Journalize entries for the following related transactions of Manville Heating & Air Company:a. Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30.b. Paid the amount owed on the invoice within the discount period.c. Discovered that $18,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $17,640 [$18,000 − ($18,000 × 2%)].d. Purchased $10,000 of merchandise from Wright Co. on account, terms n/30.e. Received a refund from Wright Co. for return in (c) less the purchase in (d).

Accounting for Sale on Credit: Net Versus Gross Methods. On December 29, 20X5, Sable Company sold merchandise for P20,000 on credit terms, 3/10, n/60. The accounting period ends December 31.Required:1. Give the following entries under the net method and the gross method: a. To record the 20X5 sale.b. To record collection of the account:• assumption A, on January 5, 20X6;• assumption B, on April l, 20X6. 2. Show what should be reported on the 20X5 and 20X6 statement of financial position and income statements under each approach and for each assumption for the-above transactions.

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Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box, does not require an entry, leave it blank. Sale Credit Memo Payment 00 00 00 00 00 00 00 00 00 00 00 00

Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system)      Accounts Payable........................      25,000                Purchase Discounts.............................750                Merchandise Inventory........................24,250   Accounts Payable............................25,000                Merchandise Inventory......................... 750                Cash....................................................24,250   Accounts Payable.................................  25,000  Merchandise Inventory.............................. 750                               Cash....................................  5,750   Accounts Payable............................... 25,000           Merchandise Inventory............................25,000

HOW DO I PREPARE A TRANSACTION CHART?   On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare Journal Entries Using Periodic Method and Gross Method

The term depreciation refers to how the value of an asset (such as a car) decreases over time. There are several different approaches for calculating depreciation. Part A: In the straight-line method of calculating depreciation, the value of the item is reduced by the same amount each year. Suppose a company purchases a car for $24000. Using straight-line depreciation, the value of the car may be reduced by $2500 each year. Determine a formula for S(t), the value of the car t years after purchase. Answer: Part B: After five years, the value of the car, using the straight-line method, will be $ Part C: After twelve years, the value of the car, using the straight-line method, will be Part D: In the declining balance method of depreciation, the value of the item is reduced by the same percentage each year. Suppose the $24000 car is depreciated at a rate of 14% each year. Determine a formula for D(t), the value of the car t years after purchase. Answer: Part E: After five years, the value…

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Presented 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 10