Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling price
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- Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $10,000 cash to the company. May 7 The company purchased $6,000 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $650 to E. James for $750 on credit, terms n/10. May 15 The company borrowed $3,500 cash by signing a note payable to the bank. May 18 The company received $750 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $400 to B. Cox for $450 cash.arrow_forward1. Returned 20 widget product units (that were purchased on account) to the vendor who adjusted our bill 2. Sold 280 widget product units for $16 each for cash to Marsha Brady 15. 3. Sold 250 widget product units for $16 on account to Greg Brady. 4. Received $80 in advance from a customer who expects to purchase items from us in the near future . Register every transaction in the journal Entry.arrow_forwardJuanita Jolley purchases inventory on credit for her jewellery business. She buys 3 diamond rings at $5,940 each including GST. What journal entries are required? O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940 Debit Accounts payable $5,940; Credit Inventory $5,400, Credit GST $540 ● Debit Inventory $5,940; Credit Accounts payable $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,940arrow_forward
- Jim's Accessories bought 70 necklaces for $20 each on account. Payment terms are 4/10, n/30. In addition, 7 necklaces were returned prior to payment. The entry to record the return would include: OA. a debit to Merchandise Inventory for $140. B. a debit to Merchandise Inventory for $136. C. a debit to Accounts Payable for $136. D. a debit to Accounts Payable for $140. RECERarrow_forwardPresented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10arrow_forwardPatty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.arrow_forward
- Stung, which is registered to account for sales tax, purchased furniture on credit at a cost of $8,000, plus sales tax of $1,200. What are the correct accounting entries to record this transaction? $ $ A Debit Furniture 9,200 Credit Supplier 9,200 B Debit Furniture 8,000 Credit Sales tax 1,200 Credit Supplier 6,800 C Debit Furniture 8,000 Credit Supplier 9,200 Debit Sales tax 1,200 D Debit Furniture 8,000 Credit Supplier 8,000arrow_forwardUse the transactions to fill in the plank chart of purchases. I’ve also wrote them below: Transactions: August; Purchased $1,500.00 in merchandise on account from Beads R Us, invoice 158. Bought a new computer on account from Best Buy for $1,600.00, invoice 822. Purchased gems (merchandise) from The Gem Mine for $1,100.00 on account, terms 2/15, n/30, invoice Purchased $525.00 in pens and paper from Staples on account, terms n/30, invoice 28. Bought an office desk on account from Office Depot for $750.00, invoice 76. Bought merchandise on account from The Gem Mine for $5,000.00, terms 2/15, n/30, invoice 282. Purchasesarrow_forwardA flower shop buys roses with list price of $1500. Wholesaler offers discounts of 30/20/10 3/4, find the trade discount amount to nearest pennyarrow_forward
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