n/30.4 Sold merchandise for cash, $41,250. The cost of the merchandise sold was $22,250.5 Purchased merchandise on account from Papoose Creek Co., $43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice.6 Returned $13,600 ($17,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co.8 Sold merchandise on account to Quinn Co., $16,100 with…